The global plastic container market size is projected to touch USD 112.5 billion by the end of 2025, as per the report released by Million Insights. It is estimated to grow with a CAGR of 4.0% from 2019 to 2025. Factors such as the growing preference for convenient food items including nutritional and functional drinks are projected to fuel the market growth in the forecast duration.
Packaging plays a vital role in enhancing product value. Consumers and manufacturers are inclined towards plastic packaging as it gives an elegant look and convenience to the product. It further helps in improving the shelf life of the product. This is projected to augment the product demand from 2019 to 2025.
PET is one of the widely used material in packaging. Factors such as lightweight, non-toxic and safety make it suitable for bottled and juices. Growing preference for functional drinks, bottled water and nutritional juices is projected to promote the use of PET packaging in the food industry. Use of HDPE is anticipated to foresee substantial growth in the coming years.
HDPE is a commonly used material for jars, cosmetics and milk bottles. It has an excellent resistive quality which prevents the product from moisture, microbes and radiation, thereby, improving the serviceable life of the product. Further, the material is easily recyclable and widely used in paints, shampoo and industrial lubricants.
Beverages occupied for over 50.0% revenue share in 2018. The plastic container market growth is projected to be driven by the growing demand for soft drinks in developing nations such as India, China and others. The cosmetic sector is predicted to ascend with a CAGR of 4.7% from 2019 to 2021. The demand for cosmetics is on the rise in countries including India, China and South Korea, which, in turn, expected to positively affect the market growth.
Asia Pacific led the global market in 2018 and is predicted to hold a dominant position over the forecast duration. The demand for functional drinks and easy to cook food is on the rise due to hectic working hours. This trend is projected to fuel the use of plastic packaging as this type of packaging helps in enhancing the serviceable life of the product.
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Further key findings from the report suggest:
• Beverages accounted for a revenue of USD 44.5 billion in 2018. Pharmaceutical segment is projected to touch USD 8.2 billion by the end of 2025.
• China is the leading market for plastic containers. The country occupied a share of over 70% in the Asia Pacific regional market in 2018.
• The market is fragmented as the top five companies occupy less than 10.0% share of the market.
• Leading players in this industry include Airlite Plastics; Berry Global Inc.; Polytainers Inc.; CCC Packaging; Silgan Holdings Inc.; Reynolds; CKS Packaging, Inc.; Amcor Limited; RPC Group Plc.; and Alpha Packaging.
Million Insights has segmented the global plastic container market by material, end use, and region:
Plastic Container Material Outlook (Revenue, USD Million, 2015 - 2025)
Plastic Container End Use Outlook (Revenue, USD Million, 2015 - 2025)
• Household Care
Plastic Container Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)