The global plastic containers market size is expected to reach USD 82.00 billion in 2028, exhibiting a CAGR of 5.0% during the forecast period. The growing demand for rigid packaging from food and beverage manufacturers can have an excellent impact on the global market growth, states Fortune Business Insights, in a report, titled “Plastic Containers Market, 2021-2028.” The market size stood at USD 55.80 billion in 2020.
Driving Factor:
High Utilization of Rigid Plastic Containers to Favor Market
Rigid containers have shapes and forms that are relatively rigid. Because of their durability and lightweight, rigid plastic containers are becoming more popular in the food and beverage sectors. Food is safe and has a longer shelf life because of these qualities, which protect it against moisture, light, and chemicals. Furthermore, it is an effective packing material for storing and transporting food and drinks because of its small weight. The need for rigid containers in the food and beverage sectors will rise as people's lifestyles change and their expenditure on packaged items rises, further enabling the market to grow during the forecast period.
Market Segments:
Based on material, the market is classified into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and others
Based on container type, the market is classified into bottle & jars, pails, tubs, cups & bowls, and others. The bottles & jars segment is expected to hold the largest plastic containers market share during the forecast period.
Based on end-user, the market is classified into beverages, food, pharmaceuticals & cosmetics, FMCG, and others.
Inquire Before Buying This Research Report
Regional Insights:
Booming Beverage Sector to Propel Market in Asia Pacific
The Asia Pacific region accounted for the highest market share, with China and India leading the way. The increasing beverage sector is responsible for the region's growth. This drives up the need for plastic bottles to store water and fizzy beverages. Polyethylene terephthalate (PET) is the most common material used in beverage bottles. As a result, growing consumer expenditure on carbonated beverages would propel the market in this area to new heights. Moreover, due to the booming food and medicines industries in North America, the United States is the major donor. To prevent leakage of food and drinks in the food sector, stiff plastic bottles and jars are commonly employed.
Competitive Landscape:
Ongoing Advancements by Prominent Players to Intensify Market
The competitive landscape shows a fragmented industry with ALPLA as a key competitor. A diverse product range and ongoing advancements by the firm to develop new plastic items are key elements in the business's leadership position.
Key Developments:
March 2021: Greiner Packaging announced the expansion of its range of bottles to meet the increased demand. The new range will include 16 bottles that can be used for sanitizers made from up to 100 percent r-PET.
No comments:
Post a Comment