Press release
Plastic Packaging Market to Witness Exponential Growth by 2024 - 2031 | Amcor Ltd., Sealed Air Corporation
Plastic Packaging Market
The global plastic packaging market is expected to surpass US$ 559.12 Bn by the end of 2028, in terms of revenue, and exhibit a CAGR of 5.30% during the forecast period (2021 to 2028).
Market Dynamics:
The plastic packaging market is driven by the increasing demand for convenience food packaging from both food service outlets and retail stores. Ready-to-eat meals, snacks and beverages are experiencing high demand which necessitates innovative, lightweight yet durable packaging solutions. Plastic packaging fulfills this criteria and allows for portion control packaging, resealability and ease of handling. Another factor fueling market growth is the demand for lightweight and sustainable packaging from industries such as pharmaceuticals. Plastic packaging provides an affordable and effective solution with options for recycling.
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Two Major Drivers Fuelling Growth of the Plastic Packaging Market
Increased Usage of Plastic Packaging in Food and Beverage Industry
Plastic is widely being used for food packaging as it acts as a good barrier against moisture, oxygen and other gases. It helps extend the shelf life of products. The growth in demand for packaged and processed food due to changing lifestyles has boosted the plastic packaging market. Plastic packaging provides convenience to consumers by extending durability and ensuring products remain fresh for longer durations.
Rise in E-Commerce Purchases Driving Demand for Protective Packaging
The e-commerce industry has witnessed tremendous growth over the past few years. Plastic is the preferred material for packaging goods sold online as it provides protection against damage during transportation. Whether it is plastic mailers, air pillows or molded packaging, e-commerce sellers widely utilize plastic to ship products safely. Plastic packaging materials protect products from external forces and ensure they reach consumers undamaged. This has augmented the use of plastic for secondary and tertiary packaging applications.
One Lucrative Market Opportunity
Use of Recycled Plastic in Packaging Production
With growing environmental awareness, plastic recycling is gaining lot of attention. The packaging industry can capitalize on the opportunity of using recycled plastic contents in manufacturing packaging products. Many brands have started using post-consumer recycled plastic to make new packaging in a bid to promote circular economy. The demand for recycled plastic packaging is increasing steadily. By offering packaging made from recycled raw materials, manufacturers can fulfill their sustainability goals and also meet the preferences of environmentally conscious consumers.
An Upcoming Trend Influencing Industry Dynamics
Rising Popularity of Bio-Based and Biodegradable Plastic Packaging
With the plastic pollution crisis looming large, bioplastics are emerging as a viable alternative to conventional plastics. Many companies have started developing packaging using biodegradable bioplastics obtained from renewable plant-based sources such as corn, sugarcane or cellulose. These sustainable options are compatible with existing waste management infrastructure and do not add to long-term plastic waste. The trend of using bio-based and biodegradable packaging is expected to grow stronger in the upcoming years considering aggressive sustainability targets of brands.
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Top Companies Featured in This Report:
★ Amcor Ltd.
★ Sealed Air Corporation
★ Bemis Manufacturing Company
★ Sonoco Products Company
★ Mondi Plc.
★ Tray Pack Corporation
★ Lacerta Group Inc.
★ Alwin Lehner GmbH & Co. Kg
★ RPC Group Plc
Market Segmentation:
By Product Type:
★ By Product Type: Rigid Packaging and Flexible Packaging
★ By End-use Industry: Food & Beverages, Industrial, Household Products, Personal Care, Medical, and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Plastic Packaging Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Plastic Packaging market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Plastic Packaging market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Plastic Packaging market.
Segment Analysis: Examining the market value and sales volume of Plastic Packaging by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Plastic Packaging market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Plastic Packaging sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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