Plastic packaging has long been the material of choice for packaging industries, world over. The troika of cost-effectiveness, performance, and durability has made plastic packaging to gather huge traction in the diverse packaging application in the end-use industries. Plastics materials have the unique proposition of being able to meet several performance requirements in industries such as food and beverages industry, household products, personal care, automotive, and medical. The combination of durability and strength that plastic packaging displays is the key underpinning to it growing uptake world over.
The opportunities in the plastic packaging market are massive as evident in a recent projection by Transparency Market Research. The global market will reach a worth of US$370.2 bn by 2020 end. A great deal of revenues is likely to come from the rising consumption of rigid plastic packaging, especially in the food and beverages industry. The trend is expected to continue in the coming years as well.
Use of Plastics in Food Packaging rising on account of Durability and Versatility
Rapid strides being made by the food and beverages industry in various countries across the world are bolstering the uptake of plastic packaging. The use of plastics has gathered immense popularity as they hold promise for providing a cleaner, durable, and aesthetically appealing packaging for food products. Perhaps, the most compelling proposition which has been driving uptake is the cost-effectiveness. Furthermore, plastic packaging are versatile as they can be molded in various forms such as pouches and sachets. This makes the packaging suitable for varying food serving size.
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However, a glaring setback for the plastics packing market has been the constant fluctuations in the prices of raw materials notably petrochemicals. Nevertheless, the demand for plastic packaging has received a shot in the arm due to changing food habits of millennials toward packaged food. This is especially noticeable in emerging economies. Coupled with this trend, the staggering sales of products through e-commerce channels have spurred the demand for plastic packaging by retailers and logistics companies.