The size of the global plastic packaging market was estimated to be USD 412.64 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.09% from 2023 to 2032, reaching approximately USD 616.16 billion.
The global plastic packaging market size is expected to grow from USD xx.xx billion to USD xx.xx billion at a CAGR of xx% by the end of forecast period (2018-2025). Growing demand of plastic packaging in several applications such as food & beverages, household care, personal care, construction, and consumer electronics is expected to drive the market growth in upcoming years.
Rising request for flexible packaging, basically for frozen food, packaged food, foods and beverages is anticipated to positively impact the growth over the forecast period. Likewise, rapidly growing usage of plastic packaging canisters and containers for various industrial applications in energy, construction, and automotive sectors is estimated to increase global plastic packaging market growth in upcoming period.
Growing penetration of pouches and bottles in medical sector is also anticipated to benefit global plastic packaging market growth. The global plastic packaging market is projected to witness the highest revenue progress in the food and beverages segment, at a CAGR of x.x% by the end of year 2025.
The segmentation of global plastic packaging market categorized into type, application, region, and product. By the type segment, this market is sub-segmented into flexible packaging and rigid packaging. The rigid packaging is anticipated the largest plastic packaging market share of revenue. By application segment, plastic packaging market is sub-segmented into healthcare, industrial, foods and beverages, and personal care. Amid these, the food and beverages segment has noted the highest percentage in previous years and accounted to grow over the forecast year in terms of revenue.
By regional segment, the global plastic packaging market is sub-segmented into four groups such as Europe, Asia Pacific, North America, and Rest of world. Asia Pacific is one of the leading global plastic packaging market in terms of revenue. In this, China will expected tremendous growth over the forecast years. Some key factors like urbanization, rising income, and increasing population are playing significant role in global plastic packaging market. Indonesia and India are also going to increase growth rate of plastic packaging market as packaging demand rising in the personal care sector.
Geographically, the North America has valued for the second-highest share in plastic packaging market. The regional plastic packaging market is categorized by existence of major players that involved in manufacture and supply of packaging products globally.
Plastic Packaging Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 616.16 billion|
|Growth Rate||CAGR of 4.09 % during 2022-2032|
|Segment Covered||By Type , By product, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled|| BASF SE Crown Holdings Inc. Amcor ltd Saint-Gobain Bemis Company Inc. Huhtamaki Oyi Sealed Air Corporation Mondi Group Wipak Group Ampac Holdings LLC Others
Global plastic packaging market: Trends
- Changing consumer habits
- Developments in the field of polymer science
- Increased urbanization
- Increased preference of plastic products by retailers
- Increased investment in food processing and production in China
Global plastic packaging market: Key Players
- BASF SE
- Crown Holdings Inc.
- Amcor ltd
- Bemis Company Inc.
- Huhtamaki Oyi
- Sealed Air Corporation
- Mondi Group
- Wipak Group
- Ampac Holdings LLC
Global plastic packaging market: Segmentation
- Wraps and Films
- Industrial packaging
- Food & Beverages
- Personal care
- Household care
- North America
- Asia Pacific
- Middle east and Africa
- South Africa
- Central and South America
Global plastic packaging market: Drivers
- Downsizing of packaging
- Growing demand from consumers
- Developments in global manufacturing segment