The Global Plastic Containers market is expected to grow at the CAGR of 5.60 % during the forecast period 2022-2028.
Plastic containers are becoming important in the beverage, food, cosmetics, and pharmaceutical industries. New filling technologies and the emergence of heat-resistant packaging material opened up new possibilities and options in the market. While PET bottles are common in multiple segments, beverages, cosmetics, sanitary products, and detergents are predominantly sold in polyethylene (PE) bottles.
Banning plastic bags, along with other types of plastic packaging, is the most used remedy to solve the problem of plastic waste worldwide. According to National Geographic, as of June 2021, 115 countries had taken that approach in various ways. For instance, plastic bags less than 50 microns thick are banned in France. In Tunisia, plastic bags less than 40 microns thick are forbidden.
Increasing demand for lightweight packaging has led companies to develop alternative solutions. The shelf life of the product can be extended by protecting the product from oxygen, moisture, and other potential agents such as microorganisms. Therefore, plastic containers are those protective mediums that have superior barrier properties and can protect the product from various deteriorating agents.
The increasing size of key application industries including food and beverages, pharmaceuticals, personal and household care, and growing penetration of organized as well as e-retail across the world, are primarily fueling growth in the industry. Plastic offers both flexible & rigid, transparent, and lightweight forms of packaging, on account of which the key industries such as personal care, food and beverage, and industrial primarily prefer it over its counterparts such as metal or glass.
The market is divided into by product type, material type, application type, plastic type, and by region
The recent outbreak of coronavirus had a negative impact on the plastic container market. The main cause for this is the shutting down of production units brought in by the government's imposition of lockdowns in various countries. Because of the fear of a lockdown, individuals are restoring objects and, as a result, are panic-buying and stockpiling vital goods and deliverables in large quantities. Online portals are used to place bulk orders for everything from staple foods to fresh foods. The distribution of the same is handled by a variety of sources and is packaged in plastic container. Governments are taking large-scale initiatives to ensure a smooth flow of products between various locations within and outside of their countries.
Based on container type, the market is segregated into bottles & jars, pails, tubs, cups & bowls, and others. The cups & bowls is estimated to dominate the global market share due to the increasing use of plastic containers in food & beverage industry specifically in the HoReCa industry.
Plastic bottles and Jars are corrosion-resistant and chemically inert, protecting the pharmaceuticals and extending their shelf life. Hence, the demand for these containers is projected to stimulate during the projection period due to the rapid expansion of the pharmaceutical industry.
The PET segment dominated the market, accounting for 29.90% share of global revenue in 2022. PET is the most popular choice for packaging bottled water, carbonated soft drinks, and juice owing to its numerous benefits to manufacturers and consumers. PET is considered to be non-toxic, lightweight, and strong, which is recyclable. Around, 70% of mineral water, soft drinks, and juice are packed in PET containers. Increasing consumption of bottled water and juice is expected to expand the scope of PET packaging over the forecast period.
HDPE is expected to expand at a CAGR of 5.17% from 2022 to 2028. HDPE is a preferred material for the packaging of shampoo, detergent, household cleaners, and milk. The global cosmetic market is expected to witness significant growth in the near future, resulting in increased demand for HDPE containers over the forecast period. Moreover, rising urbanization and increasing spending on cosmetic and household cleaner are expected to increase the scope of HDPE packaging.
The food & beverages segment held more than 40.60% share of global revenue in 2022. Increasing consumption of bottled water, juice, and functional drinks is expected to drive the market for beverage packaging over the forecast period.
The global bottled water market is growing rapidly and around 600 million households consumed bottled water in 2021.
Furthermore, increasing the consumption of soft drinks in India and Thailand is expected to increase the scope of the plastic container over the forecast period. According to PepsiCo Indian’s bottling partner Varun beverages, India’s per capita consumption of soft drinks is expected to reach 84 bottles by 2021, which is expected to have a positive impact on the growth of the market.
The Personal Care segment held a significant market share of 23.35% in 2022. The use of engineered and extruded plastic have accelerated the demand of the market during the forecast period.
The plastic containers market is segmented into the thin and rigid plastic films market. The thin film market is again segmented into plain and printed thin films market. The expanding use of engineered and heavy plastics in the food and beverage segment has led to expanding the rigid plastic films market amongst the plastic containers market during the forecast period. The cosmetics and pharmaceuticals segment also plays a pivotal role in the growth of the segment.
Thin films printed segment is growing at a significant growth rate. The growth is attributed to the appeal exhibited by printed films in the packaging of the product. Plain films has its own market share amongst the major end-user industry specifically in the wrapping and sealing segments of the packaging.
Asia Pacific dominated the global plastic container market with more than a 30.0% share of global revenue in 2021. Increasing consumption of bottled water, soft drinks, and juice is the main factor driving the regional market over the next few years. Furthermore, the 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 containers over the forecast period.
Europe is expected to expand at a significant rate from 2022 to 2028. The market is driven by the increasing consumption of packed food. The hectic working schedule has increased the demand for convenient food products. Moreover, changing lifestyles and eating habits resulted in increasing demand for nutritious beverages, thus fueling the demand for plastic packaging over the forecast period.
North America held a significant market share in 2021. 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 containers over the forecast period. The U.S. is the largest market in North America and it accounted for more than 75.0% share of the North America market in 2021. The major share is attributed to the increasing consumption of functional beverages, coupled with rising demand for convenient food products.
Some of the prominent companies manufacturing Plastic Container products include Graham Packaging, Amcor Limited, International Packaging, Anchor Packaging Incorporated, Werke Alwin Lehner GmbH & Company KG, Plastipak Packaging, Airlite Plastics.
Most of the companies are giant companies having diversified portfolio and have their presence across different parts of the world. The giant companies usually adopt merger and acquisition strategies as there was recent decline in the automotive components industry due to impact of corona virus across several businesses and stringent environmental regulations across developed countries.
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