Global Plastic Containers Market to Witness Steady Growth with a CAGR of +2.5% in Market Volume and +4.8% in Market Value from 2023 to 2030

IndexBox has just published a new report: World - Plastic Containers - Market Analysis, Forecast, Size, Trends and Insights.

The article discusses the projected growth of the plastic containers market over the period from 2023 to 2030, highlighting a forecasted increase in market volume to 28 million tons and market value to $147 billion. The growth is fueled by rising demand for plastic containers globally, with a predicted CAGR of +2.5% for volume and +4.8% for value during the specified period.

Market Forecast

Driven by increasing demand for plastic containers worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2023 to 2030, which is projected to bring the market volume to 28M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2023 to 2030, which is projected to bring the market value to $147B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Plastic Containers

In 2023, after two years of growth, there was significant decline in consumption of plastic containers, when its volume decreased by -6.9% to 24M tons. The total consumption volume increased at an average annual rate of +3.8% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the peak volume at 25M tons in 2022, and then dropped in the following year.

The global plastic container market value contracted to $105.7B in 2023, with a decrease of -6.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated moderate growth from 2013 to 2023: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by +41.3% against 2017 indices. As a result, consumption reached the peak level of $112.7B, and then declined in the following year.

Consumption By Country

China (5.2M tons) constituted the country with the largest volume of plastic container consumption, accounting for 22% of total volume. Moreover, plastic container consumption in China exceeded the figures recorded by the second-largest consumer, Italy (2.6M tons), twofold. The third position in this ranking was held by India (2.1M tons), with an 8.7% share.

From 2013 to 2023, the average annual growth rate of volume in China amounted to +4.6%. The remaining consuming countries recorded the following average annual rates of consumption growth: Italy (+11.5% per year) and India (+4.1% per year).

In value terms, China ($29.5B) led the market, alone. The second position in the ranking was taken by Italy ($11.7B). It was followed by the United States.

From 2013 to 2023, the average annual rate of growth in terms of value in China totaled +6.7%. The remaining consuming countries recorded the following average annual rates of market growth: Italy (+12.3% per year) and the United States (+6.5% per year).

In 2023, the highest levels of plastic container per capita consumption was registered in Italy (44 kg per person), followed by Germany (7.6 kg per person), South Korea (7.1 kg per person) and Japan (7 kg per person), while the world average per capita consumption of plastic container was estimated at 3 kg per person.

From 2013 to 2023, the average annual rate of growth in terms of the plastic container per capita consumption in Italy amounted to +11.7%. In the other countries, the average annual rates were as follows: Germany (+2.5% per year) and South Korea (+2.5% per year).

Production

World Production of Plastic Containers

In 2023, production of plastic containers decreased by -6.8% to 23M tons for the first time since 2020, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +3.8% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 13%. Global production peaked at 25M tons in 2022, and then shrank in the following year.

In value terms, plastic container production fell to $107.2B in 2023 estimated in export price. In general, the total production indicated pronounced growth from 2013 to 2023: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by +44.1% against 2017 indices. The most prominent rate of growth was recorded in 2022 with an increase of 11%. As a result, production reached the peak level of $114.2B, and then dropped in the following year.

Production By Country

The country with the largest volume of plastic container production was China (5.5M tons), comprising approx. 23% of total volume. Moreover, plastic container production in China exceeded the figures recorded by the second-largest producer, Italy (2.6M tons), twofold. The third position in this ranking was held by India (2.1M tons), with an 8.9% share.

In China, plastic container production increased at an average annual rate of +4.8% over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: Italy (+11.6% per year) and India (+4.1% per year).

Imports

World Imports of Plastic Containers

After two years of growth, supplies from abroad of plastic containers decreased by -1.3% to 2.5M tons in 2023. The total import volume increased at an average annual rate of +3.5% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 16% against the previous year. Over the period under review, global imports hit record highs at 2.6M tons in 2022, and then shrank slightly in the following year.

In value terms, plastic container imports dropped modestly to $10.5B in 2023. Overall, total imports indicated a notable expansion from 2013 to 2023: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +18.7% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 19%. Global imports peaked at $11B in 2022, and then fell slightly in the following year.

Imports By Country

In 2023, Mexico (485K tons), distantly followed by the United States (233K tons) and Germany (154K tons) represented the key importers of plastic containers, together making up 35% of total imports. The following importers - Canada (104K tons), the Netherlands (90K tons), France (87K tons), China (62K tons), South Korea (61K tons), Belgium (59K tons), Singapore (57K tons), the UK (57K tons), Austria (49K tons) and Indonesia (48K tons) - together made up 27% of total imports.

Imports into Mexico increased at an average annual rate of +6.8% from 2013 to 2023. At the same time, South Korea (+12.2%), Belgium (+7.7%), Indonesia (+7.4%), the Netherlands (+7.1%), Singapore (+3.6%), Germany (+3.2%), France (+2.9%) and Canada (+1.9%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +12.2% from 2013-2023. Austria, China and the United States experienced a relatively flat trend pattern. By contrast, the UK (-6.3%) illustrated a downward trend over the same period. From 2013 to 2023, the share of Mexico increased by +5.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.7B) constitutes the largest market for imported plastic containers worldwide, comprising 16% of global imports. The second position in the ranking was held by Mexico ($756M), with a 7.2% share of global imports. It was followed by Germany, with a 7.1% share.

In the United States, plastic container imports expanded at an average annual rate of +2.5% over the period from 2013-2023. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+7.0% per year) and Germany (+4.0% per year).

Import Prices By Country

The average plastic container import price stood at $4,148 per ton in 2023, which is down by -3.7% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 6.1% against the previous year. Over the period under review, average import prices reached the peak figure at $4,306 per ton in 2022, and then declined modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United States ($7,363 per ton), while Mexico ($1,558 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the UK (+9.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plastic Containers

In 2023, approx. 2.4M tons of plastic containers were exported worldwide; standing approx. at 2022. The total export volume increased at an average annual rate of +4.3% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 16% against the previous year. As a result, the exports attained the peak of 2.4M tons; afterwards, it flattened through to 2023.

In value terms, plastic container exports declined slightly to $11B in 2023. In general, total exports indicated a prominent expansion from 2013 to 2023: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +68.4% against 2013 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 18% against the previous year. The global exports peaked at $11.1B in 2022, and then dropped slightly in the following year.

Exports By Country

China (317K tons), Mexico (299K tons), the United States (207K tons), Germany (163K tons), Canada (133K tons), the Netherlands (117K tons), Malaysia (109K tons), France (84K tons), Italy (73K tons), India (61K tons), Spain (58K tons) and South Korea (52K tons) represented roughly 70% of total exports in 2023. Poland (47K tons) followed a long way behind the leaders.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Spain (with a CAGR of +8.0%), while the other global leaders experienced more modest paces of growth.

In value terms, China ($2B), the United States ($1.5B) and Germany ($779M) were the countries with the highest levels of exports in 2023, together accounting for 39% of global exports.

China, with a CAGR of +10.0%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average plastic container export price amounted to $4,585 per ton, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2018 when the average export price increased by 9.1% against the previous year. Over the period under review, the average export prices reached the peak figure at $4,625 per ton in 2022, and then reduced slightly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United States ($7,368 per ton), while Mexico ($1,941 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+5.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform