Plastic Packaging Market

Global Plastic Packaging Market Size (2024 to 2029)

The global plastic packaging market was worth USD 281.3 billion in 2023 and is anticipated to grow at a CAGR of 6.1% from 2024 to 2029. The global market size is estimated to be worth USD 401.2 billion by 2029 from USD 298.4 billion in 2024.

Plastic packaging has become an integral part of many businesses because of its cutting-edge design that assists in providing innovative packaging solutions. Plastic packaging is utilized for shielding sensitive products that are hard to carry and transfer. Plastic is known to be of less cost and durable performance goods. Plastic packaging is employed for the protection of goods when in transit, storage, and distribution. It also shields and escalates the shelf life of goods from breaking, spoiling, and contamination. It acts to provide customers with information about the product and handle brand identity and variation. Plastic packaging has been extensively permitted and acknowledged in packaging customer goods, from food items and electronic devices to big business equipment and machines. It serves as an easy and durable way of packaging for several businesses. Plastic packaging businesses have matured with the advent of technology and overall environmental awareness.

The plastic packaging market has matured with the advent of technology and overall environmental awareness. The worldwide plastic packaging market is rising continuously in which mature markets are offering a modest expansion rate. In contrast, the latest growing markets are opening the latest opportunities for prospective expansion rates. Packaging is a technology that includes enclosing and protecting various kinds of products for storage, distribution, sale, and utilization. Plastic is considered more price-competitive and offers improved performance. As a recyclable material, it offers environmental advantages like waste reduction and energy savings. 

MARKET DYNAMICS

The global plastic packaging market is multiplying where mature markets are offering a modest expansion rate whereas the latest growing markets are opening the latest opportunities for prospective expansion rates. Plastics are organic materials with a notable molecular weight that is made of different synthetic organic elements that can be shaped into a variety of shapes because of malleability. Plastic products comprise several altered elements like wood, paper, metals, and glass in numerous uses. Packaging is a technique that must enclose and protect several kinds of goods for storing purposes, distribution, sale, and utilization. Plastic is generally more competitive in price and offers good performance. As a recyclable material, plastic offers environmental advantages like waste reduction and energy savings.

With problems regarding the effects of plastic on the environment, changing customer requirements, and escalating calls, the plastic packaging business is enhancing and incorporating the changes that are advantageous to all sectors. The expansion of the plastic film market is one of the significant drivers of the plastic packaging market. Flexible plastic films can be used as stretch and shrink films in wrapping processed food items, meat, and vegetables. Some more benefits, such as lower truck space occupation will boost end-users to use plastic film packaging over the other packaging solutions. The rising call for PET bottles is one of the significant trends estimated to gain traction in the global plastic packaging market. 

The beverage segment is showcasing a high call for PET bottles, mainly from the bottled water sector. Makers are now focusing on the alcoholic beverage market sector, which will see an elevated call for PET bottles. The plastic packaging business is showcasing a rise with the expansion of the global e-commerce business. Corrugated boxes (plastic and cardboard), polybags, and protective packaging such as bubble wraps and air pillows are vital types of packaging employed in e-commerce. Hence, the rising call for corrugated plastic packaging products from logistics and e-commerce companies is driving the total expansion of the global plastic packaging market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Plastic Packaging Market Analysis By Type

Flexible plastic packaging is assumed to progress at the fastest rate throughout the foreseen period due to more calls from food and beverage, and pharmaceutical segments. Flexible plastic packaging provides the benefits of cost-effectiveness, escalated durability and flexibility, better visual appearance, and convenience compared to its counterpart.

Global Plastic Packaging Market Analysis By Product

The bottles sector held the dominant portion of the global market in 2023 due to rising usage in medical applications and the expanding need for PET bottles for soft drinks and water. 

Global Plastic Packaging Market Analysis By End-User

The personal care and home care segment is supposed to hold a significant market share during the forecast period. Personal care packaging includes of products like cosmetics and toiletries.

REGIONAL ANALYSIS

The Asia-Pacific regional segment is estimated to play the leading role in the global market during the forecast period. Regional supremacy of Asia Pacific is assigned to the rising eminence of the food and beverage business in countries such as China and India. As plastic packaging finds escalated employment in different applications in healthcare, beverage, and food businesses, the plastic packaging business is expected to showcase fast expansion in the region. In addition, a rise in population escalated customer expenditure, and rising disposable income is estimated to boost the expansion of the plastic packaging market in the Asia Pacific. Moreover, increasing the popularity of beauty and personal care products is also probable to boost the expansion of the market in the Asia Pacific. 

KEY PLAYERS IN THE GLOBAL PLASTIC PACKAGING MARKET

Companies playing a major role in the global plastic packaging market include Mondi Group, Berry Plastics Corporation, Sonoco Products Company, Amcor Limited, DS Smith plc, Bemis Company, Inc., NatureWorks LLC, Consolidated Container Company, Reynolds Group Holdings Limited and Alpla Werke Alwin Lehner GmbH & Co. KG.

RECENT HAPPENINGS IN THE MARKET

• Mondi Group, the worldwide packaging and paper company, will showcase numerous innovations that fulfill packaging trends and the rising call for sustainable solutions at three key industry events this September and October.
• Kohlberg will merge the acquired business unit with its hard healthcare packaging unit Nelipak. The operations of Bemis to have collaborated with Nelipak are located in the UK and Ireland. The collaborated business will work under the Nelipak Healthcare Packaging brand. Nelipak offers custom-designed hard healthcare packaging solutions employed for Class II and Class III medical devices, and pharma drug delivery products.
• Packaging materials maker Tekni-Plex has entered a definitive buying agreement to purchase three production facilities from Australian packaging company Amcor’s Flexible Packaging business unit for a cash consideration of $215m (~€248m). The three facilities are situated in Madison and Milwaukee in Wisconsin, US, and Ashland in Massachusetts, US.

DETAILED SEGMENTATION OF THE GLOBAL PLASTIC PACKAGING MARKET INCLUDED IN THIS REPORT

This research report on the global plastic packaging market has been segmented and sub-segmented based on the product, type, end-user and region.

By Type

• Rigid Plastic Packaging
• Flexible Plastic Packaging

By Product

• Bags
• Cans
• Bottles
• Pouches
• Others 

By End-User

• Food and Beverage
• Healthcare
• Pharmaceutical
• Retail
• Personal and Home Care
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa