Viable Eco-Friendly Plastic Packaging Products and Technology Instill Growth in Food and Beverages Market
The plastic packaging market finds its use in various staple consumer products. The consumption for plastic packaging in the developing markets is growing too. The overall demand for this market and the exponential growth in the past recent years is a reflection of the incorporation of plastic products and expansion of downstream demand into every single facet of our modern life. Plastic packaging demand reflects the global growth of downstream industries. Rising technological innovations and rapidly changing consumer trends in the plastic packaging industry have imparted high growth and demand for plastic packaging across the globe.
Green Plastic Packaging is an Emerging Trend
While the plastic packaging market is popular across several industry applications, it has become extremely vital to reduce the amount of material used during the production of packaging and increase our concerns over the environmental impact of packaging. Using just a minimum quantity of material, the plastic packaging market combines and offers the best qualities of various plastics to cater to a wide gamut of protective properties that can be used in growing segments of the packaging industry.
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To increase the focus on sustainable and healthier living, many plastic packaging manufacturers are developing bio-based packaging solutions that offer more sustainable alternatives for chemicals and conventional plastics. Several plastic packaging manufacturers also provide a wide spectrum of plastic packaging materials available in different technical specifications possessing various shapes, sizes and colors.
Plastic packaging typically made up of polymers such as polyethylene teraphthalate (PET), polypropylene (PP), high density polyethylene (HDPE), low density polyethylene (LDPE), and polyvinyl chloride (PVC) are rapidly being replaced by biodegradable substitutes such as starch-based plastics, PHA, and PLA materials. Although this shift from conventional plastic packaging materials to eco-friendly packaging is comparatively small – the ultimate goal is to protect our environment and maintain sustainability.
Global Growth Trends and Demand for Plastic Packaging Market in Various End-User Industries
Plastic packaging is gaining high importance in different regions such as Europe, North America, and Asia-Pacific which have imposed legislations to completely ban the use of disposable plastic bags and instead use environmentally-friendly plastic packaging products.
Unsurprisingly the U.S. has been the largest consumer of plastic packaging market, followed by Europe and Asia-Pacific.
Asia set to become the next center-stage in plastic packaging market
Asia has increased its market share largely at the expense of its competitors. The region accounted for over 35% of the market share in 2013 and this trend is expected to continue over the forecast period 2014-2020. There are several factors that are driving the demand for plastic packaging market in Asia. These include changing lifestyles, eating habits, high demand for packaged foods, population growth, rising disposable incomes as well as demand for plastic packaging from healthcare industry.
In the next few years, the demand for plastic packaging is expected to accelerate in the developed markets of North America and Europe and likely to plateau in other developed regions in the Rest of the World (RoW) region.
Food and Beverages Segment to Lead Market Share
Food and beverages, personal care, medical, healthcare, and other applications are stimulating maximum growth and demand due to increasing wealth, growing economies and urbanization that will support growth rates in different regions. Food & beverages was the largest end-use segment that accounted for over 65% of the market share in 2013. This market segment uses the most effective technology and packaging materials such as rigid plastic packaging, paperboard packaging, flexible plastic packaging, shrink wrapping, and shrink sleeve wrapping, among others in order to excel further with respect to cost-effectiveness and environmental concerns.
Plastic packaging has now become the single largest downstream consumer market of the plastics industry due to the rapid use of plastics in packaging over the past 30 years. A new market research report is forecasting that the growth of this market will continue to grow at a CAGR of 5.2% between 2014 and 2020 and reach an estimated value of US$370.25 billion by 2020.
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