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 to use plastic packaging solutions because of their lower cost of production.

- The packaging is the largest end-user segment for plastic products, accounting for more than 40% of the total plastic usage in the world. With bottles and bags being the most produced and used plastic packaging material in the world, it is estimated that more than 2 million single-use plastic bags and over 1 million plastic bottles are distributed worldwide every minute. This number is expected to reach half a trillion by 2020.

- The introduction of polyethylene terephthalate (PET) and high-density polyethylene (HDPE) polymers has expanded plastic packaging applications in the liquid packaging segment. High-density polyethylene plastic bottles are among the popular packaging choice for milk and fresh juice products.

- Also, the rise in the working women population in many countries is also increasing the overall demand for packaged food as these consumers also contribute to both a significant spending power and a busy lifestyle.

- However, with the increasing awareness about health concerns and the prevention of waterborne diseases, the consumers are continuously purchasing packaged water. With the increased sales of bottled drinking water, the demand for plastic packaging is rising, hence driving the market.

- Since the start of the Covid-19 coronavirus pandemic, consumers and businesses have had to alter the way they view packaging health and safety. Since the early days of the pandemic, single-use plastic has been gaining importance, this is because consumers were concerned that reusable packaging would increase the risk of transmission.

- However, as per Vanden Recycling Ltd, there been no reduction in demand for PET and HDPE for use in plastic bottles and other polymers are also in demand for other plastic packing applications.

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Key Market Trends

"Food Segment" to Occupy Major Share

- The food segment, is the largest source of demand for PET packaging products. According to the British Plastic Federation (BPF), over 70% of the soft drinks in the global market, are being packaged in PET plastic bottles, while, only 30% of them gets packed across other variety of packaging materials, such as glass bottles, metal cans, and paper-based cartons.​

- Food packaging is one of the largest users of plastics. The demand for rigid plastic packaging for the food industry is witnessing demand, as they are increasingly replacing traditional materials such as paperboard, metals, and glass, owing to their beneficial properties, such as lightweight and reduced cost. ​​

- The food packaging segment includes packaging solutions for sauces and condiments, dairy products, pickles and syrups, jam, processed vegetables and fruits, and baby food. ​​

- In 2020, a continued transparency in food packaging is seen trending. Going beyond just the listed ingredients on the label, consumers also want to see the physical product before purchase. Polyethylene terephthalate (PET) bottles are taking over for glass in the single-serve ketchups, condiments and barbecue sauce markets.

- Consumers, especially millennials, are becoming more aware of the impact of food production, food packaging, and food waste on the environment. According to a Stora Enso survey, an entire 59% of millennials think that packaging should be sustainable throughout the value chain.

North America to Hold the Largest Market Share

- North America is one of the fastest-growing regions when it comes to plastic packaging. According to the Plastic Oceans Foundation, more than 100 billion plastic bags are used by Americans every year. With such substantial consumption rates, 109 kg per capita, the United States is expected to continue as the leading market during the forecast period.

- Packaging industry in the North American region has undergone a drastic change in the recent years and the growth of e-commerce, along with innovations in digital printing, and sustainability are driving the market. Due to this, there has been an increased demand for sustainable flexible packaging. ​

- For instance, according to Flexible Packaging Association, more than 60% of consumers in North America are keen to pay more for tangible and functional packaging benefits, such as product protection, shipping friendly, and supply chain efficacy, among others.​

- Flexible packaging is mainly used for food, which contributes to more than 60% of the total market. The US flexible packaging industry is witnessing a healthy growth, as the industry was able to implement innovative solutions for the many packaging challenges it faced. According to the Flexible Packaging Association, brand owners are taking on films, pouches, and bags as a go-to packaging solution, acknowledgements in part to extensive acceptance by American consumers.​

- The United States holds the key market share in the market studied, due to the existence of established industries, like pharmaceutical and food and beverage. Due to the changing consumer habits, the beverage industry in the United States has noticed a substantial growth. According to PMMI’s 2018 Beverage Report, the North American beverage industry is expected to grow by 4.5% during 2018-2028. The major portion of the beverage sales in North America is achieved by sellers in the United States.​

Competitive Landscape

The plastic packaging market is competitive because of the presence of many players running their business in national and international boundaries. The market is mildly concentrated with the presence of major players like Alpla, AMCOR Limited, Bemis Company Inc., Berry Plastics Corporation, among others.

- June 2020 - Amcor partnered with Espoma Organic to innovate more sustainable packaging and launch a new bio-based polymer package. The polyethylene (PE) film contains 25% bio-based material, derived, in this case, from sugarcane.

- Sept 2020- Amcor collaborated with Nestle to launch recyclable flexible retort pouches that will improve the environmental footprint of consumer packaging by up to 60%, starting with wet cat food. The new pouch meets the packaging guidelines for a circular economy recently published by the CEFLEX Consortium.

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