Plastics are organic compounds with high molecular weight, which consists of a wide range of synthetic organic compounds which can be molded into various shapes, due to malleability. Packaging is a technology, which involves enclosing and protecting various types of products for storage, distribution, sale and use. The increasing demand for healthy, safe and convenience food in the last couple years in Asia Pacific, Europe and North America respectively, has been rapidly driving the global market for plastic packaging. Also, the use of polyethylene terephthalate (PET), as a packing material for food & beverages, pharmaceuticals and household product, due to its strength, versatility and recyclability and hence is projected to boost an excellent sustainability for plastic packaging market during 2017-2025.
Increasing disposable income and consumer preferences for packaged goods, especially in regions such as Asia Pacific and Latin America is driving growth of the market. This is due to rising per capita income among the middle class. For instance, according to the India Brand Equity Foundation (IBEF), a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India, the retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015.
The global plastic packaging market size was valued at US$ 300.86 billion (revenue) and 91,520.07 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 5.3% in terms of revenue and 5.1% in terms of volume during 2017 – 2025.
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Asia Pacific, followed by Europe and North America, respectively, accounted for major share in the global plastic packaging market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 41.8% in terms of volume, followed by Europe (24.3%). The growing demand for rigid packaging product in Asia Pacific due to growing demand for packaged and convenience food coupled with growing population and infrastructure development of retail and hospitality sector is expected to drive growth of the global plastic packaging market over the forecast period.
According to a study conducted by Coherent Market Insights, the household product, end use segment market is expected to witness a CAGR of 5.3% from 2017 to 2025 in terms of revenue which in turn is expected to fuel the global plastic packaging market.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future. Major players in the global plastic packaging market include Amcor Ltd., Sealed Air Corporation, Bemis Company, Sonoco Products Company, Mondi Plc., Tray Pack Corporation, Lacerta Group Inc., Bemis Company Inc., Alwin Lehner GmbH & Co. Kg, RPC Group Plc among others.
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