New York, June 02, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Europe Plastic Packaging Market – Growth, Trends, Forecasts (2020 – 2025)” – https://www.reportlinker.com/p05903685/?utm_source=GNW
It is due to consumer behavior trends, such as the growth in the use of convenience products, and the increasing use of plastic as a substitute for other packaging materials.
– The demand for plastic packaging continues to rise in Europe even though serious concerns are being raised about its impact on the environment. However, the market also faces challenges due to the government regulations in Europe and increasing consumer demand that pushes manufacturers to look for plastic packaging solutions that are biodegradable or derived from sustainable sources.
– Moreover, food takeaway is a crucial segment of the food segment. For instance, in the United Kingdom, Just Eat PLC reported that household expenditure on takeaways increased from GBP 10.1 billion in 2017 to GBP 10.4 billion in 2018, and it is further expected to reach GBP 11.2 billion by 2021.
– The European Plastics Converters (EuPC) is composed of 50.000 SMEs, and it is currently working to mitigate the effects of the coronavirus crisis. Industries and authorities are directing their full attention to the management of the crisis, and they have put on hold all inessential activities to concentrate on the health and safety of the European citizens during the next 12 months.
Key Market Trends
PET (Polyethylene Terephthalate) is Expected to Witness Significant Growth
– Polyethylene terephthalate (PET) was first introduced in the market in the early 1970s, and since then, PET has been the preferred choice for bottles. The FICCI indicated that, globally, more than 80% of the PET produced is used in the water and beverage packaging industry. The food and FMCG industry uses a small percentage of PET in packaging.
– The EU has set a target of using a minimum of 30% recycled plastic bottles by 2030. The EU member states also signed an agreement to collect 90% of plastic bottles by 2029. The rising awareness and consumer preferences for eco-friendly solutions are the primary factors for the rapid adoption of PET packaging.
– In January 2020, Toyobo Co. Ltd joined Petcore Europe, a consortium covering the entire PET value chain in the European region. Petcore Europe is dedicated to attaining sustainable growth in the usage of PET packaging. Toyobo, by entering the consortium, is likely to work to realize a circular economy friendly to people and the environment by aiming at the development of sustainable PET packaging products.
Beverage Segment is Expected to Witness Significant Growth
– The beverage industry plays an essential role in the European region. The primary factors driving the beverage industry’s growth in the region include steadily increasing population and per capita income and changing lifestyle.
– Factors, such as high disposable income, ease of availability, improvement in living standards wide variety, and presence of domestic as well as international players in the market, are fueling the beverages industry in the region. For example, according to trading economics, consumer spending in Germany increased to EUR 428.5 billion in the last quarter of 2019, from EUR 419.9 billion in the last quarter of 2018.
– Many of the leading brands in Europe have a variety of fruit and sweet-flavored non-alcoholic beverages, and these are the most popular products. Besides, the EMA has introduced an initiative that encourages manufacturers to cut salt, sugar, and fat content in food and beverages. Companies that have pledged to follow this include Mars and Nestle.
The Europe Plastic Packaging Market is highly competitive owing to the presence of multiple players in the market. The market appears to be moderately concentrated with the major players adopting strategies like product innovation, mergers and acquisitions, and expansion in order to stay competitive in the region. Some of the major players in the market are Amcor PLC, Sealed Air Corporation, RPC Group Limited among others.
– Jun 2019 – Amcor completed its acquisition of Bemis Company Inc. The acquisition of Bemis brings additional scale, capabilities, and footprint that are likely to strengthen Amcor’s industry-leading value proposition and generate significant value for shareholders.
– Oct 2019 – Coveris unveiled Duralite R, a range of next-generation shrink film that is fully recyclable, contains up to 50% of post-consumer recyclable, and an optional pre-consumer top-up material. As part of its ongoing sustainability journey to deliver recyclable flexible packaging solutions, it covers a new shrink film that provides a fully circular solution to meet both the environmental and legislative demands of the future.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05903685/?utm_source=GNW
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