Plastic Packaging has been long since evolved from being just a way to keep products safe and secure in transit from producer to end-user. It plays a vital role in building brand differentiation, awareness and loyalty. Plastic packaging have specifically come to the fore as businesses rethink packaging, but they are yet to develop any single source into a widely used alternative due to higher production costs. Some new materials are also being implemented to support the pros of plastic packaging.
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The Global Plastic Packaging Market is accounted for $301.52 billion in 2017 and is expected to reach $486.58 billion by 2026 growing at a CAGR of 5.4% during the forecast period. Due to the high volume and fast turnover of food and beverage, beauty and health, as well as household goods, there are significant opportunities for new packaging materials in these sectors. Fashion, hygiene and electronics are also potential markets. For instance IKEA, it has been looking into Plastic packaging grown from mushrooms. The product is being developed by an innovative US company called Ecovative, which feeds fungi with agricultural waste. On considering all these into account, investors who want a profitable business are advised to invest their capital on plastic packaging market.
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With plastic packaging added to the marketing mix, engagement with consumers becomes more consistent and continuous throughout the customer lifecycle because campaigns are optimized to be Omni channel. North American countries are more into plastic packaging as people of United States and Canada prefer plastic type of packaging so as to reduce the labour cost. However, if both small scale and large scale industries are willing to invest their capital would definitely double the profit in less than a year of span.
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