PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1373589
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1373589
Global Plastic Packaging Films Market size was estimated at 27.31 million tons in 2022, which is expected to grow to 40.66 million tons in 2030 with a CAGR of 5.1% during the forecast period between 2023 and 2030. The increasing self-reliance of countries on food & beverage production, coupled with the surging employment of plastic films in personal care & cosmetics products to protect the packaged content from damage, are the prominent aspects fostering the market growth.
The development of advanced food production facility expansion, increasing self-reliability targets for food products, and others are the primary variables fueling the growth of the food & beverage industry. In addition, the personal care industry's growth is accredited to vital factors such as the increasing development of personal care products for men, the rising disposable income of people, and others. Thus, the booming food & beverage and cosmetics & personal care sectors are spurring the demand for plastic packaging films to ensure superior cost savings, thereby increasing the market growth.
In the food & beverage industry, deploying plastic packaging films composed of materials such as polypropylene, polyethylene, and others is crucial to restricting food degradation. The plastic packaging films are ideal for food & beverage products, including fruits & vegetables, bakery products, and others. The increasing technological advancements for food manufacturing facilities, the rising intake of nutritional food content, and others are key trends spurring the growth of the food & beverage industry.
For instance, according to Food Drink Europe, a European Union food and beverage association, the European Union food & beverage sector turnover registered an annual growth rate of 2.6%, reaching USD 1,180.5 billion in 2022. Thus, the prospering food & beverage industry is boosting the demand for plastic packaging films to increase the shelf life of food & beverage products, thereby driving the market growth.
Plastic packaging, such as flexible and rigid films, is deployed for cosmetics and personal care products to safeguard the packaged content from external elements, including air, light, contaminants, and moisture. The plastic packaging films are ideal for personal care products such as shampoo, lotions, and creams. The increasing purchasing power of people, the increasing trend for high-end luxury cosmetics products demand growth, and others are some of the vital aspects that foster the growth of the cosmetics & personal care industry.
For instance, according to the recent data published by the Cosmetic, Toiletry and Perfumery Association (CTPA), in 2022, the global cosmetics & personal care industry was valued at USD 9,419.31 million (EURO 8,944.80 million), an increase of 5.4% as compared over 2021. Therefore, the flourishing cosmetics & personal care industry at the global level is driving the demand for plastic packaging films to maintain the quality of the products, which, in turn, is amplifying the market growth.
The easy availability of raw materials, favorable government policies, and others are the prime factors resulting in a prominent industrial growth environment in the Asia Pacific region. Thus, the Asia Pacific region is a key marketplace for a diverse range of end-use industries, including food & beverage, electrical & electronics, and others, which are the major end-use industries for plastic packaging films.
For instance, according to the China National Development and Reform Commission, in 2021, the China agricultural & sideline food processing and food manufacturing sector registered a year-on-year growth rate of 7.7% and 8.0%, respectively. Henceforth, the booming food & beverage industry in the Asia Pacific region is augmenting the demand for plastic packaging films manufactured from materials, including polyvinyl chloride, polyamide, and others to minimize food & beverage product spoilage, which is accelerating the market growth in the region.
The recent trends for food production growth, the development of new pharmaceutical manufacturing, and others are prompting plastic packaging film manufacturers to expand their manufacturing base. For instance, in May 2023, Paragon Films, a United States-based manufacturer of plastic packaging films, commenced the expansion of the manufacturing facility in North Carolina. The production expansion of the North Carolina plant will be completed by 2024. Thus, the expansion of the plastic packaging film manufacturing facility will create a prominent potential for market growth.
The increasing sustainability targets at the global level are resulting in new joint ventures to recycle plastic materials, which are utilized for plastic packaging films. For instance, in June 2023, LyondellBasell and AFA Nord formed a 50:50 joint venture to recycle post-commercial flexible secondary packaging to produce 26,000 tons of recycled low density polyethylene and linear low density polyethylene per annum. The recycled low density polyethylene and linear low density polyethylene will be deployed to produce plastic packaging films. Henceforth, the recent joint ventures for plastic recycling for the plastic packaging films application will increase the sustainability of the products, thereby creating a favorable growth outlook for the market in the coming years.
The development of new manufacturing facilities, the increasing foreign direct investments, and other factors will lead to the growth of the food & beverage industry in the coming years. For instance, according to Invest India, the Indian food processing sector will reach USD 535 billion, registering a CAGR of 15.2% in 2025. As a result, the future expansion of the food & beverage industry will create a lucrative growth opportunity for the plastics packaging industry during the forecast period.
The major players, including Amcor plc, Berry Global Inc., Sealed Air, Reynolds Consumer Products, and others hold a prominent revenue share in the plastic packaging films market. The above players involved in the manufacturing and supply of plastic packaging products, such as flexible films and rigid films are adopting strategies, including technology innovation, acquisitions, product innovations, facility development, and others, to increase their market revenue and volume share in the global plastic packaging films industry.
In February 2023, ProAmpac., a packaging films manufacturer in the United States, launched ProActive Recyclable R-2050, a new range of PE recyclable film in the European market. The major focus of the launch was to increase the market share of ProAmpac. in Europe.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.