The global plastic container market size is anticipated to reach USD 112.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.0% over the forecast period. Increasing demand for convenient food products such as functional and nutritional drinks is expected to expand the scope for packaging container over the forecast period.
Packaging plays a crucial role in adding value to the product. Plastic packaging in the food and beverages industry is increasingly preferred owing to its aesthetic appeal and convenience, which attracts both manufacturer and consumer. This, in turn, is expected to fuel product demand over the forecast period.
PET is prominent material used for manufacturing plastic container. Attributes such as non-toxic, safe, and lightweight make it a preferred material for soft drinks, juice, and bottle water. Growing consumption of juice, functional drinks, and bottle water is expected to increase use of PET bottle and container in the food and beverages industry. Use of HDPE in plastic container is expected to witness significant growth over the forecast period.
HDPE is a preferred material for cosmetics, milk bottle, and jars. HDPE have superior barrier protection properties that protect the product from harmful radiation, moisture, and microbes, thereby extending the shelf life of product. Moreover, this material has superior strength and can be recycled, thereby making it a preferred material for shampoo, industrial lubricants, and paints.
Beverages accounted for more than 50.0% share of the global revenue in 2018. Increasing consumption of soft drinks in emerging countries such as India is expected to increase product demand over the forecast period. The cosmetic segment is expected to expand at the highest CAGR of 4.7% over the forecast period owing increasing demand for cosmetic products in China, South Korea, and India. This, in turn, is expected to expand the scope of plastic container over the next few years.
Asia Pacific dominated the global plastic containermarket and is expected to maintain its lead throughout the forecast period. Hectic working schedule has increased the demand for convenient food and beverages. This trend has resulted in increased demand for nutritional food and beverages, which, in turn, necessitated product launches in the region. Such factors are expected to expand the scope of plastic packaging, as this packaging type helps in extending product’s shelf life.
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Further key findings from the report suggest:
- By end use, beverages generated a revenue of USD 44.5 billion in 2018. The pharmaceutical sector is expected to reach USD 8.2 billion by 2025
- China is one of the largest markets for plastic container. The country accounted for more than 70.0% share of the Asia Pacific market in 2018
- The global plastic containermarket is highly fragmented with the top five players accounting for less than 10.0% share of global market
- Some of the key players operating in the market are Amcor Limited, Berry Global Inc., Alpha Packaging, Silgan Holdings Inc., CKS Packaging, Inc., CCC Packaging, Polytainers Inc., Airlite Plastics., RPC Group Plc., and Reynolds.