Plastic Packaging plays a significant role in the cost-effective packaging of food & beverages and healthcare products. Market Research Future (MRFR) reports that the global plastic packaging market is expected to cross the USD 400 Bn mark, at a growth rate of CAGR 5% over the forecasted period (2016-2022). The rise in manufacturing activities and conveniently packaged products, is going to play a noteworthy role in the market expansion of plastic packaging.
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Drivers and Restraints:
Plastic serves as a more hardened, cleaner, and aesthetically appealing mode of packaging and the favored choice of many in the food and beverage industry. The durability and strength it offers are superior to other products in the same price band. It is also available in various forms, such as a pouch, plastic bags, and sachet, providing the consumer with several modes of packaging.
The booming healthcare industry can also become a profitable area for the plastic packaging industry. Plastic is better than glass when it comes to reducing the probability of damage, leaks and maintaining hygiene. For IV tubes, syringes, IV bags, plastic packaging is the most preferred option.
However, fluctuating price of the raw material, such as petroleum and crude oil can impede the growth during the forecast period.
Major manufacturers are focusing on enhancing their portfolio and strengthening their market position through strategic mergers and acquisitions. For instance, Sealed Air Corp. acquired Deltaplam Embalagens Indústria e Comércio Ltd., in 2017 securing a better position in Latin America. Mondi Group had acquired Excelsior, a United Kingdom-based company, to expand their market portfolio.
Key players who are currently impacting the global plastic packaging market are Amcor Ltd, BASF SE, Crown Holdings Inc., Saint-Gobain, Bemis Company Inc., Huhtamaki Oyj, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles International GmbH, Ampac Holdings LLC and Wipak Group.
The global plastic packaging market could be segmented based on type and application.
Based on the type, products can be segmented into rigid packaging and flexible packaging. Rigid packaging is expected to generate the largest share of revenue. End-users prefer rigid packaging the most. The proliferation of rigid plastic market into the beverage sector is based on the expectation of it being of high quality, hygienic and healthy. The retail sector is also expected to boost the growth of this segment during the forecast period.
Application-wise segmentation includes food & beverages, industrial, healthcare, personal care and others. Among these, food & beverage sector has recorded the highest percentage of the global revenue in 2015 and expected to surge further during the forecast period. With rapid urbanization, the demand for packaged food is also growing. This shift in consumer habit has spurred a growth in the global market. Rapid growth in the pharmaceutical industry can bolster the growth rate of healthcare plastic segment in the coming years.
Region-wise segmentation results in four prominent groups; North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). Asia Pacific is playing the pivotal role in this market by generating the maximum amount of revenue for the global plastic packaging market. In this region, China will experience tremendous growth. Factors such as urbanization, rising disposable income, and growing population are about to play a significant role in the growth of this market. India and Indonesia are also going to witness similar growth rate as packaging demand in the personal care segment is on the rise.
Europe is currently experiencing a staggering demand for rigid packaging from food & beverage sector, which is going to boost their market prospect.
North America was the previous market leader and expects to showcase a steady growth rate during the forecast period.
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A shift in demography and rising economy can be key determinants influencing the trends of the regional market. E-commerce has now become a popular choice and influencing the rigid plastic market in a major way. Increasing demand for gadgets, apparels, and personal goods have resulted in better rigid plastic packaging solutions for safe shipping.
However, there is mounting pressure from the consumers on the manufacturers regarding the carbon footprint. It has driven the plastic manufacturers towards developing bioplastics and investing in recyclable products.
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