Future of Plastic Packaging Market Trends, Growth, and Opportunities

The global market in plastic packaging is vital for business as it provides valuable products to multiple sectors. Plastic packaging has been deemed ideal in packaging since it is reliable, durable and less costly than other packaging materials. This section of the work will give a brief information on the current market trends of this sector, including the challenges and opportunities that face the plastic packaging market.

Read also: Plastic Food Packaging Trends, Innovations and Environmental Implications

The growth of the plastic packaging market can be attributed to several factors that include the following. The increasing popularity of the e-commerce business has influenced the need for effective and secure packaging processes. Plastic packaging is quite effective because they are light in weight, durable, attractively shaped, and easy to transport goods in properly.

It enables more efficient managing of warehousing needs and hence the overall cost reduction since less space is required for packaging. These benefits of plastic packaging make them a good option for firms interested in efficiency, cost-cutting, and eco-friendliness in their distribution systems.

There are no disadvantages of plastic packaging that can make any industry deny using this important material. This material is often preferred for numerous packaging applications because of its flexibility, strength, and ability to offer protection for countless uses, thus helping industries address so many requirements successfully and satisfactorily.

Plastic Packaging Market Size | USD 584.09 by 2032

The global plastic packaging market size reached USD 381.57 billion in 2022 and is projected to hit around USD 584.09 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032.

Asia Pacific Dominance in Plastic Packaging Market

Asia Pacific region is set to significantly increase their market share in the global plastic packaging industry. This region is one of the most dominant in the market due to factors such as high consumption of packaged foods and a rise in consumerism within this region. The major end-use industries include personal care, consumer electronics, and pharmaceuticals, which are anticipated to drive the plastic packaging market in Asia Pacific over the forecast period.

Some of the leading importers of consumer and houseware products are the USA, Japan, the UK, Germany, and France. India mainly exports plastic and products to USA, China, United Kingdom, Germany, United Arab Emirates, Italy, Bangladesh, Turkey, France, Vietnam, Nepal, Indonesia etc.

The United States is the largest buyer with a total export value of US$2430 of plastic industry. 8 million in the financial year 2021-22. This has a YoY growth rate of 63% which is a very significant improvement. China remained the second largest consumer of exports with total export value of US$ 883. 5 million. The shares of exports to the US and China were at 18 percent. 

The higher rates of growth and export shows the country’s capacity to satisfy the quality demands of global buyers as well as capitalizing on the rising trend in the usage of plastics across the globe.

For instance, in May 2024, ENVEA, a global company that provides environmental management solutions, stated that it had acquired APAQ Group, a market leading company in Asia Pacific.

Emergence of Rigid Packaging in Plastic Industry 

The rigid segment constitutes the largest market share in terms of revenue for the plastic packaging market owing to its elegance coupled with high impact resistance. Rigid packaging has very good light, oxygen, moisture, and other external factors that keep it afloat in the market. The aspect of reusability of some of the rigid packaging products like pallets, IBC’s and industrial packaging solutions make them quite popular.

This rigid plastic packaging ability to fulfill different sectors demands, its durability, lightweight and flexibility make it an excellent choice among companies operating under food and drinks, personal care, healthcare, and many others.

To address this tendency a number of companies have proposed packaging using fiber-based materials. For instance, Multivac Inc., a packaging solutions provider from Germany, provides packaging equipment and packaging material from paper-based fibers.

For instance, in April 2024, Manjushree Technopack Limited (MTL), a rigid plastics packaging manufacturer company in India, has signed the definite deal to buy the plastics packaging division of Oricon Enterprises Limited

Versatile Lead of Plastic Packaging in Food and Beverage Industry

Plastic food and beverage packaging stood out as the leading revenue contributor in the plastic packaging industry. This segment is anticipated to record robust growth during the forecast period. The increase in sales can be blamed on the usage of the products in packaging industries and processed food manufacturing industries due to change in lifestyles and consumer preference for processed foods.

The need for convenience, safety and longevity of certain food products is likely to increase the popularity of plastic packaging among consumer. Due to the unique characteristics of plastic packaging, it has been widely adopted for various packaging solutions in the food and beverage industries.

For Instance, In March 2024, Pepsi and some flexible food packaging chain partners have released new material premium snack packaging, which is made of 50% recycled plastic materials.

Recent Developments

  • In January 2024, Container Services Inc (CSI), a U. S. based plastic blow moulder established its acquisition of Apex Plastics, another manufacturing company based in the United States for an unknown amount.
  • In April 2024, Berry Global Group, Inc. entered into the acquisition agreement to acquire F&S Tool which is a specialized Hot runner injection and high-volume compression moulding applications provider dealing in high output and efficiency.
  • In April 2024, Inteplast a company based in Livingston NJ creates plastics manufacturer that has started to launch a range of new recycled products, has also renamed Brown Paper Goods to Brown Paper Products (BPP).
  • In March 2024, INEOS & partners has plans of introducing the new film packaging with recycled content of 50%. Recently, the PepsiCo has decided to redesign the packagings of the Sunbites , a popular snack brand in the UK and Ireland.

Insight Source: https://www.towardspackaging.com/insights/plastic-packaging-market

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