Europe Plastic Packaging Market Forecasting And Sizing During Covid-19

Europe Plastic Packaging Market: Introduction

Transparency Market Research delivers key insights into the Europe plastic packaging market in its published report, which include Europe industry analysis, size, share, growth, trends, and forecast of 2020–2030. In terms of revenue, the Europe plastic packaging market is projected to grow at a CAGR of ~4% during the forecast period, owing to several factors about which, TMR offers detailed insights and forecasts on the Europe plastic packaging market report.

Plastic packaging, including flexible and rigid packaging solutions are predominantly used to ensure product life of a wide range of industrial and non-industrial goods during storage and transit. Thus, convenient usage and availability of customization, the plastic rigid and flexible packaging solutions have brought about a significant change in the way goods are pack, and are expected to witness significant traction during the foreseeable future. The TMR team has deeply analyzed demand and supply of plastic packaging in European countries as per material, packaging, and end use. It is witnessed that the flexible plastic packaging formats are gaining significant demand among food and beverage, pharmaceutical, and cosmetics industries. Attributing to this, flexible packaging is expected to hold major pie in the target region during the forecast period.

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Space Limitations Amplifying Demand for Compact Plastic Packaging Formats

Leading as well as small-scale industries players operating in the European market are focusing to reduce the transportation cost of wide range of food and non-food products. Moreover, packaging manufacturers in Europe are also designing packaging solutions, especially rigid packaging products, which are reusable and require less space during transportation or while in storage.

For instance, Greif Inc, one of the leading industrial packaging manufacturers, has designed plastic drums with tapered design that reduces the shipping cost and optimizes warehouse storage floor space. Rising preference for such space saving rigid packaging solutions to reduce overall transportation cost of food and non-food products is driving the European plastic packaging market growth considerably.
Demand for Consumer Convenience and Eye-catching Luxury Packaging Creating Exponential Profit Earning Opportunities for Key Players

Plastic packaging solutions, especially flexible packaging solutions offer a wide range of customization options with various barrier and sealing properties. These properties not only offer flexibility in design but also enhanced product security and visibility as compared to others. A glossy, shiny look of flexible packaging solutions such as bags, sacks, pouches, sachets, and wraps enhance the marketing impact of packaging of products. Consumer convenience is one of the most vital attributes from the customer’s point of view for flexible packaging, whereas brand visibility, attractive packaging, and shelf life are priorities for packaging manufacturers. It has been found that in individual surveys that consumers are willing to pay more for additional features such as “easy to store”, and “easy to open”, and “ability to extend product life”. The rising demand for such convenience oriented flexible packaging solutions in Europe is escalating the market growth significantly.

Availability of Alternative Packaging Solutions to Restrict Market Growth

Manufacturers operating in the European packaging industry are ready to switch to advancement in packaging formats. Although significant portion of end users across European countries is using plastic rigid and flexible packaging solutions, there are adequate availability of alternative packaging solutions. Extensive range of packaging solution, especially rigid packaging solutions made of metal, glass, wooden, and paper are predominantly used on the back of its highly sustainable and recyclable outlook. The consistent adoption of these alternative packaging solutions is significantly impacting the sale of plastic packaging solutions in Europe. Furthermore, the substantial portion of metal and paper-based packaging manufacturers in Europe are promoting these environment-friendly packaging solutions. Development and adoption of such alternative packaging solution in European countries are likely to limit the sale of plastic packaging solutions in the foreseeable future.

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Europe Plastic Packaging Market: Competition Landscape

The Europe plastic packaging market is projected to witness strong competition among key players. This market includes few well-established market participants. Along with this, several other local and small-scale manufacturers are also entering into plastic packaging market attributing to significant revenue creation with the raising demand of plastic packaging solutions. Some of the key players operating in the Europe plastic packaging market are Berry Global Group, Inc, Amcor Plc, Mondi Group Plc, Sonoco Products Company, Sealed Air Corporation, Coveris Holdings S.A, AptarGroup, Inc, Schur Flexibles Holding GesmbH, Huhtamäki Oyj, Constantia Flexibles Group GmbH, Greif, Mauser Packaging Solutions, and SCHÜTZ GmbH & Co. KGaA, among others.

The tier structure is formulated on the basis of segmental revenue and market share of companies. As per tier structure, Berry Global Group, Inc, Amcor Plc, Mondi Group Plc, Huhtamäki Oyj, and Mauser Packaging Solutions are tier 1 players in the Europe plastic packaging market. These leading companies are adopting key strategies such as business expansion, acquisition, and products launch to strengthen their position in the European plastic packaging market. Moreover, tier 2 players are SCHUTZ GmbH & Co. KGaA, Sonoco Products Company, Greif, Sealed Air Corporation, AptarGroup, Inc, and Schur Flexibles Holding GesmbH.

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This release was published on openPR.