Plastic Packaging Market Summary

The global plastic packaging market size was estimated at USD 384.35 billion in 2023 and is projected to reach USD 492.29 billion by 2030, growing at a CAGR of 3.5% from 2024 to 2030. The expanding scale of major end-use sectors, including personal and household care, pharmaceuticals, and food & beverages, is one of the primary factors driving market growth. Additionally, the increasing presence of e-retail platforms worldwide is significantly boosting the demand for plastic packaging to support safe product delivery and enhanced shelf-life.

Plastic provides both rigid and flexible packaging solutions that are lightweight, durable, transparent, and convenient for handling. Due to these advantages, industries such as food and beverages, household and personal care, and industrial manufacturing increasingly prefer plastic packaging over alternatives like metal and glass. Moreover, advanced or engineered plastics have the capability to withstand extreme environmental conditions without degrading, making them suitable for the packaging of sensitive products such as cosmetic items and perishable foods. Along with this, the cost-effectiveness and superior printability of plastics further contribute to their widespread adoption for branding and marketing purposes.

The extrusion technology segment is expected to see robust growth in the U.S. market from 2024 to 2030. Extrusion-based plastic packaging formats, including films, wraps, pouches, and plastic bags, are extensively used across both consumer and industrial sectors due to their sustainability, durability, and versatile performance. Additionally, the presence of a highly organized retail industry in the U.S. plays an important role in driving large-scale adoption of plastic packaging materials.

Key Market Trends & Insights

  • Asia Pacific led the plastic packaging market and accounted for a revenue share of over 43.0% of the global revenue share in 2023.
  • China dominated the Asia Pacific region in terms of both production and demand due to the presence of large manufacturing facilities and a strong consumer base.
  • Based on application, the food and beverage segment led the industry and accounted for a revenue share of over 51.0% in 2023.
  • Based on technology, the extrusion technology segment accounted for the largest share of over 39.0% in 2023.
  • Based on product type, the rigid plastic packaging category dominated the market and accounted for the largest revenue share of over 60.0% in 2023.

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Market Size & Forecast

  • 2023 Market Size: USD 384.35 Billion
  • 2030 Projected Market Size: USD 492.29 Billion
  • CAGR (2024-2030): 3.5%
  • Asia Pacific: Largest market in 2023

Key Companies & Market Share Insights

The market is highly fragmented in nature with the presence of medium-sized and small-sized domestic players as well as large-sized international companies. The stringent regulations on excessive plastic packaging usage coupled with the growing sustainability awareness among consumers is driving the plastic packaging market to adopt sustainable packaging materials steadily. Key companies operating in the global plastic packaging market are majorly adopting acquisition strategies to expand their geographical presence and manufacturing capabilities. Some of the key players operating in the market include Amcor plc and Constantia Flexibles.

  • In October 2023, Greif Inc., a U.S. manufacturer of industrial packaging products and services, acquired PACKCHEM Group SAS, a French manufacturer of small plastic containers and barrier & non-barrier jerrycans and for a transaction value of USD 538 Billion, thereby enhancing its product portfolio through horizontal expansion.
  • In March 2023, SK Chemicals acquired the chemically recycled BHET and PET business division of Shuye, a Chinese company specializing in green materials for a value of USD 100 Billion.
  • Amcor plc operates through two business segments, namely flexible and rigid. The primary offerings of this segment include plastic, paper, and aluminum-based packaging products. The company mainly operates through two business segments, namely flexible and rigid. The primary offerings of this segment include plastic, paper, and aluminum-based packaging products.
  • Constantia Flexibles operates through two business segments, namely Consumers and Pharma. The company operates through two business segments, namely Consumers and Pharma.
  • Coveris and Alpha Packaging. Ltd are some of the emerging participants in the plastic packaging market.
  • Coveris offers an extensive range of plastic packaging products including films, pouches, bags, trays, and barrier films. It caters to a wide range of industries including food & beverage, household & personal care, healthcare, agricultural & chemical, and pet care.

Key Players

  • Amcor plc
  • Sealed Air Corporation
  • Coveris Holdings SA
  • Berry Global Inc.
  • Mondi
  • Sonoco Products Company
  • WINPAK LTD
  • CCL Industries, Inc
  • Constantia Flexibles
  • Alpha Packaging
  • Pactive LLC
  • Silgan Holdings Inc.
  • DS Smith Plc
  • Huhtamaki Oyj
  • Takween Advanced Industries
  • Transcontinental Inc.
  • Bischof + Klein SE & Co. KG
  • Uflex Ltd
  • American Packaging Corporation
  • Sigma Plastics Group
  • Plastipak Holdings Inc.
  • ES-Plastic GmbH
  • Pact Group
  • Anchor Packaging LLC
  • Dart Container Corporation
  • Novolex
  • Printpack Inc.
  • Reynolds Consumer Products Inc.
  • Quadpack Industries SA
  • Tetra Pak International SA (Tetra Laval Group)
  • Toppan Inc.
  • Plastic Packaging Technologies (PPT)

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Conclusion

The plastic packaging market is expected to keep expanding as consumer purchasing patterns evolve and product protection requirements increase. Growth of organized retail and e-commerce, coupled with continuous innovations in packaging functionality and design, will strengthen the industry outlook. Additionally, the rising demand for secure, attractive, and cost-efficient packaging solutions supports higher adoption of plastic across numerous applications. However, sustainability issues and regulatory pressures regarding plastic waste management may encourage greater investments in recyclable and eco-friendly packaging technologies. As manufacturers focus on material improvement and circular economy solutions, the global plastic packaging market is anticipated to evolve toward more efficient and responsible practices.