Plastic Packaging Market to Grow Significantly by 2020 owing to Expanding Food and Beverages Sector: Transparency Market Research
By Business Wire News
By Business Wire News
Transparency Market Research has released a research report, titled “Plastic Packaging (Rigid Plastic Packaging and Flexible Plastic Packaging) Market for Food & Beverages, Industrial, Household Products, Personal Care, Medical and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”. According to the report, this market is exhibiting a 5.2% CAGR from 2014 to 2020. The market’s 2013 value of US$259.65 bn, which amounted to a total weight of 78,400.2 kilo tons, is expected to reach US$370.25 bn by the end of 2020.
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The key growth driver for the global plastic packaging market is the large-scale innovation and developments in packaging, coupled with the expanding food and beverage sector. An additional factor that will benefit the global plastic packaging market is the growing consumer awareness towards healthier packaging options, along with packaging that is durable, visually appealing, and lightweight.
The report explains how major opportunities in nanotechnology are being created due to research initiatives, especially in the development of printing materials and films.
The major factors restraining the global plastic packaging market include the turbulent prices of feedstock, which impact the overall downstream chemicals prices.
In terms of end users, the global plastic packaging market was dominated by the food and beverages sector in 2013, when it held a share of more than 65.0%. On the other hand, the global the healthcare sector is expected to be the fastest growing end user in the report’s forecast period.
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Healthcare is expected to see a surge in demand due to the advanced packaging used to prevent fraudulent drug trafficking.
In terms of product types, the global plastic packaging market is currently led by rigid packaging, which holds a majority share in the market.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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