SAN FRANCISCO, March 8, 2021 / PRNewswire / – The World plastic packaging market the size should reach 486.2 billion USD by 2028, according to a new report from Grand View Research, Inc., recording a CAGR of 4.2% from 2021 to 2028. The rapid expansion of the food and beverage, personal care and pharmaceutical industries, coupled with the increasing penetration of organized commerce and online sales across the globe, is expected to fuel the growth of the market.

Low density polyethylene (LDPE), polypropylene (PP), high density polyethylene (HDPE) and polyethylene terephthalate (PET) are the most widely used materials for manufacturing products, such as bottles and jars, trays and containers. , packaging & films and pouches because they are economical, lightweight and have many features and strong moisture barrier properties. The growing demand for sustainable packaging solutions is prompting manufacturers to use recycled plastic resins to make such products.

Main suggestions from the report:

• In terms of revenue, the flexible products segment is expected to grow at the fastest CAGR of 4.5% during the forecast period owing to the growing demand for pouches and bags in the food and beverage industry. due to their low cost and high durability.

• Extrusion technology segment accounted for largest revenue share of over 38% in 2020

• It is estimated that the segment will retain the leading position throughout the forecast period, as the majority of flexible packaging solutions, such as pouches, bags and films, are produced using the technology of packaging. ‘extrusion.

• Food and beverage was the largest application segment in 2020, accounting for over 51% of global revenue share

• The intensive use of products for the packaging of raw food products and for the final packaging of single-serve packaged foods mainly contributed to the higher share of the food and beverage segment.

Read 145-page research report with ToC on “Plastic Packaging Market Size, Share and Trend Analysis Report by Product (Flexible, Rigid), by Technology (Extrusion, Thermoforming), by Application (Food & Beverage, Pharmaceuticals) and Segment Forecast, 2021 – 2028 ” at: https://www.grandviewresearch.com/industry-analysis/plastic-packaging-market

The story continues

Globally, changing lifestyle has led to the introduction of single use packaging which has significantly contributed to the growth of the market in recent years. In addition, technological advancements, such as the development of modified atmosphere technology (MAP) and airless packaging, and their increasing penetration in the food and beverage and personal care industries are likely to drive growth. of the world market.

However, plastic is a non-biodegradable and unsustainable material; therefore, its products, in particular single-use packaging solutions, are banned in several countries. For example, on March 11, 2020, the European Union (EU) published its new “Circular Economy Action Plan” to promote sustainable packaging in the region. In addition, growing consumer awareness is forcing manufacturers to switch to biodegradable materials, which is expected to hamper the growth of the industry to some extent.

Asia Pacific has emerged as the top regional market with a revenue share of 43.8% in 2020 and is expected to experience the fastest CAGR from 2021 to 2028. This growth is attributed to the strong growth of the manufacturing and e-commerce sectors in several emerging countries in Asia, such as India, China, and Thailand. The global market is highly fragmented with the presence of large international companies as well as small and medium scale national players. The major players are focusing on acquisitions and are increasingly expanding their product portfolios to gain maximum market share.

Grand View Research has segmented the global plastic packaging market on the basis of product, technology, application, and region:

• Plastic Packaging Products Outlook (Revenue, USD Billion, 2017-2028)

• Plastic Packaging Technology Outlook (Revenue, USD Billion, 2017-2028)

• Plastic Packaging Application Outlook (Revenue, USD Billion, 2017-2028)

• Regional Plastic Packaging Outlook (Revenue, USD Billion, 2017 – 2028)

List of major players in the plastic packaging market

• Amcor plc

• Air sealed

• Coveris

• Berry Global, Inc.

• Mondi

• Sonoco products company

• Winpak Ltd.

• CCL Industries, Inc.

• Constantia hoses

Find more research reports on Plastics, polymers and resins industry, by Grand View Research:

• Recycled plastic market – The size of the global recycled plastic market has been estimated to be 45.1 billion USD in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027.

• Dunnage Packaging Market – The growing demand for sustainable and environmentally friendly packaging solutions due to their cost effectiveness compared to sustainable packaging is expected to drive the market growth over the next few years.

• Injection Molded Plastics Market – Growing demand for plastic components from various end-use industries including automotive, packaging, home appliances, electrical and electronic devices, and medical devices is expected to drive growth.

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About Grand View Research

Grand View Research, a US-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered in San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive business intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.