Europe Plastic Packaging Market

Europe Plastic Packaging Market Size (2024 to 2029):

The Europe Plastic Packaging Market is expected to grow at a CAGR of 5.29% during the forecast period 2024-2029. The market value was at USD 89.14 billion in 2023, and the value is expected to reach USD 121.45 billion by the end of 2029.

The growth of the European market is attributed to the rising population in Europe, which leads to higher packaging per person ratio. Even though the zeitgeist of the time was about reducing the usage of plastics, it still remains one of the most preferred materials for packaging in Europe and in the majority of countries all around the world. food packaging, beverage, lamination, etc., are various industries in which plastic still dominates even after the introduction of various composite materials. The ease of availability and cheap price is the biggest driving factor for Europe's plastic packaging market. 

The recent emergence of bioplastics has enhanced the usage of those materials and provided a cheap and environment-friendly alternative to plastic. These factors hinder the growth of the market. The government norms that are focused on restricting the usage of plastic are also a key factor that is slowing down the industry.

Impact of COVID-19 on the Europe Plastic Packaging Market:

Coronavirus has exposed severe challenges for the plastic packaging market by impacting end-user sectors. Major economies of Europe are affected due to the pandemic as it was the early hotspot for the pandemic, resulting in a slowdown of manufacturing industries, but unsurprisingly, the plastic packaging industry in the European region has gone up and is doing very well. The demand for packaging has increased during the pandemic as bioplastics have been very high in demand. In the medical sector, plastic is extensively used for various purposes, and thus, the highest demand has been witnessed from the medical sector. Healthcare experts have suggested that amidst the absence of vaccines, trials are expected to ramp up, and thus, the demand for plastic packaging will be very high.

SEGMENTAL ANALYSIS

This research report on the Europe plastic packaging market has been segmented and sub-segmented into the following categories.

Europe Plastic Packaging Market – By Type:

• Rigid plastic packaging
• Flexible plastic packaging

The flexible packaging segment is expected to grow at a CAGR between 3 to 4% in the forecasted period. This segment has a vast application in industries like medical, industrial packaging, etc. The food takeaway sector has also proliferated in the Western European region and is triggering great demand for the plastic packaging market.

Europe Plastic Packaging Market – By Product:

• Bags
• Pouches
• Cans
• Bottles

Europe Plastic Packaging Market – By End-User:

• Food and Beverages
• Pharmaceutical
• Healthcare
• Retail
• Personal and Home Care

The food and Beverage industry has proliferated in the European region as manufacturers are always looking to expand their business operations and improve their product portfolio. Alcoholic beverage demand is burgeoning, and it is likely to boost the industry. Another aspect for which plastic is popular is its inactivity towards other chemicals. Hence, it is extensively used in the laboratory packaging industry. The beer industry in Germany is one of the largest in the world and the demand for Plastic packaging has been steadily growing.

Europe Plastic Packaging Market – By Country:

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Western European countries have dominated the plastic packaging market in the past and are continuing to do so now. Germany, France, the UK, and Italy together account for over 50% of the market share. Scandinavian countries such as Norway and Denmark have adopted recycling plastic as their primary source of packaging. These countries have achieved more than 70% recyclability in the past few years and are aiming to hit the 90% mark.

KEY PLAYERS IN THE EUROPE PLASTIC PACKAGING MARKET

AMCOR Plc, RPC Group Limited, Sonoco Products Company and Constantia Flexibles GmbH are some of the major players in the European plastic packaging market.

RECENT HAPPENINGS IN EUROPE PLASTIC PACKAGING MARKET

• In 2019, Amcor completed the acquisition of Bemis Company Inc. This acquisition brought additional capabilities and added another dimension to their existing portfolio. This will also generate considerable value for the shareholders.
• In October’19, Coveris introduced its Duralite R, a next-generation shrink film that can be completely recyclable. As a part of its existing sustainability journey to deliver recyclable flexible packaging solutions, it also covers a new shrink film that provides a fully circular solution to meet both the environmental and legislative demands of the future.