Summary

The Asia-Pacific plastic packaging market is anticipated to grow with a CAGR of 3.2% during the forecast period of 2021 - 2026. Since the start of the Covid-19 coronavirus pandemic, consumers and businesses have had to alter the way they view packaging health and safety. Since the early days of the pandemic, single-use plastic has been gaining importance; this is because consumers were concerned that reusable packaging would increase the risk of transmission.

Key Highlights
Packaging solutions that are lightweight, durable, and comfortable are factors that have augmented the use of plastics as a packaging material across the Asia Pacific. The rising disposable income of individuals and high economic growth as compared to the world average have further fueled the demand for plastic packaging products.
India reportedly experienced a 47 percent rise in single-use plastics packaging in Mumbai, Bengaluru, Delhi, and Pune, while South Korea reported a 15.6 percent rise in plastic waste in the first half of 2020, compared with the first half of 2019.
Owing to the growing need for plastic containers in many countries across the Asia Pacific, players the focusing on product innovation and the launch of new products in this region. For instance, in July 2020, Dow and Thong Guan announced the launch of sustainable plastic stretch packaging for the food and beverages industry, which are made up of feedstock. This marks a milestone in the region’s commercialization of a plastics offering made from renewable feedstock, enabling industry providers to produce high-performance plastics while reducing their carbon footprint.
In 2019, a Japanese chemical manufacturer, Mitsui Chemicals Group, introduced a bio-polypropylene project as a part of its efforts to reduce the environmental impact and achieve sustainable development goals.
The demand for plastic packaging continues to surge even though serious concerns are being raised about its impact on the environment. However, the market will face challenges from government regulations and consumer demand, pushing manufacturers to look for plastic packaging solutions that are biodegradable or derived from sustainable sources.


Key Market Trends

Cost-effectiveness & increased shelf-life of the product to drive the growth of the market


Plastic packaging/containers are cheaper and more convenient than packaging made up of other materials and commonly used for multiple purposes in many industries, including food and beverages, healthcare, cosmetics, and many more.
Popular food and beverages brand such as Starbucks in Asian countries are using reusable plastic cups for serving the drinks to their customers. Moreover, in 2020, the popular chain Just Salad produced reusable plastic containers that saved more than 75,000 pounds of single-use plastic containers.
In 2020, plastic packaging, both flexible and rigid, contributed to almost 60% of total sales of packaging containers in India. This is due to consumers exhibiting an increasing inclination toward plastic packaging, as plastic packages are light in weight and more comfortable to handle. Similarly, even the major manufacturers prefer plastic packaging solutions, owing to their lower cost of production.
In the Australian packaging industry, plastics occupied a significant share (30%) and is the second-largest sector, with the adoption of flexible plastics increasing at the expense of rigid plastics.


Rigid Plastic Packaging to hold the largest market share


Rigid plastic packaging containers provide unique benefits, such as high impact strength, high stiffness, and high barrier properties, which have expanded the market for rigid plastic packaging medium in recent years.
The introduction of polyethylene terephthalate (PET) and high-density polyethylene (HDPE) polymers expanded plastic bottling applications. High-density polyethylene plastic bottles are among the popular packaging choices for the fresh juice and milk market.
In the rigid packaging industry, PET is used for plastic bottles for soft drinks, water, juice, sports drinks, beer, mouthwash, catsup, salad dressing, food jars, and microwavable food trays.
In Japan, PET is one of the most widely used materials for manufacturing plastic bottles. PET bottles are also used for packaging carbonated drinks in the country. An average person in the country buys 183 PET bottles per year. Other packaging materials, such as HDPE and PP, are also witnessing rising adoption rates, with companies looking to attract more consumers by offering different types of products.


Competitive Landscape

The Asia Pacific Plastic Packaging Market is highly competitive and has several major players. A few of the players enjoy better market goodwill and extended geographical recognition and presence. The major players, who have a relatively prominent share in the market, are focusing on expanding their customer base across the end-user industries.


April 2021- Amcor designed a New AmSky blister system that has the potential to transform the sustainability of healthcare packaging. It eliminates PVC from blister packaging – enabling Amcor healthcare customers to improve the recyclability of their packaging. This will deliver the first child-resistant and senior-friendly (CRSF) recyclable solution for the most in-demand pharmaceutical packaging type.
SEP 2020- Amcor collaborated with Nestle to launch recyclable flexible retort pouches that will improve the environmental footprint of consumer packaging by up to 60%, starting with wet cat food. The new pouch meets the packaging guidelines for a circular economy recently published by the CEFLEX Consortium.


Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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