Global Plastic Packaging Industry Likely to Garner US$370.2 bn, Driven by Rising Demand from Food and Beverages Industry
According to a report published by Transparency Market Research (TMR), the global plastic packaging market, which stood at US$259.6 bn in 2013, will reach US$370.2 bn by the end of 2020. If the figure holds true, the global market for plastic packaging will exhibit a CAGR of 5.20% between 2014 and 2020. The report is titled “Plastic Packaging Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020” and is available on the company website for sale.
The global plastic packaging market, according to the study, is gaining much demand from the rapidly expanding food and beverages industry. The present generation of consumers prefers flexible packaging more than their traditional counterparts. This in turn fuels demand from the global plastic packaging market. Additionally, growing demand from the pharmaceutical industry is also anticipated to boost the global plastic packaging market. However, despite such impressive growth potential, the market is likely to face a challenge from the rising cost of raw materials, which may also impede its growth in the long run.
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For the purpose of the study, the report segments the global plastic packaging market on the basis of product type and end user. In terms of product, the plastic packaging market is segmented into rigid and flexible packaging. Of these, the rigid packaging segment holds the majority share in the market at present. According to the report, the rigid packaging segment will continue as the market leader through the forecast period. Based on end use, the food and beverages industry emerged as the biggest end user of this novel packaging solution, accounting for over 65% of the global plastic packaging market in 2013. The report also forecasts this segment to remain at the forefront of the global plastic packaging market even during the forecast period.
Regionally, the global plastic packaging market has been segmented into Asia Pacific, Europe, North America, and Rest of the World (RoW). Of these, Asia Pacific accounted for the highest demand and held 35% of the global plastic packaging market in 2013, states the report. The region is likely to remain undisputed as the market leader due to the rising usage of plastic packaging in the healthcare industry and increasing demand for packaged food from the emerging economies of Asia Pacific.
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However, the report projects that demand for plastic packaging in developed economies of North America and Europe to exhibit average growth. Compiled with an intent of providing a holistic overview of the global plastic packaging market, the report analyzes and examines in detail even the minutest factor impacting the market. To present a 360-degree snapshot, it also studies the vendor landscape of the market, profiling companies such as Ampac Holdings LLC, Sonoco Products Co., Wipak Group, Ukrplastic Corp., Sealed Air Corp., Huhtamaki Oyj, Constantia Flexibles International GmbH, Mondi plc, Amcor Ltd., and Bemis Co. Inc.