Plastic Packaging Market Size to Rise USD 639.84 Bn By 2033

Published Date : 20 May 2024

The global plastic packaging market size surpassed USD 429.62 billion in 2023 and is expected to rise around USD 639.84 billion by 2033, expanding at a CAGR of 4.06% during the forecast period from 2024 to 2033. The increasing demand in major sectors like pharmaceuticals, personal care, cosmetics, beverages, and food is expected to drive the growth of the plastic packaging market.

Plastic Packaging Market Size and Growth Rate From 2023 to 2032

Market Overview

The plastic packaging market finds exclusive application in packaging several products, such as liquids, oils, beverages, and foods, owing to their durability, cost-effectiveness, and excellent performance. Plastics are available in a variety of materials and grades, including polyvinyl chloride, polypropylene, and polyethylene, and are employed in the specific material they are intended to transport or contain. The rising growth of e-commerce, higher consumer incomes, and increasing modern retailing, especially in urban areas, are anticipated to drive market growth.

In addition, the rising introduction of advanced packaging solutions, including bioplastic packaging, edible packaging, modified atmosphere packaging, and active packaging, and increasing online shopping for electronic gadgets, cosmetics, FMCG products, and daily fresh products are further anticipated to drive the growth of plastic packaging market during the forecast period.

Flexibility, lightweight, durability, and versatility of plastic demands for plastic packaging

Plastic packaging is a very adaptable and flexible form of plastic packaging, which enables manufacturers to customize its style, size, and shape as per their customer’s demands. Plastic packaging doesn't require a lot of storage space, and it is an extremely lightweight storage option. They are also easy to transport, and during transportation, plastic packaging reduces carbon footprints. Plastic packaging doesn't easily degrade in cold or hot temperatures and can survive in extreme environments. Hence, it preserves the integrity of beverages or food inside it. It also protects the products from odors, light, dust, and moisture.

The high versatility of plastic packaging enables recycling and ease of reuse. Companies are making customized plastic bag-making machines that enable the use of plastic recyclability. The durability of plastic packaging enables manufacturers to create high-quality custom designs, print eye-catching, and increase product visibility. In addition, plastic packaging can be used by all industries of their scale of operations and is highly economical. These are the major driving factors enhancing the growth of the plastic packaging market.

However, plastic packaging is harmful to nature and may restrain the growth of the market. The plastic packaging material used in products made for human consumption, including food packaging bags, cosmetic packaging bags, personal care and many more, contains harmful components. Inappropriate disposal of plastic packaging has various harmful disadvantages.

Many destructive chemicals are included in the form of high-energy substances, stabilizers, and colorants in plastic fabrication manufacturing. These chemicals harm human nature and have not undergone ecological risk. In the recycling of so many plastics, there are always some remaining uncollected and untouched in waste yards and dump sites. These are the major factors restraining the growth of the market.

Plastic Packaging Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 429.62 Billion
Projected Forecast Revenue by 2033 USD 639.84 Billion
Growth Rate from 2023 to 2033 CAGR of 4.06%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2023 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Plastic Packaging Market Top Companies

  • Alpha Packaging
  • PepsiCo
  • Constantia Flexibles
  • CCL Industries, Inc
  • Sonoco Products Company
  • Mondi
  • Berry Global Inc.
  • Coveris 
  • Sealed Air
  • Amcor Plc

Recent Development by PepsiCo

  • In March 2024, in the UK and Ireland, a new premium snack packaging containing 50% recycled plastic was launched by PepsiCo in collaboration with food packaging supply chain partners. The innovative packaging was launched for the PepsiCo Sunbites brand and addresses strict food-contact requirements.

Recent Development by Amcor Plc

  • In March 2024, Repsol launched new lubricant containers. These lubricant containers incorporate 60% mechanically recycled post-customer plastic. These lubricants include transmission and engine oils for heavy vehicles, motorcycles, and cars.

Regional Insights

Asia Pacific dominated the plastic packaging market in 2023. The growing expansion of end-users such as pharmaceuticals, consumer electronics, and personal care, increasing demand for food due to increasing population, and increasing demand for bio-based PLA films in bakery, confectionary, food, and snack packaging are anticipated to drive the growth of the market. India, China, Japan, and South Korea are emerging countries in the Asia Pacific region. India has the biggest food and grocery market in the world. The e-commerce industry is also growing rapidly in India and is the fastest sector in the packaging business.

Belpax, a major organization in China, produces top-quality closures, acrylic containers, tubes, jars, and cosmetic containers and provides efficient plastic packaging solutions. Chinese companies can handle any plastic packaging project with no difficulty. Companies can manufacture biodegradable raw materials based on requirements and project scope. They are recommended as the best eco-friendly approach to plastic packaging. Chinese manufacturers designed plastic cosmetic tubes ideal for lotions, sunscreens, primers, facial cleansers, and other cosmetic products. They also provide a better range of plastic jars, closures, and acrylic containers. Chinese companies are also capable of covering the food, pharmaceutical, and cosmetic industries. These are the major factors and leading companies of plastic packaging that are anticipated to enhance the growth of the plastic packaging market in the Asia Pacific region.

Market Potential and Growth Opportunity

Bio-based drop-in plastics

These environmentally friendly additives to oil-relied plastics can be regenerated along with regular polyethylene and polypropylene waste streams. Manufactured from renewable resources such as bio-based drop-in plastics and plant-based feedstocks can minimize consumer dependence on fossil fuels, which still provide traditional plastics with the same performance characteristics. Examples include bio-based polypropylene and bio-based polyethylene, which are highly used in several applications, including consumer goods, automotive, and packaging. For instance, LyondellBasell and Nestle are emerging these types of materials. These are the major opportunities anticipated to enhance the growth of the market in the coming future.

Plastic Packaging Market News

  • In April 2024, a provider of sustainable thermoform packaging, Plastic Ingenuity, launched a free online course on Thermoform Circularity as a part of its advanced Good Information continuous educational series. This was an in-detailed course specially designed to enable company insiders to learn more about how thermoforming can impact sustainability initiatives and the principles of thermoformed plastic packaging.
  • In April 2024, in Saudi Arabia, a global leader in the chemical industry, SABIC, FONTE, and Napco, in collaboration, launched the successful bread packaging and roll-out of the first circular plastic packaging project. This packaging food-contact PE is based on 100% of the feedstock of derived pyrolysis oil from the recycling of post-customer-used plastics.

Segments Covered in the Report

By Product

  • Rigid
    • Bottles & Jars
    • Cans
    • Trays & Containers
    • Caps & Closures
    • Others
  • Flexible
    • Wraps & Films
    • Bags
    • Pouches
    • Others

By Technology

  • Injection Molding
  • Extrusion
  • Blow Molding
  • Thermoforming
  • Others

By Application

  • Food & Beverages
  • Industrial Packaging
  • Pharmaceuticals
  • Personal & Household Care
  • Others

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