Plastic Packaging Market
especially in the region of Asia Pacific. Flexible plastics have the ability to be modified by copolymerization and use of additives, to match the precise packaging demands of the product to be packed. By application, the segment of food and beverages is anticipated for the best growth rate, followed by household products, and then personal care. This demand is also expected to be driven by the increasing demand for plastic packaging for casing various skin care and hair care products.
The maximum demand for plastic packaging currently comes from Asia Pacific, followed by Europe and North America. Asia Pacific is also expected to witness the most robust growth rate in the next few years due to rising disposable income of consumers coupled with increasing awareness regarding health and hygiene.
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Thriving Food and Beverage Industry Driving Demand The substantial surge currently experienced by the food and beverage industry is expected to positively reflect on global plastic packaging market. The for purpose of food distribution, retail, and catering, the food and beverages are required to be packed in plastic bags, containers, sachets, and pouches. Plastics help in casing large quantities of the product in less packaging. Increasing consumer preference towards flexible plastics is another factor augmenting the growth rate of the market. The report observes that consumers prefer transparent, east-to-open packaging that preserves the food aroma and protects the food against water vapor and oxygen. Additionally, the rising demand for plastics in pharmaceutical packaging is also expected to further propel the market during the forecast period. However, increasing cost of raw materials is the most prominent factor that will hinder the growth rate.
According to the author of the report,“ Growing demand for bioplastics, which are derived from renewable biomass sources such as vegetable fats and oils and hence are preferred by the environmentally concerned consumers, will open new avenues for the players.” The author also recommends the players to keep an eye on the developments pertaining to emerging usage of nanotechnology in plastic packaging.
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