Petrotahlil - The value of the global plastics packaging market will grow to $320.94 billion by 2027, according to a new report from Grand View Research Inc., San Francisco.
That would represent a 4 percent revenue-based compound annual growth rate over the forecast period, which covers the years 2016-2027.
Rising employment and accelerated industrialization in emerging economies in China, India and Southeast Asia are expected to bring increased purchasing power and decreased free time for consumers there, driving demand for packaged foods. ConAgra, McCain and Unilever are among the companies expanding their packaged products’ presence globally in small retail stores and big-box stores, according to the report.
The pharmaceutical industry has been growing at a rapid pace over the past few years, especially in emerging countries such as China, India and Brazil. Innovation in the pharmaceutical industry could spur growth in plastics packaging demand, especially in Europe. However, challenges such as additional regulatory hurdles and escalating R&D costs could have a negative impact on the flexible packaging market over the forecast period.
The company projects that rigid plastic packaging demand will increase at a compound annual growth rate of 3.7 percent over the forecast period, in part because of growth in industrial packaging and the increasing popularity for single-serve packaging.