Plastic Packaging Industry Overview
The global plastic packaging market size is expected to reach USD 486.2 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 4.2% over the forecast period. The rapid expansion of the food & beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
Plastic Packaging Market Segmentation
Grand View Research has segmented the global plastic packaging market on the basis of product, technology, application, and region:
Based on the Product Insights, the market is segmented into Rigid and Flexible
- The rigid product segment accounted for the largest revenue share of 61.1% in 2020 owing to their sturdiness and high aesthetic appeal.
- The flexible product segment is estimated to register the fastest CAGR from 2021 to 2028. This segment is further categorized into wraps & films, bags, pouches, and others. Pouches are gaining significant popularity in the market as their production requires lesser raw material as compared to rigid products, such as bottles & jars.
Based on the Technology Insights, the market is segmented into Injection Molding, Extrusion, Blow Molding, Thermoforming and Others.
- The extrusion technology segment accounted for the largest revenue share of over 38% in 2020 as the majority of the flexible packaging products, such as pouches, bags, and films, are produced with the help of extrusion technology.
- The thermoform technology segment is anticipated to witness the fastest CAGR from 2021 to 2028. Rigid products, such as blisters, clamshells, trays, containers, lids, bowls, plates, and others, are manufactured using a thermoforming process.
- Injection molding technology is typically employed to produce rigid or sturdy products, such as industrial containers, crates, caps, and closures.
Based on the Application Insights, the market is segmented into Food & Beverages, Industrial, Pharmaceuticals, Personal & Household Care and Others.
- The food & beverage application segment led the global plastic packaging market in 2020 with a revenue share of over 51%. Changing consumer lifestyle and food preferences have led to the growth of the packaged and processed food manufacturing sector, which, in turn, is likely to propel market growth.
- Single-serve consumer packaging has been witnessing significant growth in the past few years owing to its convenience. Growing consumer attention towards health and well-being and increased awareness regarding waterborne diseases coupled with rising spending capacities have propelled the demand for packaged drinking water across the globe, which is expected to have a positive impact on the growth of the food & beverage application segment.
- The pharmaceuticals segment is estimated to register the fastest CAGR from 2021 to 2028. Rising demand for pharmaceutical products in the Europe and North America regions due to the growing aging population is expected to benefit the segment development. Moreover, the rising production of generic medicines is anticipated to augment the demand for plastic packaging solutions in the pharmaceuticals application segment.
- The personal and household care application segment is expected to witness a CAGR of over 4.3%, in terms of revenue, over the forecast period. This industry has witnessed significant growth owing to increasing consumer awareness about personal grooming and hygiene. Moreover, increasing demand for plant-based or clean label cosmetics is expected to play a key role in the segment growth over the forecast period.
Plastic Packaging Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly fragmented with the presence of large-scale international and small- and medium-scale domestic companies. The market is steadily moving toward sustainable packaging owing to the stringent regulations about plastic usage, especially in developed regions.
Some prominent players in the global plastic packaging market include:
- Amcor plc
- Sealed Air
- Berry Global, Inc.
- Sonoco Products Company
- Winpak Ltd.
- CCL Industries, Inc.
- Constantia Flexibles
Order a free sample PDF of the Plastic Packaging Market Intelligence Study, published by Grand View Research.