Market Size of Global Plastic Packaging Industry
|2019 - 2029
|Market Volume (2024)
|103.48 Million tonnes
|Market Volume (2029)
|123.26 Million tonnes
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Plastic Packaging Market Analysis
The Global Plastic Packaging Market size is estimated at 103.48 Million tonnes in 2024, and is expected to reach 123.26 Million tonnes by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).
Compared to other packaging products, consumers have shown an increasing inclination toward plastic packaging, as plastic packages are lightweight and easier to handle. Similarly, even the big manufacturers prefer plastic packaging solutions because of their lower cost of production.
- Plastic containers are becoming important 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 common in multiple segments, beverages, cosmetics, sanitary products, and detergents are predominantly sold in polyethylene (PE) bottles.
- Banning plastic bags, along with other types of plastic packaging, is the most used remedy to solve the problem of plastic waste worldwide. According to National Geographic, as of June 2021, 115 countries had taken that approach in various ways. For instance, plastic bags less than 50 microns thick are banned in France. In Tunisia, plastic bags less than 40 microns thick are forbidden.
- Several global companies increasingly recognize the urgency of recycling PET into food-grade products, such as beverage containers. The trend can drive the growth of the demand for PET in 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 will probably create new opportunities for market expansion. To cut the cost of transportation, e-commerce enterprises favor lightweight and flexible packaging options. The sector is anticipated to increase as more people shop online for everyday fresh foods, FMCG products, electrical devices, and clothing.
- Additionally, greater 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.
- Since the outbreak of the COVID-19 pandemic, consumers and businesses have had to alter how they view packaging health and safety. Since the early days of the pandemic, single-use plastic has been gaining importance; consumers were concerned that reusable packaging would increase the risk of transmission.