Reports say the plastic packaging industry in Asia Pacific to grow
Plastic provides support to various sectors of the economy, especially because plastic packaging is lightweight, durable, and easy to transport. In its latest report, Towards Packaging makes projections for the plastic packaging market.
25 Jun 2024 | By Anhata Rooprai
Plastic food and beverage packaging stood out as the leading revenue contributor to the plastic packaging industry
According to a report by Towards Packaging, the global plastic packaging market reached USD 381.57-billion in 2022. The company projects the market to hit USD 584.09-billion by 2032, with a compound annual growth rate (CAGR) of 4.4% from 2023 to 2032.
Within this, the plastic packaging industry in the Asia Pacific region is set to grow significantly. Increased consumerism in cosmetics, consumer electronics, and pharmaceuticals, among other industries, is expected to drive this growth.
Within the APAC region, India exports plastic and products to countries like the USA, China, the United Kingdom, Germany, the United Arab Emirates, Italy, Bangladesh, Turkey, France, Vietnam, Nepal, and Indonesia.
The rigid segment in plastic packaging constitutes the largest market share in terms of revenue for the plastic packaging market. The aspect of reusability of some of the rigid packaging products like pallets, IBCs and industrial packaging solutions makes them popular.
Rigid plastic packaging can fulfil the demands of various sectors because it is durable, lightweight, and has multiple applications, especially in companies that work with food and beverages, personal care, and healthcare, among others. To address this, several companies have proposed packaging using fibre-based materials.
For example, in April 2024, Manjushree Technopack Limited (MTL), a rigid plastics packaging manufacturer company in India, signed a deal to buy the plastics packaging division of Oricon Enterprises Limited.
According to Towards Packaging, plastic food and beverage packaging stood out as the leading revenue contributor to the plastic packaging industry. This segment is anticipated to record robust growth during the forecast period.
The increase in sales can be attributed to the usage of the products in packaging industries and processed food manufacturing industries due to changes in lifestyles and consumer preference for processed foods.
For instance, in March 2024, Pepsi and some flexible food packaging chain partners released new premium snack packaging, which is made of 50% recycled plastic materials.
Towards Packaging is a global consulting firm that provides an understanding of the packaging industry, with market analyses and insights.