With A Revenue Share Of More Than 51% In 2020, The Food And Beverage Application Segment Led The Global Plastic Packaging Market.

 

Plastic Packaging

Plastics are a class of semi-synthetic and synthetic materials that primarily consist of polymers. Plastics have excellent current stability and can be easily moulded, extruded, or pressed into solid objects of varying shapes. Plastic packaging is the most common type of packaging. Plastic packaging is used in nearly every industry, from the food and beverage industry to the pharmaceutical industry. Plastic packaging is typically used for fragile products that must be transported over long distances. Plastic is a long-lasting and cost-effective packaging material. Plastics, because they are lightweight, are the most commonly used packaging material. Plastics, on the other hand, are not biodegradable in nature and thus are not environmentally friendly. It takes hundreds of years for plastics to decompose. The widespread disposal of plastics on land and in bodies of water pollutes the environment.

 

With a revenue share of more than 51% in 2020, the food and beverage application segment led the global Plastic Packaging Market. During the forecast period, the segment is expected to grow significantly. Changing consumer lifestyles and food preferences have resulted in the expansion of the packaged and processed food manufacturing sector, which is expected to drive market growth. Furthermore, rising consumption of both alcoholic and non-alcoholic beverages is expected to fuel segment growth. Because of its convenience, single-serve consumer packaging has grown significantly in recent years. Growing consumer attention to health and well-being, as well as increased awareness of waterborne diseases, have propelled demand for packaged drinking water around the world, which is expected to have a positive impact on the growth of the food & beverage application segment.

 

With a revenue share of more than 51% in 2020, the food and beverage application segment led the global Plastic Packaging Market. During the forecast period, the segment is expected to grow significantly. From 2021 to 2028, the pharmaceuticals segment is expected to grow at the fastest rate. In terms of revenue, the personal and household care application segment is expected to grow at a CAGR of more than 4.3 percent over the forecast period. Rising emphasis on advanced packaging solutions, combined with the growth and expansion of the packaging industry, is one of the major factors driving up demand for plastic packaging. The rise in demand for convenient packaging solutions by various end user verticals such as consumer electronics, household products, and so on is also fueling market growth. The advantageous properties provided by plastic packaging solutions are also a significant factor driving growth in the plastic packaging market value.

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