Plastic Packaging Market Size Worth $486.2 Billion By 2028
The global plastic packaging market size is expected to reach $486.2 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 4.2% from 2021 to 2028. The rapid expansion of the food and beverages, personal care, and pharmaceuticals sectors coupled with the rising penetration of organized and e-retail across the world is expected to fuel market growth.
Low-density polyethylene (LDPE), polypropylene (PP), high-density polyethylene (HDPE), and polyethylene terephthalate (PET) are the most widely used materials for the manufacturing of products, such as bottles and jars, trays and containers, wraps and films, and pouches, as they are cost-effective, lightweight and have extensive functionalities and strong barrier properties against moisture. Growing demand for sustainable packing solutions is prompting manufacturers to use recycled plastic resins to make such products.