The plastic packaging market was valued at close to $198.0 billion in 2017 and is projected to reach $269.6 billion by 2025, according to a new industry report
The global plastic packaging market will expand at a CAGR of 3.9% over the forecast period that began in 2014. Rapidly growing demand from key application segments such as food and beverages and personal care is expected to act as a key driver, says the report compiled by San Francisco-based entity Grand View Research.
Increasing use of plastic packaging in widespread applications, including food and beverages, personal care, household care, consumer electronics, and construction, is likely to drive industry growth over the forecast period.
Higher demand for flexible and functional packaging, largely for packaged food, frozen foods and beverages, is projected to impact segment growth positively.
Furthermore, rapidly increasing use of rigid packaging containers and canisters for industrial applications in construction, energy, and automotive sectors is expected to benefit market growth over the forecast period.
Increasing penetration of bottles and pouches in medical applications is also expected to benefit market growth. These products are being used for storage in the form of medicine organisers and packaging of medicines and drugs, on account of better chemical resistance properties.
The global plastic packaging industry is expected to witness the fastest revenue growth in the food and beverages application, registering a CAGR of 4.2% over the forecast period.
Regarding revenue, the rigid plastic packaging segment was valued at $66.7 billion in 2017 and is expected to witness steady growth in the coming years. The growth can be attributed to increased use of the product for storage and transportation of chemicals and related industrial products.
The plastic bags segment recorded revenue of $39.2 billion in 2017. The segment is expected to witness moderate growth over the forecast period, owing to rising concerns regarding use and disposal of plastic grocery bags.
Key industry participants, including Amcor Ltd., Mondi Plc, Apex Packaging, Sealed Air Corp., Coveris Holdings S.A., and DS Smith Plc, are involved in the manufacture, fabrication, and distribution of plastic packaging products across the globe.
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