Plastic Product & Packaging Manufacturing Market

Plastic Product & Packaging Manufacturing Market Outlook (2024 to 2034)

The global plastic products & packaging market is analyzed to reach US$ 722.14 billion in 2024, the market is further projected to escalate at a CAGR of 4.7% making the revenue jump to US$ 1,146.18 billion by the end of 2034.

The main factors driving the rise of plastic packaging are the expansion of important application sectors, such as food and beverages, medicines, personal and home care, and e-Commerce worldwide. The main sectors, including food and beverages, household & personal care, and industrial, use plastic as a substitute for glass or metal since it provides both stiff and flexible, lightweight, and transparent types of packaging.

Moreover, designed plastic has the capacity to withstand harsh climatic conditions and does not break down in very hot or cold temperatures, protecting the integrity of goods, including food and drink and cosmetics. Furthermore, plastic is a profitable packaging material due to its low cost and superior printability.

From 2024 to 2034, the United States market is anticipated to have strong growth in the extrusion technology category. Because of their performance advantages and sustainability, extrusion-based plastic packaging products-such as wraps and films, pouches, and plastic packaging bags-are extensively used in the majority of consumer and industrial applications throughout the country. One of the main causes of the increased demand for plastic packaging in the United States is the widespread presence of organized retail.

The expansion of the e-Commerce sector is also creating new opportunities for industrial growth. Flexible and lightweight packing options are preferred by e-Commerce businesses to save shipping costs. The business is anticipated to increase because of the rise in online shopping for everyday fresh foods, fast-moving consumer goods, technological devices, and apparel. This is further driving the plastic product & packaging manufacturing market growth.

It is anticipated that fresh opportunities for plastic packaging arise in the upcoming years due to the growing introduction of novel packaging solutions, including edible packaging, bioplastic packaging, modified environment packaging, and active packaging. In the upcoming years, the industry's expansion is probably threatened by growing sustainability consciousness and a strict restriction on single-use plastic to reduce plastic pollution.

Report Attribute	Detail
Plastic Product & Packaging Manufacturing Market Size (2024E)	US$ 722.14 Billion
Forecasted Market Value (2034F)	US$ 1,146.18 Billion
Global Market Growth Rate (2024 to 2034)	4.7% CAGR
East Asia Market Value (2034F)	US$ 338.61 Billion
North America Market Growth Rate (2024 to 2034)	5.1%
Intermediate and Plastic Goods Segment Value (2034F)	US$ 471.27 Billion
Canada Market Value (2034F)	US$ 22.5 Billion
Key Companies Profiled	Berry Global; Amcor; Sonoco; Sealed Air; Huhtamaki; UFlex; Constantia Flexibles; Ball Corp; Westrock Co; Smrufit Kappa; DS Smirth Plc

Which Market Factors are Escalating the Demand for Plastic Products Globally?

“Smart Features Introduced in Packaging Solutions Enticing Customers”

Packaging solutions that include technology to provide extra features beyond the conventional protective functions are referred to as smart packaging. These technologies, which enable the packaging to communicate with consumers, transportation systems, or even the items themselves, include sensors, RFID tags, QR codes, indicators, and other electronic components.

Perishable items are protected with smart packaging that detects temperature changes during storage and transportation. Food safety standards are raised, food waste is reduced, and rotting is prevented with the use of such technologies. Further, authentication functions in smart packaging solutions aid in the fight against fake goods.

NFC tags or QR codes verify the authenticity of products, protecting customer safety and brand reputation. Contributing to the overall expansion of the plastic product & packaging manufacturing market size.

Additional intelligent technologies, such as RFID tags and sensors, enable real-time product package tracking, improving inventory control and lowering logistical expenses. Better supply chain operations visibility is advanced by producers and merchants, which boosts responsiveness and efficiency.

Smart packaging is becoming popular in the plastic packaging industry across a range of end-use sectors, including food and beverages, healthcare, cosmetics, and automotive. The need for intelligent packaging solutions grows as technology advances, opening up new markets for producers.

“Consumerism Primarily Affecting the Market for Plastic Packaging”

Convenience and consumption while on the go are major aspects of modern consumers' lifestyles. These desires are met by plastic packaging, which provides lightweight, portable, and readily transportable options. Products that appeal to busy urban customers, such as single-serve snacks, drinks, and personal hygiene products, benefit from the durability and convenience of plastic packaging.

Increased internet usage and e-Commerce acceptance coincide with urbanization because plastic wrapping helps keep goods safe throughout transit. The usage of plastics in packaging materials increased because of the growing need for safe and portable packaging options brought on by the growth of online shopping.

Dietary habits are influenced by changing consumer tastes and increasing urbanization. The protective properties of plastic packaging help to meet the growing demand for processed goods, fresh vegetables, and drinks. PET beverage bottles and fresh fruit trays are two examples of packaging methods that help preserve product quality and increase shelf life.

This provides safety, and the packing material does not affect shelf life. A wide range of food and drink items are securely wrapped and delivered without any leaks. Therefore, an increased demand for plastic packaging materials and packaging solutions is witnessed, which is further positively impacting plastic product & packaging manufacturing market trends.

What Challenges are Faced by Plastic Packaging Manufacturers?

“Concerns Regarding Environmental Effects of Plastic a Major Hindrance”

A shift toward more environment-friendly packaging materials (such as paper-based packaging or biodegradable polymers) is aided by consumer preferences and business sustainability objectives. The need for conventional packaging declines because of this trend, which therefore restricts market expansion.

Global carbon emissions rise as packaging trash, particularly conventional plastic garbage, builds up in landfills and the ocean. Therefore, there is increasing pressure from the public and government organizations to lessen its environmental effects. Stricter laws governing the use and disposal of plastic are implemented, which is impeding the market's expansion.

Approximately one-third of the 141 million tons of plastic packaging produced year worldwide escapes from collection systems, contaminating the environment, according to the Waste and Resources Action Programme (WRAP). 1.8 billion tons are produced, used, and disposed of as plastic.

Country-wise Insights

The market is forecasted to expand around the globe as the flexibility of plastic products becomes more evident. After the introduction of environment-friendly ways to manufacture plastic, this growth escalated more quickly. Some of the major countries contributing to this market include the United States, China, Canada, and South Korea. The market in the United States is forecasted to hold a significant plastic product & packaging manufacturing market share.

Why is the Market in the United States Showing Solid Growth in the Years to Come?

“Increasing Standard of Living Leading to Higher Consumerism of Plastic Products”

Attribute	United States
Market Value (2024E)	US$ 120.36 Billion
Growth Rate (2024 to 2034)	5.1% CAGR
Projected Value (2034F)	US$ 198.77 Billion

The market in the United States is projected for steady growth in the plastic product and packaging sector, driven by an increasing standard of living that leads to higher consumerism of plastic products. Several consumers are more inclined to opt for convenient packaging solutions that enhance their on-the-go lifestyles.

This trend is particularly evident in the food and beverage sector, where demand for ready-to-eat meals and snack items packaged in plastics continues to surge.

What is Contributing to Increased Revenue of Manufacturers in China?

“Huge Population Increasing Consumption Coupled With Rising Export Activities”

Attribute	China
Market Value (2024E)	US$ 85.97 Billion
Growth Rate (2024 to 2034)	5.4% CAGR
Projected Value (2034F)	US$ 145.1 Billion

Manufacturers in China are generating substantial revenues in the market due to a combination of a huge population that drives high consumption and strong export capabilities. With over 1.4 billion people, China represents one of the prominent consumer markets in the world, spurring significant demand for several plastic products across sectors, such as food and beverages, consumer goods, and healthcare.

Category-wise Analysis

Several products and services are available in the market for satisfying customers' needs. More manufacturers are analyzing the needs according to several demographics and investing accordingly.

Which Product and Service Segment is Projected to Become Stronger in the Years to Come?

“Intermediate and Other Plastic Goods More Profitable Compared to Plastic Containers”

Attribute	Intermediate & Other Plastic Goods
Segment Value (2024E)	US$ 282.7 Billion
Growth Rate (2024 to 2034)	5.2% CAGR
Projected Value (2034F)	US$ 471.27 Billion

The segment of intermediate and other plastic goods is expected to become increasingly profitable going forward. This growth is attributed to the rising demand for specialized plastic components across industries, including automotive, healthcare, and consumer electronics. Intermediate plastic goods, such as components used in machinery and electronics, provide high-added value due to their technical specifications and customization potential.

For What Purpose are Plastic Products More Significantly Used?

“Packaging Products Uses More Plastic Compared to Building and Construction and Electrical Equipment”

Attribute	Packaging
Segment Value (2024E)	US$ 289.28 Billion
Growth Rate (2024 to 2034)	5.2% CAGR
Projected Value (2034F)	US$ 482.33 Billion

Plastic products are predominantly utilized in packaging due to their versatility, durability, and cost-effectiveness. The packaging sector consumes a significant amount of plastic as it provides reliable protection, extends shelf life, and enhances the presentation of goods, from food and beverages to consumer products.

Compared to other sectors, such as building and construction or electrical equipment, packaging requires lightweight materials that are easy to mold into shapes and sizes.

Market Competition

Key players in plastic product & packaging manufacturing are focusing on bringing an environment-friendly touch to the product. Some of the major innovations include plastic films.

• With a transaction value of USD 538 billion, Greif Inc., a United States-based manufacturer of industrial packaging goods and services, purchased PACKCHEM Group SAS, a French producer of barrier & non-barrier jerrycans and small plastic containers, in October 2023, expanding its product line horizontally.
• For USD 100 billion, SK Chemicals purchased the chemically recycled BHET and PET business division of Shuye, a green materials firm in China, in March 2023.

Fact.MR provides detailed information about the price points of key players in the plastic product & packaging manufacturing market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new market report.

Segmentation of Plastic Product & Packaging Manufacturing Market Research

• By Product & Service :

  • Intermediate & Other Plastic Goods
  • Plastic Containers & Packaging Products
  • Miscellaneous Plastic Products

• By Major Market :

  • Building & Construction
  • Motor Vehicle and Transport Manufacturing
  • Electrical Equipment
  • Packaging
  • Other

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa