The global plastic packaging market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing consumption of alcoholic beverages such as beer and ready to eat food is expected to boost market growth.
The global plastic packaging market report has been segmented on the basis of type, product, application, and region.
On the basis of type, the global plastic packaging market has been segmented into rigid and flexible. Penetration of flexible segment is expected to grow over the forecast period. Demand for flexible packaging is expected to grow over the forecast period owing to lightweight, easy disposal, and consumer convenience properties.
On the basis of product, the global plastic packaging market has been segmented into bottles, cans, wraps & films, bags, and pouches. The plastic bag segment is estimated to hold a major share in the global market and is expected to hold major share over the forecast period. Plastic bags are widely used as a packaging solution by various end-use verticals.
On the basis of application, the global plastic packaging market has been segmented into food & beverages, industrial packaging, healthcare, personal care, and others (household products, cosmetics, and automotive components). Personal care segment is expected to witness steady growth over the forecast period. Growing demand for personal care products such as toiletries and cosmetics is anticipated to drive plastic packaging market.
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On the basis of region, the global plastic packaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at a rapid pace over the forecast period. Growing demand for soft drinks and packed fruits and vegetables is anticipated to drive market growth. Moreover, growing consumption of alcoholic beverages in the region is expected to fuel market growth over the forecast period.
Key players operating in the global plastic packaging market include Amcor Limited, Berry Global Inc., Sealed Air Corporation, British Polythene Industries PLC, Coveris Holding S.A., Bemis Company, Inc., American Packaging Corporation, Innovia Films Ltd., Printpack, Inc., and DS Smith Plc.