The plastic packaging market was worth $142 billion, representing 37.4% of the food and drinks packaging market by value in 2009. This market is forecast to grow at a compound annual growth rate (CAGR) of 3.9% to reach $172 billion by 2014 according to a new study, The Plastic Packaging Market Outlook in Food and Drinks .

Plastic was the leading packaging material used in new product launches in 2010, with a growth of 6.4 percentage points over 2007. Most of the innovations in plastic packaging took place in Europe, accounting for a share of 44.2% of new product launches globally in 2010.

Technological advancements have helped packaging manufacturers to extend the use of plastic to sensitive food and drinks categories such as alcoholic drinks that could not be accommodated in years prior due to low barrier properties of the materials.

Stringent standards for recycling as well as reducing contribution to landfill are causing a shift in favor of flexible plastic packaging. Flexible packages such as pouches can reduce waste going to landfills.