Plastic Packaging Market is Poised to Expand Positively at CAGR of 5.30% by 2028

 

Plastic Packaging Market

Plastics are organic molecules with a high molecular weight that comprise of a diverse spectrum of synthetic organic compounds that, due to their malleability, may be moulded into a variety of forms. Packaging is a technique that encloses and protects diverse items for storage, distribution, sale, and usage. Plastic packaging materials are made from petroleum and its derivatives, and they have a wide range of applications in a variety of end-use sectors.

PET is the principal feedstock used in the production of plastic bottles, which are widely utilized in the food and beverage, pharmaceutical, and cosmetics sectors due to their great durability, lightweight, cheap cost, and recyclability. These reasons contribute to the growth of the Plastic Packaging Market. According to the World Wildlife Fund, the plastics sector produced as much plastic in 2019 as it had in the previous five years combined. Since 1950, the output of virgin plastic has expanded 200-fold, and it has grown at a pace of 4% per year since 2000.

Plastic packaging is propelling the development of cutting-edge packaging solutions that safeguard fragile items while remaining inexpensive and easy to transport. Due to its strong chemical resistance and tensile strength, high-density polyethylene (HDPE) is widely utilised as a plastic packing material, which finds extensive use in many end-use sectors such as chemical and cosmetics. Furthermore, un-pigmented HDPE bottles and containers are transparent, give superior rigidity, and are ideally suited for items with a short shelf life, such as milk.

According to Coherent Market Insights, The global Plastic Packaging Market is expected to surpass US$ 559.12 Bn by the end of 2028, in terms of revenue, and exhibit a CAGR of 5.30% during the forecast period (2021 to 2028).

Demand for polyethylene terephthalate (PET) plastic bottles for the packaging of bottled water, juices, soft drinks, medications, salad dressing, oil, household cleansers, and personal care goods is a significant element driving the worldwide plastic packaging market's development. This is due to the benefits of PET materials, which include high transparency, a shining surface, strong stability, high pressure resistance, superior barrier qualities, and lightweight.

Consumers are increasingly leaning toward more ecologically friendly packaging materials. Aluminum and glass have received widespread appeal due to their environmental friendliness and high recyclability. As a result, customers are increasingly rejecting plastic. Furthermore, increased consumer knowledge of excellent health and bio-based packaging materials is driving consumers to use biodegradable materials instead of plastic. This is projected to limit the growth of the global plastic packaging market over the forecast period.

Simply put, food processing is the process of converting agricultural products into consumable food. It comprises a number of processing procedures, including grain grinding to generate raw flour and home cooking. According to IBEF, India's food sector garnered US$ 4.18 billion in foreign direct investment between April 2014 and March 2021. As a consequence of changing consumer lifestyles and dietary choices, the packaged and processed food production industry has expanded, which is likely to drive market expansion. This aspect is projected to assist the expansion of the Plastic Packaging Market.

Rigid packaging led the worldwide plastic packaging market in 2021, accounting for around 61.9 percent of market share, followed by flexible packaging. Rigid packaging has a wide range of uses in the packaging sector because to its high impact strength, barrier qualities, and stiffness, making it perfect for the transportation of diverse items such as bottles, ampules, jars, aerosol containers, and cans. Furthermore, the fast increasing export and import of food goods throughout the world is projected to fuel sector expansion, which is expected to fuel plastic packaging market growth during the forecast period.

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