The global plastic packaging market size was valued at USD 431.28 billion in 2023 and is expected to be worth USD 454.89 billion in 2024. The market is projected to reach USD 733.60 billion by 2032, recording a CAGR of 6.16% during the forecast period.
Plastic packaging is generally cheaper compared to other materials, such as glass or metal. The cost savings make plastic an attractive option for manufacturers looking to minimize their packaging costs. The ability to mold plastic into diverse shapes and sizes grants packaging designers a high degree of flexibility. This versatility enables the creation of custom packaging solutions tailored to meet the unique requirements of various products and consumer preferences, driving the expansion of the global market.
During the COVID-19 pandemic, the demand for single-use plastic packaging surged, particularly in healthcare and food delivery, driven by hygiene concerns and a shift to contactless services. Non-essential industries, such as automotive, cosmetics, and non-food retail, saw a decline in demand due to lockdowns and economic downturns, negatively impacting the demand for this type of packaging in these sectors.
Fortune Business Insights™ displays this information in a report titled, “Plastic Packaging Market, 2024-2032."
Informational Source:
https://www.fortunebusinessinsights.com/plastic-packaging-market-110535
LIST OF KEY COMPANIES PROFILED IN THE REPORT: