Plastic Packaging Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Plastic Packaging Market Analysis:

Plastic packaging is the process of wrapping products in such a way that there is no space for chemical, oxygen, and other impurities to interfere with the products. Packaging of products such as oil, beverages, and dairy products is accomplished only with plastic. This is attributed to the fact that it offers durability, flexibility, rigidity, weightlessness, robustness, and transparency while packaging. Thus, all these attributes make plastic packaging suitable over its counterparts in key sectors such as personal & household care, pharmaceuticals, packaging, and food & beverages industries. Moreover, in extreme environments such as hot or cold temperatures, plastic can sustain and does not deteriorate, thereby conserving cosmetics & personal care, food & beverages, and other products. 

Key drivers of global plastic packaging market

The growth of the global plastic packaging market is driven by rise in adoption of plastics as an ideal packaging material, due to its various characteristics such as ease of sterilization, impermeability, stability, lightness, strength, and flexibility (from film to rigid applications). Owing to the evolving lifestyle and consumer preference toward consumption of processed foods, frozen foods, ready-to-eat, and on-the-go parcel food, the food & beverage industry is expected to grow during the forecast period. The development of the food industry in emerging nations is, in turn, anticipated to augment the demand for plastic packaging, thereby fueling the global market growth.

Market scenario: opportunities and challenges

Packaging is primarily used to provide protection for products, inform consumers about their features, facilitate long-distance transport, and storage. In comparison to wraps, films and bags for industrial packaging applications, the use of rigid high-density polyethylene (HDPE), plastic canisters, bottles, and tanks is projected to have a significant impact on market. In addition, advancements in innovative packaging solutions, such as introduction of bioplastic packaging, is anticipated to offer remunerative opportunities for the expansion of the global market. However, recent ban on the use of plastic across various countries, such as India, and negative impact of plastic on environment are expected to impede the market growth.

COVID-19 scenario analysis

Owing to the outbreak of the COVID-19 pandemic, the global plastic packaging market is expected to witness a slowdown during the next couple of years. Companies are dealing with missing sales and disrupted supply chains as production activities are shutdown. However, surge in demand for PPE products, masks, and gloves is expected to fuel the market growth, as these products require plastic packaging, and demand for these products is increasing on a daily basis, owing to the COVID-19 outbreak. 

Key benefits of the report

• This study presents the analytical depiction of the global plastic packaging industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global plastic packaging market share.
• The current market is quantitatively analyzed to highlight the global plastic packaging market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global plastic packaging market research report:

• Which are the leading market players active in the global plastic packaging market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Plastic Packaging Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights