According to a report,“Plastic Container Market Size, Share & Trends Analysis Report By Material (PET, HDPE), By End Use (Beverages, Cosmetic, Industrial), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., The global plastic container market size is anticipated to reach USD 112.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. Increasing demand for convenient food products such as functional and nutritional drinks is expected to expand the scope for packaging container over the forecast period.
Packaging plays a crucial role in adding value to the product. Plastic packaging in the food and beverages industry is increasingly preferred owing to its aesthetic appeal and convenience, which attracts both manufacturer and consumer. This, in turn, is expected to fuel product demand over the forecast period.
PET is prominent material used for manufacturing plastic container. Attributes such as non-toxic, safe, and lightweight make it a preferred material for soft drinks, juice, and bottle water. Growing consumption of juice, functional drinks, and bottle water is expected to increase use of PET bottle and container in the food and beverages industry. Use of HDPE in plastic container is expected to witness significant growth over the forecast period.
HDPE is a preferred material for cosmetics, milk bottle, and jars. HDPE have superior barrier protection properties that protect the product from harmful radiation, moisture, and microbes, thereby extending the shelf life of product. Moreover, this material has superior strength and can be recycled, thereby making it a preferred material for shampoo, industrial lubricants, and paints.
Beverages accounted for more than 50.0% share of the global revenue in 2018. Increasing consumption of soft drinks in emerging countries such as India is expected to increase product demand over the forecast period. The cosmetic segment is expected to expand at the highest CAGR of 4.7% over the forecast period owing increasing demand for cosmetic products in China, South Korea, and India. This, in turn, is expected to expand the scope of plastic container over the next few years.
Asia Pacific dominated the global plastic containermarket and is expected to maintain its lead throughout the forecast period. Hectic working schedule has increased the demand for convenient food and beverages. This trend has resulted in increased demand for nutritional food and beverages, which, in turn, necessitated product launches in the region. Such factors are expected to expand the scope of plastic packaging, as this packaging type helps in extending product’s shelf life.
Key Takeaways from the report:
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By end use, beverages generated a revenue of USD 44.5 billion in 2018. The pharmaceutical sector is expected to reach USD 8.2 billion by 2025
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China is one of the largest markets for plastic container. The country accounted for more than 70.0% share of the Asia Pacific market in 2018
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The global plastic containermarket is highly fragmented with the top five players accounting for less than 10.0% share of global market
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Some of the key players operating in the market are Amcor Limited, Berry Global Inc., Alpha Packaging, Silgan Holdings Inc., CKS Packaging, Inc., CCC Packaging, Polytainers Inc., Airlite Plastics., RPC Group Plc., and Reynolds.
Browse More Reports in Consumer Goods Industry:
- Fresh Food Packaging Market – The global fresh food packaging market size was estimated at USD 110.56 Billion in 2018 and is projected to register a healthy CAGR of 3.9% over the forecast period.
- Dairy Blends Market – The global dairy blends market size was valued at USD 3.6 billion in 2018 and is anticipated to expand at a CAGR of 7.9% over the forecast period.
Regional Insights
Asia Pacific dominated the global plastic container market with more than 30.0% share of global revenue in 2018. Increasing consumption of bottle water, soft drinks, and juice is the main factor driving the regional market over the next few years. Furthermore, presence of a large number of pharmaceutical and cosmetic product manufacturers in China, India, and South Korea has led to an increase in demand for plastic container over the forecast period. In addition, increasing penetration of automotive manufacturers in India, China, and South Korea owing to favorable government initiatives is expected to fuel demand for automotive lubricant and greases, resulting in expansion of scope of plastic containers over the forecast period.
Europe is expected to expand at a CAGR of 4.1% from 2019 to 2025. The market is driven by increasing consumption of packed food. Hectic working schedule has increased the demand for convenient food product. Moreover, changing lifestyle and eating habits resulted into increasing demand for nutritious beverages, thus fueling the demand for plastic packaging over the forecast period.
North America held a significant market share in 2018. As a result of growing awareness related to health and hygiene, spending on household cleaner is increasing in the region. This, in turn, is expected to fuel demand for plastic container over the forecast period. U.S. is the largest market in North America and it accounted for more than 75.0% share of the North America market in 2018. The major share is attributed to increasing consumption of functional beverages, coupled with rising demand for convenient food products.
Plastic Container Market Share Insights
The global market is highly competitive in nature. The top five players accounted for less than 10.0% share of global market in 2018. Some of the other players operating in the market are Amcor Limited; Berry Global Inc.; Alpha Packaging; Silgan Holdings Inc.; CKS Packaging, Inc.; CCC Packaging; Polytainers Inc.; Airlite Plastics; RPC Group Plc.; and Reynolds. Market players are adopting strategies such as mergers and acquisitions to increase product offerings. Moreover, companies are focusing on expanding their production capacity and are adopting innovative technologies in order to meet consumer demand for convenient packaging.
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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