Market Analysis
The global plastic container market is predicted to grow at a healthy CAGR during forecast period, reveals the latest Market Research Future (MRFR) report. Plastic containers are a highly preferred and widely used material that can be molded easily into different products that can be used in an array of applications. It comprises numerous products like pouches, bottles and food containers, and others. Usually they are made of plastic resins like HDPE, PP, and PET, among others. Plastic ensures durability along with retention of chemical properties and nutrients of the product.
Several factors are adding to the global plastic container market. Some of these factors as per the MRFR report include the growing demand for lightweight packaging, changing food preferences, changing lifestyle, demand for convenience food, innovative visual appeal of plastic containers for convenience and consumer attraction, increasing use during the COVID-19 outbreak, and increasing use of different innovative technologies like aseptic packaging and biodegradable packaging.
On the flip side, strict environmental regulation for plastic may impede the global plastic container market growth over the forecast period.
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COVID-19 Analysis
Fortunately, the plastic container market has not faced the brunt of the COVID-19 crisis for the suspension of bans on the use of plastic. Besides, various companies and producers that otherwise used other materials showed favoritism towards plastic as it is long-lasting, more affordable, and safer, and also has higher shelf-life. During the lockdown, people needed products that had higher shelf-life, so this, in turn, has increased the demand for plastic containers. Further, these containers are widely being used in the medical sector as well.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global plastic container market based on application, product, and material.
By material, the global plastic container market is segmented into LDPE, PVC, HDPE, PP, PET, and others. Of these, the PET segment will lead the market over the forecast period.
By product, the global plastic container market is segmented into bags and pouches, cups and bowls, bottles and jars, and others. Of these, bottles and jars will dominate the market over the forecast period.
By application, the global plastic container market is segmented into consumer goods, pharmaceutical, personal care, food and beverages, and others. Of these, food and beverages will spearhead the market over the forecast period.
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Regional Analysis
By region, the global plastic container market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will remain the driving force in the market over the forecast period. Developing food and beverages industry, increasing awareness about health and hygiene, increasing investments on household cleaners, rising demand for convenient food products, and rising consumption of functional beverages are adding to the global plastic container market growth in the region.
In Europe, the global plastic container market is predicted to hold the second-largest share over the forecast period. Increasing focus on plastic recycling, rising consumption of packaged food, changing eating habits and lifestyles, and growing need for nutritious beverages are adding to the global plastic container market growth in the region.
In the APAC region, the global plastic container market is predicted to have notable growth over the forecast period. High disposable income, urbanization, improved lifestyles, need for convenience foods, and demand for hygienic food with durable containers like bags, cans, and pouches are adding to the global plastic container market growth in the region.
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Key Players
The prominent players profiled in the plastic container market report include Constar International (U.S.), International Packaging (U.S.), Werke Alwin Lehner GmbH & Company KG (Austria), Alpha Packaging Holdings Incorporated (U.K), Rahway Steel Drum Company (U.S.), Alpack (Ireland), The Plastic Bottles Company (U.K.), Plastipak Packaging (U.S), Anchor Packaging Incorporated (U.S), Graham Packaging (U.S.), and Amcor Limited(Australia).
Industry Updates
February 2021- FSSAI has proposed a proviso for the usage of colored bottles for water packaging.
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