Expansion plans bearing fruition in the food and beverage industry form the key driver for the global plastic packaging market. Plastics offer a cleaner, tougher, and more appealing form of packaging, especially for the food and beverage industry, thereby generating a quick rate of growth in demand worldwide. There is a heavy demand for a lot of products to be made available in plastic bags, pouches, and sachets, as well as the more conventional rigid packaging methods. The physical advantages that plastics provide in terms of strength and durability cannot currently be equaled by any other material for the same price.
However, the global plastic packaging market is currently being restricted by the price control need on its raw materials that are generated from petrochemicals, or crude oil. The price of crude is increasing globally amidst a shortage of supply of fuel. This is hampering the use of crude for purposes other than transportation and exploration. Manufacturers in the global plastic packaging market are therefore looking towards alternative raw materials and have already found positive scope of growth in fields such as bioplastics.
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The global plastic packaging market is expected to expand at a CAGR of 5.3% within a forecast period from 2013 to 2020, in terms of revenue. This revenue is expected to touch US$300,582.5 mn by the end of 2016 and is likely to reach US$370,354.9 mn by the end of 2020. The overall volume of production in the global plastic packaging market is expected to reach 108,853.1 kilo tons by the end of 2020.
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Platform of Opportunities Shifts from Developed to Developing Economies
From a regional perspective, the global plastic packaging market is finding ample opportunities of growth in consumption as well as development rates within emerging economies across the world. This is especially apparent in Asia Pacific where the end-user industries of the global plastic packaging market have taken off at very fast rates. Industrial growth and infrastructure development, coupled with a high increase in the demand for all products that require plastic packaging are currently boosting the opportunities that players can have in these regions.
Meanwhile, the growth rate of plastic packaging manufacturers in the developed economies of North America and Europe is slowing down to a mediocre average demand. These regions are showing greater concern over the use of plastics for packaging due to the problems they create when it comes to disposal. They are therefore looking for alternative packaging methods and materials that can provide a more eco-friendly solution.