Global Converted Plastic Packaging Market – Industry Trends and Forecast to 2030

Converted Plastic Packaging Market Analysis and Size

One of the world's fastest-growing industries is the packaging. All the goods are packaged using various materials, including plastic, paper, and even metal, depending on the item. One of the essential types of packaging is converted packaging. The rising demand from the end-user industries is still driving the adoption of converted plastic packaging solutions to increase shelf life. Market players are creating cutting-edge solutions to meet consumer demand as bakeries now produce a wider variety of bread and more items, as about 80% of bakery products are sold in converted flexible packaging.

Data Bridge Market Research analyses that the converted plastic packaging market, valued at USD 2,244.32 million in 2022, will reach USD 4,123.41 million by 2030, growing at a CAGR of 7.9% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Converted Plastic Packaging Market Scope and Segmentation      

Market Definition

Converted packaging uses non-rigid materials to package products, enabling more affordable and customizable options. It is a modern method used by several end-user industries in the packaging industry, but it has gained popularity because of its high effectiveness and low cost. Bags, pouches, liners, wraps, roll stock, and other flexible products, produced from paper, plastic, film, aluminum foil, or any combination of those materials fall under converted plastic packaging.

Converted Plastic Packaging Market Dynamics

Drivers

• Demand from consumers for smart packaging is rising

The demand for packaging that conveys and upholds product quality throughout the supply chain is the primary cause of this rise. Smart labeling and augmented reality are two methods for incorporating innovative packaging into current formats. These labels not only act as a deterrent to theft but also assist in tracking down items as they move throughout the distribution network. Smart labels can notify a brand or a customer when a product monitors temperature and quality. Consumers' urge to hoard and their impulsive purchases of food, drink, and home care products has increased the demand for packaging. Since smart packaging incorporates converted plastic as packaging materials, the above factors will work in the market's favor.

• Improved converted packaging films that put durability and tear resistance, food safety, and freshness first

The main driving force behind produce packaging is convenience. Packaging with convenience is becoming more and more in demand from consumers. Since converted plastic films have distinct barrier properties that help with improved protection and shelf life, they are increasingly used in food and beverage packaging. Manufacturers are developing advanced packaging films focusing on tearing resistance, food safety and freshness, secure delivery and storage, and environmental protection from light, moisture, temperature, and gas. Converted packaging films preserve freshness while extending perishable goods' shelf life.

Opportunities

• Growth of the e-commerce industry is a market opportunity

The development of technology has led to a dramatic rise in e-commerce across all global economies. More companies are using online channels to communicate with customers as the e-commerce sector grows and becomes commonplace in retail. Strong product packaging is undoubtedly significant in an online environment, where brands constantly review their top-down marketing plans to gain an edge in a fiercely competitive market. Converted packaging offers e-commerce businesses multiple benefits, including the ability to offer customers a variety of product packaging options. This will work in the market's favor.

Restraints/Challenges

• Challenges in recycling converted packaging products

Recycling is not financially feasible because it requires numerous processes to separate the materials. End users only use high-quality material output, so low-quality materials are disposed of or sent to energy recovery facilities. Additionally, there is currently a limited supply of recycled plastics. Converters need a tremendous amount of plastics, but the supply side can still not keep up with the enormous demand. This is one of the reasons recycled plastic adoption rates are currently low and why the global converted packaging market is facing a recycling challenge. Any change in quantity or quality immediately affects the cost of the finished goods and is, therefore, not currently economically feasible.

This converted plastic packaging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. to gain more info on the converted plastic packaging market, contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022-ProAmpac announced the acquisition of Speciality Packaging Inc., a family-owned producer of specialty packaging products in paper, film, and foil for the fast food and hospitality sectors. The complementary product portfolio and manufacturing capabilities of specialty packaging will enable ProAmpac to reach out to more food service customers and increase its presence in the southwest of the United States.

Global Converted Plastic Packaging Market Scope

The converted plastic packaging market is segmented on the basis of type, material, printing technology, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Stand-Up Pouches
• Flat Pouches
• Rollstocks
• Gusseted Bags
• Wicketed Bags
• Wraps
• Others

Material

• Plastic Films
• Paper
• Aluminum Foil
• Bioplastics

Printing Technology

• Flexography
• Rotogravure
• Digital Printing
• Other Printing Technologies

Application

• Food and Beverage
• Healthcare
• Cosmetics
• Toiletries
• Industrial
• Institutional
• Tobacco Products
• Other Applications

Converted Plastic Packaging Market Regional Analysis/Insights

The converted plastic packaging market is analysed and market size insights and trends are provided by country, type, material, printing technology, and application as referenced above.

The countries covered in the converted plastic packaging market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa

Asia-Pacific dominates the market and will continue to flourish its trend of dominance during the forecast period. The major factors attributable to the region's dominance are increasing strategic partnerships, asset exchanges, capacity expansions, mergers, and acquisitions in China and India.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Converted Plastic Packaging Market Share Analysis

The converted plastic packaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to converted plastic packaging market.

Some of the major players operating in the converted plastic packaging market are:

• Amcor plc (Australia)
• ALPLA (Austria)
• DS Smith (U.K.)
• Klöckner Pentaplast (Germany)
• Berry Global Inc.(U.S.)
• Pactiv Evergreen Inc.(U.S.)
• Sonoco Products Company (U.S.)
• Honeywell International Inc. (U.S.)
• ProAmpac. (U.S.)
• Tetra Pak International SA (Switzerland)
• Sealed Air (U.S.)
• Mondi (U.K.)
• Canada Colors and Chemicals Limited (Canada)
• Coveris (U.K.)
• Huhtamaki (Finland)
• WINPAK LTD. (Canada)

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