The Plastic packaging market is expected to grow at a 5% CAGR and reach a market valuation of USD 400 billion by the end of the forecast period. People’s busy and changing lifestyles have increased the demand for handy items, which has given birth to the use of plastic packaging. Plastic packaging does not take a lot of materials or energy, and it is quite inexpensive. They take up less shelf space and, as a result, are more cost-effective than other commonly used packaging materials. In comparison to conventional methods of purchasing and preparing, customer preferences are gradually shifting toward purchasing plastic-packaged goods. New entrants, as well as regulatory actions, are causing dynamic changes in the market. Many producers and manufacturers are seeing this as a wonderful chance to offer new and unique packaging alternatives. Concerns over the usage of biodegradable plastic for packaging are on the rise. This is not only good for the environment, but it is also encouraging manufacturers and producers to invest in the development of sustainable packaging options and solutions. In nature, these solutions are more secure as well as safe.
The Plastic Packaging Market is expected to face several challenges on its road to expansion. The main cause for this is the shutting down of production units brought in by the government’s imposition of lockdowns in various countries. However, based on current market trends, the industry is expected to see increasing demand for packaging of products during the pandemic across various industries such as pharmaceutical, food, and beverage applications
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Market Segmentation
Based on the application, the market is segmented into personal care, industrial, food, and beverages, along with the global healthcare sector.
Based on the type, the market is segmented into raw materials and finished items in flexible and rigid packaging.
Based on the region, the market is segmented into North America, the APAC region, European nations, and the Rest of the World (RoW).
Regional Classification
The Asian Pacific area is likely to become the market’s dominating participant. The main reason for this is that the market is heavily investing in the quick expansion of several industries such as healthcare and food and drinks. Historically, the APAC area had the second-highest growth rate. The North American region is anticipated to increase at a stable rate by the end of the worldwide prediction. The European nations are next in line, following the trend. The European countries’ food and beverage industries are expected to grow at a breakneck pace. By the end of the worldwide forecast period, this will be a major driving force for demand in the global plastic packaging market. The North American region was a dominant nation in a rapidly developing market in the historic year.
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Industry News
The major key players in the market are Amcor Ltd., Wipak Group, BASF SE, Saint-Gobain, Ampac Holdings LLC, Sealed Air Corporation, Crown Holdings Inc., and Mondi Group, Sonoco Products Company, Bemis Company Inc., Constantia Flexibles International GmbH, and Huhtamaki Oyj. Many governments in COVID-affected nations in the APAC area are requesting that the companies in the good industry raise their output on a massive scale to avoid a supply shock or shortage. To begin, the government is investing in manufacturing and production units that will aid in the continuous supply of essentials packaged in plastic.
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