Global Plastic Packaging Market Size Driven by its Increasing Applications

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The market for plastic packaging is driven by growth in food & beverages and healthcare industries globally. The change in consumer’s lifestyle with rapid urbanization has augmented the demand for plastic packaging. The consumers demand convenience processed and packaged foods which reduce the cooking time. This has resulted in increasing use of plastic packaging in food & beverage industries. Food & beverage was valued as the largest application for Plastic Packaging Market Size in 2015. Over 54% of the volume consumption in 2015 was attributed to the food & beverage industry. It is expected to show far reaching results by 2022 in the APAC region. Furthermore the increasing health risks and growing health and fitness awareness has further fueled the market for plastic packaging.

Regional Analysis

APAC dominates the global Plastic Packaging Market Size with its fast growing market worldwide. Over 35% of total volume consumption in 2015 was valued for APAC region. The region is expected to show some rapid development in healthcare and food & beverages industries along with increased investment in the same. This would result in an expanding share of APAC in global Plastic Packaging Market Size by 2022.
However, North America had the largest market size in 2015 and is expected to show steady growth by 2022. Europe and Rest of the World are also expected to grow from 2016 to 2022. The food and beverage market in Europe is expected to show some staggering growth which is expected to drive the Plastic Packaging Market Size by 2022.

Segmentation

The global market for plastic packaging is segmented on the basis of type and application. The type segment consists of products including rigid packaging and flexible packaging.
Rigid packaging is expected to generate the largest share of the revenue. End-users favor rigid packaging the most. The rise of rigid plastic market into the beverage sector is based on the expectancy of it being of hygienic, high quality, and healthy. The retail industry is also expected to boost the growth of this segment during the forecast period.

Application-wise segmentation comprises food & beverages, healthcare, industrial, personal care and others. Among these, the food & beverage sector has recorded the highest percentage of the global revenue in 2015 and anticipated to surge further over the review period. With rapid development, the demand for packaged food is also growing. This alteration in consumer habits has spurred growth in the global market. Rapid growth in the pharmaceutical industry can support the growth rate of healthcare plastic segment in the near future.

Key Players

The key players of Global Plastic Packaging Market Size report include- Amcor Ltd, BASF SE, Crown Holdings Inc., Saint-Gobain, Bemis Company Inc., Huhtamaki Oyj, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles International GmbH, Ampac Holdings LLC and Wipak Group.

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