Plastic Packaging Market to Value US$370.25 Billion by 2020 Driven by Growing Demand from Healthcare Industry: Transparency Market Research
By Business Wire News
By Business Wire News
Transparency Market Research has recently published the research document “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”.
Global packaging market is expected to grow at CAGR of 5.2% from 2014 to 2020. The market was worth US$259.65 billion by the end of 2013 and will be worth US$370.25 billion by 2020. The market reached a total volume of 78,400.2 kilo tons in 2013.
The report provides core distinctions in the global packaging market according to product and application. The former consists of rigid and flexible plastics, while the latter includes food and beverages, industrial, personal care, and medical.
Key advantages of using plastic packaging are durability, cost-effectiveness, and high barrier properties. Their ability to withstand rough handling during transportation and distribution is another reason why most end-users prefer plastic packaging.
The food and beverages sector held more than 65% of the global packaging market in 2013. The overall growth of the sector, coupled with increased regulatory compliance needs for maintaining hygiene and original properties of foods and drugs, and protection from fraud, has propelled the market to greater revenues.
North America, Asia Pacific, and Europe contain many countries that have banned the use of plastic bags for daily purposes such as shopping, on environmental grounds. Many other countries have initiated heavier taxes on the purchase of plastic bags. Despite the restraints, the global packaging market continues to grow due to its appealing advantages. The market is expected to be above average in most developed nations. Key players include Sonoco Products, Bemis Company Inc., and Amcor Ltd.
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Transparency Market Research (TMR) is a U.S. based 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.