Press release
Plastic Packaging Market Forecast to Grow at 5.6% CAGR from 2024 to 2031 | SkyQuest Technology
Skyquest Technology
Plastic Packaging Market [https://www.skyquestt.com/report/plastic-packaging-market] size was valued at USD 268.98 billion in 2022 and is poised to grow from USD 283.26 billion in 2023 to USD 439.29 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).
The demand for plastic packaging is increasing, driven by increasing use in industries such as food and beverage, pharmaceuticals, personal and home care in addition to organized retail and e-commerce which is widely adopted globally driving market expansion. Plastic offers versatility, flexibility and durability, as well as transparency and lightweight, making it preferred by many industries over other materials such as metal or glass. Furthermore, plastic packaging plays an important role in various methods of protection, preservation, storage and transportation of materials.
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The global market has been growing rapidly in recent years, owing to several factors expected to shape its direction, such as increased awareness of environmental issues, perhaps with more emphasison sustainable packaging solutions. This could include developing biodegradable plastics, increasing the use of recycled materials, and adopting environmentally friendly packaging.
Segments covered
Material
Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS), Expanded Polystyrene (EPS), Polyvinyl Chloride (PVC), Bio-based plastics, Others
Product
Rigid (Bottles & Jars, Cans, Trays & Containers, Caps & Closures, Others), Flexible (Wraps & Films, Bags, Pouches, Others)
Technology
Injection Molding, Extrusion, Blow Molding, Thermoforming, and Others
Application
Food & Beverages, Industrial Packaging, Pharmaceutical, Personal & Household Care, Others
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Competitive Landscape: Plastic Packaging Market
The plastic packaging market is a diverse and competitive sector, characterized by new product developments, strategies, and evolving customer needs.
Food and Beverage Packaging
Overview: Due to the need for flexible, durable and protective chemical packaging for food and beverage products, this vertical is dominating the plastic packaging market.
Key players:
Amcor: Known for its extensive portfolio of flexible and durable packaging solutions. Amcor is focused on innovation and sustainability, with significant investments in recyclable and biodegradable materials.
Berry Global: Offers a wide range of food and beverage packaging solutions, including bottles, containers and films. Berry Global is committed to developing sustainable packaging options.
Trends and innovations:
Sustainable packaging: Adoption of recyclable and compostable materials to address environmental concerns and comply with regulatory standards.
Extended shelf life: Improved barrier film and vacuum-sealing technology will be developed to extend the freshness of foods.
Smart Packaging: Integrating technologies such as QR codes and sensors to enhance product safety and traceability.
In April 2024, Sibur, a leading Russian plastics manufacturer, partners with Indian companies to recycle plastic waste. Ecopartners, co-founded by Gaurav Sood, launched Total Cycle, Russia's largest plastic packaging recycling plant, in the Tver region last year.
In April 2024, Burgopak partnered with lactase enzyme supplement brand Milky to develop highly flexible packaging for lactose-intolerant consumers. Mikey Waite, Milky's packaging specialist, emphasized their commitment to blending simplicity and sophistication. This collaboration with Burgopak, known for its innovative packaging, ensures that the Milky product stands out while enhancing the overall user experience.
In March 2024, Greendot, Ineos, Earplast and Amcor collaborated to develop a packaging film for Sunbites snacks, a PepsiCo brand, containing 50% recycled plastic. Launched in the UK and Ireland in by 2023, packaging is European for food contact. Foster strict standards for food interactions by using comprehensive innovative methods to comply with Association regulations.
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Evolving Landscape of the Plastic Packaging Market
The growing demand for sustainable and environmentally friendly packaging solutions is reshaping the market. Technologies such as QR codes, NFC and RFID provide greater connectivity and track ability, while innovations in materials technology make packaging more durable and more efficient. Stringent laws and regulations aimed at reducing plastic waste and environmental impact are driving changes in the packaging and materials industry. To avoid penalties, companies should change these rules to align with global sustainability goals. Changes in consumer preferences towards convenience, freshness, and safety of products affect packaging design.
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Edge Computing Market [https://www.skyquestt.com/report/edge-computing-market]
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Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
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Website: https://www.skyquestt.com/report/plastic-packaging-market
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