New York
City, 28 January 2019: The Report Plastic Packaging Market size is anticipated to reach USD
416.2 billion by 2026. In 2017, the bottles segment dominated the global
market, in terms of revenue. Asia-Pacific is expected to be the leading
contributor to the global market revenue during the forecast period. A
significant increase in disposable income, changing lifestyles, and improving
living standards have increased the demand for food products, consumer
electronics, and retail products among others, which supports the market
growth.
Initiatives by market players to offer
innovative products in the market, communicate brand values, and create brand
differentiation also drive the market growth. Other driving factors include
growing middle class population, and increasing penetration of e-commerce
platforms. The significant growth in e-commerce and rising consumer demand for
consumer goods has resulted in growth in packaging segments such as protective
packaging, flexible pouches and innovative bottles. Increasing demand from
developing nations, and technological advancements are factors expected to
provide numerous growth opportunities to the market players during the forecast
period.
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Large brands are focusing on
personalized and customized plastic packaging to create an impact on consumers
and enhance brand awareness. Packaging enables companies to differentiate
brands and offer personalization. Packaging can provide links to information
about the product, both enhancing the product and providing details about its
provenance. Plastic packaging enables enhancing of brand power for global
brands and offers an effective method to compete with private label and
emerging local players. Growth in digitalization offers consumers access to
vast and detailed information. Communicating brand values effectively and
enabling product differentiation is a major factor driving the growth of the
plastic packaging industry.
Competitive Landscape and Key Vendors:
Asia-Pacific generated the highest
revenue in the plastic packaging market in 2018, and is expected to lead the
global market throughout the forecast period. The increasing population in the
region coupled with growing disposable income has increased the sale of food
and beverages, apparel, and consumer goods, driving the market growth.
Consumers in the region are increasingly opting for packaging that is easy to
use and convenient to transport. Smaller, lighter and easily disposable
packaging is being used to make consumption-on-the-go easier. The growing
healthcare, retail, and pharmaceutical industries in countries such as China,
Japan, and India support the market growth.
The well-known companies profiled in
the report include Mondi Group, Berry Plastics Corporation, Sonoco Products
Company, Amcor Limited, DS Smith plc, Bemis Company, Inc., NatureWorks LLC,
Consolidated Container Company, Reynolds Group Holdings Limited, and Alpla
Werke Alwin Lehner GmbH & Co. KG. These companies launch new products and
collaborate with other players in the global plastic packaging industry to
innovate and launch new products to meet the increasing needs and requirements
of consumers.
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