Global Plastic Packaging Market Size

Plastic Packaging Market Analysis

The Global Plastic Packaging Market size is estimated at 103.63 Million tonnes in 2024, and is expected to reach 121.93 Million tonnes by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).

• Plastic packaging has become a popular choice among consumers due to its durability, flexibility, and cost-effectiveness. This packaging form utilizes plastic films, containers, or other polymer-based materials to create a barrier against external elements, providing a versatile and lightweight solution for packaging a wide range of goods. Plastic containers are becoming essential in the beverage, food, cosmetics, and pharmaceutical industries.
• New filling technologies and the emergence of heat-resistant packaging material opened up new possibilities and options in the market. While PET bottles are standard in multiple segments, cosmetics, sanitary products, and detergents are predominantly sold in polyethylene (PE) bottles.
• As per the OECD report, while over 120 countries have implemented bans and taxes on single-use plastics, these measures often fall short of effectively reducing overall pollution. Many regulations primarily target items like plastic bags, which constitute a small fraction of plastic waste, proving more successful in lowering littering than addressing the broader issue of plastic consumption. Furthermore, only a minority of countries have implemented landfill and incineration taxes that provide incentives for recycling, highlighting a global need for more comprehensive strategies to tackle plastic pollution.
• Several global companies increasingly recognize the urgency of recycling PET into food-grade products, such as beverage containers. This trend can drive the demand for PET across the world. For instance, the Coca-Cola Company intends to use 50% recycled PET in its containers by 2030. Also, Unilever is committed to making 100% of its plastic packaging reusable or recyclable by 2025.
• The e-commerce industry's rapid expansion is expected to create new opportunities for market expansion. To cut the cost of transportation, e-commerce enterprises favor lightweight and flexible packaging options. The industry is anticipated to flourish as more people shop online for fresh foods, FMCG products, electrical devices, and clothing every day.
• Additionally, more significant opportunities for plastic packaging are anticipated in the upcoming years due to the growing introduction of innovative packaging solutions, including active packaging, modified environment packaging, edible packaging, and bioplastic packaging. However, the industry's existence is expected to be challenged by growing sustainability awareness and a strict prohibition on single-use plastic to reduce plastic pollution.