Plastic Containers Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Plastic Containers Market: Overview and Definition
The global plastic containers market size is expected to grow from USD 92.9 billion in 2021 to USD 130.2 billion in 2032, at a CAGR of 4.7% during the forecast period 2022-2032. The plastic containers market refers to the industry that produces and sells a wide range of plastic containers for various applications such as food and beverage packaging, personal care products, pharmaceuticals, and industrial chemicals. The market is driven by factors such as the increasing demand for convenience packaging, cost-effectiveness, lightweight, and recyclability of plastic containers. However, environmental concerns over plastic waste and regulations to reduce plastic usage are also impacting the growth of the market. The global plastic containers market is expected to continue to grow in the coming years, with Asia-Pacific being the largest market due to increasing industrialization and urbanization.
Plastic Containers Market: Key Drivers
The plastic containers market is driven by several factors, including:
Convenience packaging: Plastic containers are lightweight, durable, and easy to handle, making them popular for packaging products that require convenience and portability, such as ready-to-eat food and beverages.
Cost-effectiveness: Plastic containers are cheaper to manufacture than alternative materials such as glass or metal, making them a cost-effective option for many applications.
Recyclability: Many plastic containers are recyclable, which is a significant driver of demand for this packaging option, particularly as consumers become more environmentally conscious.
Durability: Plastic containers can be designed to withstand a range of environmental conditions, making them a suitable choice for products that require protection during transportation and storage.
Versatility: Plastic containers can be molded into a range of shapes and sizes, making them suitable for a variety of applications, from food and beverage packaging to personal care and pharmaceuticals.
Technological advancements: Advances in technology have made it possible to produce plastic containers with improved functionality, such as barrier properties that extend product shelf life.
Growing demand in emerging markets: The increasing industrialization and urbanization of emerging markets, particularly in Asia-Pacific, are driving demand for plastic containers as consumer spending and demand for packaged goods continue to grow.
In adding value to the product, packaging plays an important role. In order to enhance the shelf life of the finished goods, there is an increased demand from the food and pharmaceutical sectors, and this is expected to have a positive impact on the growth of the market. Due to its innovative visual appeal for consumer attraction and convenience, plastic packaging is increasingly preferred. In developing countries such as China and India, due to changing lifestyles and food preferences, there is scope for convenience food, which will promote the utility of packaging. Due to the use of various innovative technologies such as biodegradable packaging and aseptic packaging, there is growing use of these technologies, and it will increase the shelf life of the product, which is considered one of the important aspects of the product. Hence, consumers want innovative packaging products with an extended shelf life. There is increased demand for lightweight packaging, and it has led companies to develop alternate solutions. By protecting the product from oxygen, the product's shelf life can be extended, and the products need to be protected from moisture and other potential agents such as microorganisms. Thus, plastic containers that have superior barrier properties can protect the product from various deteriorating agents.
The importance of e-commerce is also increasing, and it is a shopping medium at a global level due to the increasing penetration of smartphone users and it is expected to play an important role in expanding the plastic containers market across the globe. The crude oil prices are falling globally, and it is expected to ensure the availability of plastic resin as feedstock in low prices for the firms which manufacture plastic containers. The segment which has dominated the market with 55% of global revenue share is the PET segment, and it is the most popular choice for packaging bottled water, carbonated soft drinks, and juice due to its numerous benefits to both consumers and manufacturers. PET is lightweight, non-toxic and strong, and also recyclable. In PET containers, around 70% of mineral water, soft drinks, and juices are packed.
The scope of HDPE is expected to increase due to rising urbanization, increased spending on cosmetics and household cleaner. The beverages segment holds more than 50% share of the global revenue. The factor that is expected to drive the beverage packaging market is the increased consumption of water, juice, and functional drinks. The global market for bottled water is growing at a good pace. Moreover, there is an increase in the consumption of soft drinks in India and Thailand to increase the demand for the plastic containers market.
The production of the chemical has increased in countries such as China, India, and Germany, and it is expected to drive the plastic containers market globally. The largest consumers of plastic containers in the world are China and Germany, and this is due to the increasing production of industrial lubricants, grease, and paints. In the cosmetic industry, the use of plastic containers has increased. The largest consumer of plastic containers in the cosmetics industry across the globe is China.
Plastic Containers Market: Challenges
The plastic containers market faces several challenges, including:
Environmental concerns: The increasing amount of plastic waste generated by plastic containers has led to growing environmental concerns, leading to calls for reduction of plastic usage and more responsible disposal and recycling practices.
Regulations: Government regulations on the use of plastic containers, such as bans on certain types of single-use plastic, can have a significant impact on the market.
Competition from alternative materials: Plastic containers face competition from alternative materials such as glass, metal, and paper-based packaging, particularly in applications where sustainability is a key concern.
Supply chain disruptions: The COVID-19 pandemic highlighted the vulnerability of global supply chains, which can impact the availability and cost of raw materials and impact the manufacturing and delivery of plastic containers.
Consumer preferences: Changing consumer preferences for more sustainable and eco-friendly products can impact the demand for plastic containers, particularly in developed markets.
Economic downturns: Economic downturns can impact consumer spending and demand for packaged goods, leading to a decrease in demand for plastic containers.
Volatility of raw material prices: Fluctuations in the price of raw materials used in the production of plastic containers, such as crude oil, can impact the cost and profitability of the industry.
Plastic Containers Market : Report Scope
Base Year Market Size
Forecast Year Market Size
Plastic Containers Market: Segmentation
- Household Care
- North America (The U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Poland, Turkey, Switzerland, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, South Korea, Vietnam, Philippines, Malaysia, Indonesia, Thailand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Columbia, Argentina, Chile, and Rest of Latin America)
- Middle East & Africa (South Africa, Saudi Arabia, UAE, Oman, Egypt, and Rest of Middle East & Africa)
Plastic Containers Market: Regional Synopsis
The plastic containers market is a global industry, with significant regional variation in demand and growth prospects. Here is a synopsis of the market in different regions:
North America: The North American plastic containers market is well-established and mature, with a focus on high-quality and innovative packaging solutions. Demand is driven by the food and beverage industry, particularly in the US.
Europe: The European plastic containers market is characterized by a strong emphasis on sustainability and environmental responsibility, with increasing demand for eco-friendly and biodegradable packaging. The market is driven by the food and beverage and personal care industries.
Asia-Pacific: The Asia-Pacific plastic containers market is the largest and fastest-growing, driven by rapid industrialization and urbanization. The market is dominated by China and India, where demand is driven by the food and beverage, personal care, and pharmaceutical industries.
Latin America: The Latin American plastic containers market is a growing industry, driven by increasing demand for convenience packaging and rising consumer spending on packaged goods. Brazil and Mexico are the largest markets in the region.
Middle East and Africa: The Middle East and Africa plastic containers market is a relatively small industry, with demand driven by the food and beverage and pharmaceutical industries. Growth is expected to be driven by increasing consumer spending and economic development in the region.
Plastic Containers Market: Recent Developments
Here are some recent developments in the plastic containers market:
Sustainability initiatives: Many companies in the plastic containers market are implementing sustainability initiatives, such as using recycled materials or developing biodegradable plastic containers to address environmental concerns.
Increased demand for e-commerce packaging: With the rapid growth of e-commerce, there is an increasing demand for plastic containers that can withstand the rigors of transportation and provide effective protection for products.
Smart packaging solutions: There is a growing trend in the plastic containers market towards the development of smart packaging solutions, such as containers with embedded sensors that can monitor and report on product conditions.
Mergers and acquisitions: There have been several significant mergers and acquisitions in the plastic containers market, with companies looking to increase their market share and expand their product offerings.
Advancements in technology: Technological advancements are driving innovation in the plastic containers market, with the development of new materials, manufacturing processes, and design capabilities.
Growing focus on safety and hygiene: In response to the COVID-19 pandemic, there has been a growing focus on safety and hygiene in the plastic containers market, with the development of packaging solutions that minimize the risk of contamination.
Increasing demand for sustainable packaging: There is a growing demand for sustainable packaging in the plastic containers market, with companies developing new materials and recycling solutions to reduce waste and improve environmental performance.
Plastic Containers Market: Key Players
- Berry Global Inc.
- Amcor Limited
- Alpha Packaging
- Silgan Holdings Inc.
- CKS Packaging, Inc.
- CCC Packaging
- Polytainers Inc.
- Airlite Plastics
- RPC Group Plc.