Plastic Packaging Market Size, Share, Growth Analysis, By Material(Polyethylene (PE), Polyethylene Terephthalate (PET), Polypropylene (PP), Polystyrene (PS)), By Product(Rigid (Bottles & Jars, Cans, Trays & Containers, Caps & Closures), By Technology(Injection Molding, Extrusion, Blow Molding, Thermoforming), By Application(Food & Beverages, Industrial Packaging, Pharmaceutical, Personal & Household Care), By Region - Industry Forecast 2024-2031

Global Plastic Packaging Market size was valued at USD 268.98 billion in 2022 and is poised to grow from USD 283.26 billion in 2023 to USD 439.29 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The demand for plastic packaging is on the rise, fuelled by burgeoning sectors like food and beverages, pharmaceuticals, and personal and household care. Additionally, the widespread adoption of organized retail and e-commerce worldwide is bolstering market expansion. Plastic offers versatility, being both flexible and rigid, as well as providing transparency and lightweight properties, making it the preferred choice for many industries over alternatives like metal or glass. Moreover, plastic packaging plays a crucial role in protecting, preserving, storing, and transporting goods in various ways. Without it, many products would not reach consumers intact or maintain their quality for consumption or use.

The global packaged food and  beverage market has experienced rapid growth in recent years, due to several trends which are expected to shape its trajectory, such as with increasing awareness about environmental issues, there will likely be a growing emphasis on sustainable packaging solutions. This could include the development of biodegradable plastics, increased use of recycled materials, and adoption of eco-friendly packaging alternatives.

US Plastic Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.