Global Plastic Packaging Market is expected to cross USD 400 Billion at the end of the forecasted period and is expected to grow at CAGR of approximate
Plastic Packaging Market is driven by the growth in healthcare and food & beverage industries. Rapid urbanization and increased purchasing power is followed by drastic change in lifestyle of average consumers. This change in lifestyle has resulted in changing consumer preferences. This can be seen with the high dependency on packaged and processed food items. The increasing working population has fueled the demand for packaged foods to save time and efforts. Food and beverage was valued as the largest application market for plastic packaging in 2015 with over 54% of the volume consumption.
Furthermore the increasing awareness about health risks and diseases globally has augmented the market for healthcare products. This has opened doors for plastic packaging in healthcare industry. With increased disposable income in emerging nations of APAC, there has been high spending by average consumers in their healthcare and medical. APAC was valued as the fastest growing market for plastic packaging in 2015 with 35% of total volume consumption. The global plastic packaging market is expected to cross USD 400 Billion at the end of the forecasted period and is expected to show a staggering growth at CAGR of approximately 5% from 2016 to 2022.
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We recognize the key players in the Global Packaging Machinery Market as Amcor Ltd, BASF SE, Crown Holdings Inc., Saint-Gobain, Bemis Company Inc., Huhtamaki Oyj, Mondi Group, Sealed Air Corporation, Sonoco Products Company, Constantia Flexibles International GmbH, Ampac Holdings LLC and Wipak Group This report includes the product portfolios of the same.
Global Plastic Packaging Market – Competitive Analysis
The market is characterized by the presence of several medium and small players. Plastic Packaging appears to be highly competitive and fragmented. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period.
In 2016, Bemis Company, Inc. announced that it has completed the acquisition of the medical device packaging operations and related value-added services of SteriPack Group, a global manufacturer of sterile packaging solutions for medical device and pharmaceutical applications. This acquisition includes a facility in Ireland as well as packaging production assets in Malaysia and the United States. These operations recorded annual net sales of approximately US$65 million in fiscal 2015. SteriPack Group will continue to independently own and operate its contract manufacturing services business. Details of the transaction were not disclosed.
In May, 2017 Amcor, a global leader in responsible packaging solutions, announced an expansion of its specialty container business in the Latin American region. Plasticos Team S.A.S. (Plasticos Team) has been acquired from Team Foods Colombia S.A. (Team Foods), a leading food producer in Colombia. This acquisition expands Amcor’s specialty container product offering in Latin America with the addition of new capabilities including thin wall injection moulding and in-mould labelling. Amcor currently has three Rigid Plastics packaging plants in Colombia, including one plant in close proximity to Guachene.
In 2017, Berry Global Group, Inc. announced agreement to acquire the Clopay Plastic Products Company, Inc., from Griffon Corporation. Clopay is a global supplier of printed breathable films as well as an innovator in the development of elastic films and laminates with product offerings uniquely designed for applications used in a number of markets including; hygiene, healthcare, construction and industrial protective apparel. The proposed acquisition of Clopay is directly aligned with the company’s fundamental strategic initiatives. The combination of Clopay with Berry’s Health, Hygiene, and Specialties division broadens their position within the faster growing health and hygiene markets. Clopay is expected to bring Berry new capabilities in the production of technical films, where they are a known innovator with patent protected breathable hygiene films.
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Market Research Analysis:
Plastic is one of the most preferred packaging material by the companies and the consumers due to its properties such as rigidness, lightweight and durability. The applicability in the packaging market across all applications and industries has widened over a period of time. With rapid economic development in emerging nations, there is a change in lifestyles of common people. This induces the packaging in both food & beverage and healthcare industries.
It is expected that the Global Plastic Packaging Market will advance with higher growth rate as compared to previous years. The current challenge for the market is fluctuating material costs. The growing population and urbanization in the emerging economies is driving the market of plastic packaging along with potential growth in food & beverages and healthcare industries over the next five years, especially in APAC. Rigid packaging was valued as the most important segment, which accounted for largest market share in 2015. Rigid packaging is expected to continue the growing trend in coming years. Flexible packaging is also expected to have a steady market during the forecast period.
APAC will be the fastest growing market
APAC is expected to dominate the market for global plastic packaging. The region accounted for over 35% of total volume consumption in 2015 and is expected to show rapid growth by 2022. This share would be attributed to the rapid economic growth, change in lifestyle which induces the demand for packaged food from the region. The pharmaceutical industries also have an expanding market in APAC which further increases the demand for plastic packaging for medicines and other related products.
North America, Europe and RoW are also expected to show steady growth in global plastic packaging market by 2022. The food and beverage sector in Europe is expected to boost further in coming years. This would widen the scope for plastic packaging industries.
Scope of the report
This study provides an overview of the global plastic packaging industry, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global plastic packaging market as types and application. On the basis of types it is segmented as rigid packaging and flexible packaging. On the basis of application it is segmented as food & beverage, healthcare, personal care and others.
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