Plastic Packaging Market Forecasts to 2030 - Global Analysis By Product (Bottles and Jars, Trays and Containers and Other Products), Type, Material Type, Technology, End User, and By Geography

According to Stratistics MRC, the Global Plastic Packaging Market is accounted for $395.9 billion in 2023 and is expected to reach $583.6 billion by 2030 growing at a CAGR of 5.7% during the forecast period. Plastic packaging refers to materials made from various synthetic polymers, predominantly derived from petrochemicals, used for containment, protection, and presentation of goods. It encompasses a wide range of products such as bottles, bags, wrappers, and containers, offering durability, flexibility, and cost-effectiveness. Plastic packaging serves to preserve freshness, extend shelf life, and prevent contamination for food, beverages, pharmaceuticals, and consumer goods.

According to National Geographic, as of June 2021, 115 countries had taken that approach in various ways.

Market Dynamics:

Driver:

Cost-effectiveness

The manufacturing process for plastic packaging is efficient and inexpensive compared to alternative materials like glass or metal. Its versatility allows for a wide range of shapes and sizes, catering to various product types and accommodating innovative packaging designs. Furthermore, plastic packaging offers excellent protection against moisture and oxygen, prolonging the shelf life of products and reducing food waste, which can be a significant cost-saving measure for businesses that are driving this market expansion.

Restraint:

Resource depletion

Plastic packaging relies heavily on fossil fuel-based raw materials, primarily derived from petroleum; their extraction and consumption contribute to resource depletion and environmental degradation. The extraction process itself poses risks such as habitat destruction, water pollution, and greenhouse gas emissions. Furthermore, the production of plastic packaging involves energy-intensive processes, further depleting valuable natural resources and hampering market growth.

Opportunity:

Innovation and technology

Technological advancements enable the creation of diverse forms such as flexible films, rigid containers, and intricate shapes to suit various products and consumer needs. Initially, plastics revolutionized packaging due to their versatility, durability, and cost-effectiveness compared to traditional materials like glass or metal. Moreover, advances in manufacturing techniques, including injection molding and blow molding, enhanced production efficiency and propelled this market further.

Threat:

Lack of awareness

The damaging effects of plastic packaging on the environment are not well known to many people. This lack of knowledge makes it easier for consumers to choose convenience over sustainability, leading to increased demand for plastic packaging. Moreover, businesses may prioritize cost-effectiveness and convenience over sustainable packaging options when they are not fully aware of the environmental implications, which are hindering this market size.

Covid-19 Impact

The COVID-19 pandemic has exerted a significant negative impact on the plastic packaging market. Disruptions in global supply chains due to lockdown measures and decreased consumer spending have affected the production and distribution of plastic packaging materials. Additionally, reduced industrial activities and economic uncertainties have further dampened investments in sustainable packaging alternatives, perpetuating reliance on conventional plastic packaging solutions.

The flexible plastics segment is expected to be the largest during the forecast period

The flexible plastics segment is estimated to hold the largest share due to the wide range of packaging solutions made from pliable materials such as polyethylene, polypropylene, PVC, and others. These flexible plastics offer excellent barrier properties, extending the shelf life of perishable goods and ensuring product safety. Moreover, the segment is witnessing increasing demand for sustainable packaging solutions, driving the development of bio-based and recyclable flexible plastics to address environmental concerns.

The blow molding segment is expected to have the highest CAGR during the forecast period

The blow molding segment is anticipated to have highest CAGR during the forecast period. Blow molding is a technique that produces a wide range of sizes, shapes, and functions for containers by inflating molten plastic into a mold and shaping it into the required shape. Its ability to produce lightweight yet durable packaging makes it highly desirable for manufacturers seeking cost-effective solutions without compromising on quality, which drives this segment's growth.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period owing to rapid industrialization, urbanization, and economic growth in countries like China, India, Japan, and South Korea. It is widely used across various sectors, including food and beverage, healthcare, personal care, and consumer goods industries, due to its versatility, lightweight nature, and cost-effectiveness. Furthermore, the rise in e-commerce activities has further fueled the demand for plastic packaging for shipping and logistics purposes.

Region with highest CAGR:

Europe is expected to witness highest CAGR over the projection period, owing to the increased consumer demand for convenience, coupled with the rise of e-commerce. This shift towards sustainability has reshaped the plastic packaging landscape, with biodegradable and compostable alternatives gaining traction. In addition, stringent regulations aimed at reducing environmental impact have led to innovations in sustainable packaging materials and recycling initiatives, which are driving this region's expansion.

Key players in the market

Some of the key players in the Plastic Packaging Market include BASF SE, Saint-Gobain, Amcor Ltd, Huhtamaki Oyj, Crown Holdings Inc., Bemis Company Inc., Sealed Air Corporation, Mondi Group, Sonoco Products Company, Ampac Holdings LLC and Wipak Group.

Key Developments:

In January 2024, BASF Monomers Division and Xuchuan Chemical, an important partner in the isocyanates value chain, held a ceremony to commemorate their strategic cooperation on bio-mass balanced (BMB) Methylene Diphenyl Di-isocyanate (MDI) in synthetic leather applications.

In January 2024, Amcor announced a significant expansion of its North American thermoforming capabilities for the healthcare market.

In January 2024, Sonoco Products Company announced that certain of its subsidiaries entered into a definitive agreement to sell its Protective Solutions business to Black Diamond Capital Management, LLC ("Black Diamond") for an estimated $80 million in cash.

Products Covered:

• Bottles and Jars
• Trays and Containers
• Other Products

Types Covered:

• Flexible Plastics
• Rigid Plastics
• Other Types

Material Types Covered:

• Poly Vinyl Chloride
• Polypropylene
• Polystyrene
• Polyethylene
• Ethylene Vinyl Alcohol
• Bio- Plastic
• Polyethylene Terephthalate
• Polyamide
• Other Material Types

Technologies Covered:

• Injection Molding
• Blow Molding
• Extrusion
• Thermoforming
• Other Technologies

End Users Covered:

• Industrial
• Food and Beverages
• Personal Care
• Household Products
• Medical
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances