The Global Plastic Packaging Market was valued at US$ 300.86 billion in 2016, according to a new report published by Coherent Market Insights. Packaging is a process that involves protecting and enclosing of finished products for distribution, sale, storage and transport. The rigid packaging is gaining traction in the past five years due to the rise in demand from packaged food, which includes ready-to-eat meals, dried and frozen foods. The increasing demand for convenience food in Asia Pacific and Europe is expected to boost the market for plastic packaging during 2017-2025. Rigid packaging finds wide applications in the packaging industry, due to its high impact strength, barrier properties and stiffness which makes it ideal for the transportation of various products in the form of bottles, ampules, jars, aerosols container and cans. Also, rapidly growing export and import of food products across the world is expected to fuel the growth of the market for rigid packaging, which in turn is expected to fuel the market for plastic packaging during the forecast period. According to Coherent Market Insights, the rigid packaging segment in the product type, is dominating the market for plastic packaging in 2016 and is expected to retain the trend in the following years. Food & beverages, pharmaceuticals and personal care industry are the major end use industry, which finds large applications for rigid packaging.
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Technological advancement coupled with development of new product is expected to be the key drivers for the market growth of global plastic packaging. Also, the growing demand for flexible packaging from processed and hot food industry is expected to boost the market for plastic packaging during the forecast period. The flexible packaging segment market in the global plastic packaging market is expected to expand at a CAGR of 4.7% in terms of volume. For instance---
- On January 19, 2017, UFLEX--- introduced Super Barrier Polyester Film, FLEXPETTM F-PGB-12, a specially modified surface treatment which offers high barrier to oxygen.
- On September 8, 2016, UFLEX---introduced new ESL ASEPTIC FLEXI-POUCH MACHINE for milk packaging, which sterilized and packed the milk and increases the self-life up to 90 days.
Key takeaways of the market:
- Asia-Pacific is projected to be the largest region in global plastic packaging market. It accounted for around 36.4% of overall plastic packaging market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing food & beverages industries, rising economy, growing per capita income of middle class people are some of the key drivers for the growth of plastic packaging market in the Asia-Pacific region.
- The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing ready to eat food are expected to create lucrative growth opportunities for the players in this region.
- Pharmaceuticals is one of the key industries for the use of plastic packaging. A strong drug export and import activity in Asia-Pacific and North America is expected to enhance the growth of plastic packaging in the forecast period. The pharmaceuticals applications such as sachets, blister pack, stick packs and strip packs are the key plastic packaging application in pharmaceuticals industry, which provides barrier to moisture, light, chemical, ease of opening and child resistance. . According to India Brand Equity Foundation (IBEF) is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India---the Indian healthcare industry is projected to grow at a CAGR of 16.5% from 2008 to 2020. The market is expected to reach US$ 280 billion by 2020.
- 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 are few of the key players in global plastic packaging market.
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market. For instance---
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- On 2016, Silgan---acquired WestRock division in US$ 1 billion.
- July 2015, Bemis Company Inc. signed an agreement with Emplal Participaçoes S.A. to acquire its South American rigid plastic packaging business.
- About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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