Asia Pacific Plastic Packaging Market Size

APAC Plastic Packaging Market Analysis

The Asia-Pacific plastic packaging market is anticipated to grow with a CAGR of 3.2% during the forecast period. Since the Covid-19 pandemic started, consumers and businesses have had to alter how they view packaging health and safety. Since the pandemic early days, single-use plastic were gaining importance. Consumers were concerned that reusable packaging would increase the transmission risk.

• Plastic packaging became popular among consumers over other products, as plastic is lightweight and unbreakable, making it easier to handle. Even significant manufacturers prefer plastic packaging, owing to the lower production cost. Moreover, introducing polymers, such as polyethylene terephthalate (PET) and high-density polyethylene (HDPE), is expanding plastic bottle applications. The market is witnessing an increasing demand for PET bottles.
• The industries where plastic bottles and jars are mainly used in the market include food and beverage, cosmetics and personal care, and healthcare. The beverage sector market for plastic bottles is anticipated to witness rapid growth, owing to the demand for bottled water and non-alcoholic beverages.
• In February last year, the Coca-Cola Company set an industry-leading objective to increase its reusable packaging usage significantly. By 2030, the firm hopes to have at least 25% of all beverages sold in refillable/returnable plastic bottles or refillable containers through a traditional fountain or Coca-Cola Freestyle dispensers across its portfolio of brands. Such developments are expected to increase the market demand for plastic bottle manufacturing.
• Additionally, the e-commerce industry's rapid expansion is anticipated to create new opportunities for market expansion. To cut transportation costs, e-commerce enterprises favor lightweight and flexible packaging options. The sector is expected to increase as more people shop online for everyday fresh foods, FMCG products, electrical devices, and clothing.
• Plastic packaging demand continues to surge even though serious concerns about its environmental impact are raised. However, the market will face challenges from government regulations and consumer demand, pushing manufacturers to look for biodegradable plastic packaging solutions derived from sustainable sources.
• The COVID-19 pandemic indicated that demand for clean bottled water, nutritious juices, and beverages is at an all-time high, despite businesses limiting the amount of each customer's purchase. Although most of these containers were single-use, many firms are attempting to increase the use of recycled plastic content to satisfy consumer concerns.