Global plastic packaging market worth $375 billion by 2020
According to a recent statement, global demand for plastic packaging was worth $270 billion in 2014 and is estimated to exceed $375 billion by 2020, with a compound annual growth rate of 4.8% from 2015 – 2020. In terms of total volume, global demand for plastic packaging reached 817,500 tons back in 2014.
The statement is titled “Plastic Packaging Use Analysis and Estimates for Food and Beverage, Industrial, Household Products, Personal Care, Medical and Other Markets, 2014-2020”. It also shows that in 2014, food and beverage packaging was the largest use area in the plastic packaging market, accounting for 50% of consumption in 2014, and that demand for pharmaceutical and medical use will continue to increase in the years ahead.
Rigid packaging is by far the most important product category now, with the largest share of the mall in 2014, and demand for use in the pharmaceutical industry in particular will continue to increase. Flexible packaging is also an important category of packaging type and is estimated to have considerable growth potential during the forecast period.
For plastic packaging, superior design and good insulation is an important factor to propel its demand increase, in addition, the fluctuation of raw material prices for plastic packaging manufacturers is also a major challenge.
In 2014, more than 30% of the plastic packaging market is controlled by the Asia-Pacific region, and this number will increase rapidly in the near future because of the emergence of new-style shopping malls in China and India. The second largest share of plastic packaging malls is held by North America, however, during the forecast period, the share of plastic packaging malls in Europe will flash a slight increasing trend because of the high demand of European food packaging industry.