Global Plastic Containers Market Can be Worth $ 400 BN due to Demand for Processed Food
Summary
Global Plastic Packaging Market Information by Type (Rigid packaging and Flexible packaging) by Application (Food & beverages, Industrial, Healthcare, Personal care, and others) and by Region - Forecast to 2022
Plastic Containers Market Segmentation
The global Plastic Containers Market segmentation covers application and type. MRFR is exploring the features of these segments to understand market trends.
Based on the application, the market segmentation covers food & beverages, healthcare, industrial, personal care, and others. Among these segments, food & beverages segment is expected to witness the highest growth during the forecast period as the demand for packaged food is also growing due to rapid urbanization. However, rapid growth in the pharmaceutical industry can also open the door for the growth of the healthcare segment.
Plastic packaging is best for packing food and medicine to ensure quality. Market Research Future (MRFR) has published a research report about the global Plastic Containers Market that calculates hike for this market at 5% CAGR during the forecast period between 2016 and 2022. By value, the market has been figured to be worth the USD 400 bn by the end of the forecast period.
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Key Players
Major players in the global Plastic Containers Market include Amcor Ltd (Australia), Ampac Holdings LLC (USA), BASF SE (Germany), Bemis Company Inc. (USA), Constantia Flexibles International GmbH (Germany), Crown Holdings Inc. (USA), Huhtamaki Oyj (Finland), Mondi Group (Austria), Saint-Gobain (France), Sealed Air Corporation (USA), Sonoco Products Company (USA), and Wipak Group (Germany).
Regional Segmentation
The regional segmentation of the global Plastic Containers Market covers Asia Pacific, Europe, North America, and Rest of the World (RoW).
Asia Pacific region dominates the global market as it is the fastest growing regional market. The major market driving factors in this region is rapid development in the food & beverages industry and healthcare industry. The second factor progressing the market growth is growing investment in these two industries. Other factors responsible for market growth in this region are rapid urbanization, rising disposable income, and a growing population in countries like China and India. Indonesia has also been estimated to experience similar market growth. Other key country-specific markets in this region are Australia and Japan.
During the forecast period, North America is expected to witness stable growth due to the presence of many key market players, technological advancement, and heavy food subsidization in the USA that aids the growth of food & beverage industry. Canada and Mexico are two other major country-specific markets in this region.
In Europe, the market can grow during the forecast period due to a staggering demand for rigid packaging from the food & beverage sector. In terms of technological advancement, Europe is second only to North America. The vital revenue contributors to this market are France, Germany, Italy, Spain, and the UK. Other countries of Europe also contribute significantly to the market growth.
The RoW segment covers Latin America and the Middle East & Africa (MEA) region. Latin America, as a market, is smaller than North America, due to the limited availability of advanced technology in this region. The most vibrant economies that can emerge as powerful markets are Argentina and Brazil. In the MEA region, the market is limited due to the lack of skilled labor and lack of technology.
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About Market Research Future
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