Plastic Packaging Market – Proliferation of Food & Beverage Industry Fuels Growth
The global plastic packaging market features a fragmented vendor landscape with the presence of several well-established players. Keen players are pouring money into research and development for product advancement. They are also adopting the inorganic growth route, thus entering into partnerships and alliances with small market players.
Prominent companies operating in the global plastic packaging market include Bemis Company Inc., Mindi plc, Ampac holdings LLC, Ukrplastic Corporation, Amcor Ltd., Constantia Flexibles International GmbH, Huhtamaki Oyi, sealed Air Corporation, Sonoco Products Company, and Wipak Group.
As per a recent market study by Transparency Market Research (TMR), the global plastic packaging market is predicted to clock a CAGR of 5.20% between 2014 and 2020, for the market to be worth US$370.2 bn by 2020 end. The demand in the market translated into a revenue of US$259.6 bn in 2013. By product, the global plastic packaging market has been segmented into rigid and flexible. Of the two, rigid packaging segment presently holds the leading market share. The report estimates the rigid packaging segment to continue to lead through the forecast period. By end use, food and beverages held the leading more than 65% of the overall market in 2013; the segment is anticipated to remain at the fore through 2020.
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Geography-wise, Asia Pacific displayed the leading demand to account for 35% of market share in 2013. The region is likely to remain at the lead due to the rising use of plastic packaging in the food and beverage and healthcare industry.
Proliferation of the food and beverage industry is one of the key factors driving the plastic packaging market. Plastics serve to provide a tougher, cleaner, and aesthetically appealing form of packaging for the food and beverage industry. There lies strong demand for lot of products to be manufactured in pouches, plastic bags, and sachets. Plastic packaging provides advantages of strength and durability that is far superior to any other material for the same price.
The growth of the healthcare industry has boosted the plastic packaging market to a high degree. Medicinal solutions, syringes, IV bags, IV tubes are some of the things extensively used in the healthcare sector use plastic packaging. Plastic packaging helps maintain hygiene and are less susceptible to damage, leaks than glass packaging.
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However, the growth of global plastic packaging market is impeded due to several factors. Mandates to control prices of raw materials that are used to manufacture plastic packaging is posing a challenge to the market’s growth. Fluctuating prices of raw material such as petroleum and crude oil is having a negative impact on the plastic packaging market.