The global plastic packaging market size was estimated at USD 234.14 billion in 2019, exhibiting a revenue-based CAGR of 4.0% over the forecast period. Growing packaged food and beverage industry owing to changing lifestyle and increasing penetration of organize retail is principally expanding the product application scope. Plastic offer transparent, tougher, flexible and rigid, lightweight, and versatile form of packaging owing to which key industries such as food and beverage, personal care, and industrial majorly prefer plastic packages over its counterparts. Furthermore, the product can survive in extreme environments and does not degrade in hot or cold temperatures, thus preserving the integrity of food and beverages, cosmetics, and other products. Moreover, low cost, convenience, and excellent printability make it a lucrative packaging solution amongst other forms of packaging. Food and beverage is one of the fastest-growing industries globally, owing to the changing lifestyles, and consumer preference for eating on-the-go, ready-to-eat, frozen foods, and processed foods. The growth of the food industry in developing economies of Asia Pacific is expected to drive the demand for plastic packaging globally. The primary functions of packaging are to offer protection to the products, inform consumers about its features, enable its transportation over long distances, and storage. The growing use of rigid HDPE, and PC plastic canisters, bottles, and tanks, as opposed to wraps and films and bags for industrial packaging applications, is expected to have a positive impact on the market growth. Furthermore, the increasing introduction of innovative packaging solutions such as active, modified atmosphere, edible, and bioplastic packaging is also expected to open newer avenues in the coming years. The emergence of e-commerce has further expanded the application scope of plastic packaging. E-commerce companies majorly prefer lightweight and flexible packaging, as it accounts for less cost during transportation. Rising penetration of e-commerce, especially in developing countries such as India and China is likely to fuel the demand over the forecast period. However, rising fluctuating prices of crude oil, which is the principal raw material for plastic packaging, has been considerably affecting the profit margin of manufacturers and thus hindering the market growth. Besides, the growing ban on single-use plastic packaging across the world and rising sustainable awareness among consumers is also likely to act as market restraint over the forecast period. Source:https://www.grandviewresearch.com/industry-analysis/plastic-packaging-market