| Label | USD Million |
|---|---|
| 2018 | 57323.0868178542 USD Million |
| 2019 | 58961.1531130795 USD Million |
| 2020 | 55450.9036653703 USD Million |
| 2021 | 56592.7127023916 USD Million |
| 2022 | 58178.557609769 USD Million |
| 2023 | 60312.7902630636 USD Million |
| 2024 | 62940.0031031969 USD Million |
| 2025 | 66077.3645445471 USD Million |
| 2026 | 69454.9003278842 USD Million |
| 2027 | 73114.327965695 USD Million |
| 2028 | 76841.2986267261 USD Million |
| 2029 | 80616.0731564826 USD Million |
| 2030 | 84746.2108317951 USD Million |
| 2031 | 89257.6362795537 USD Million |
| 2032 | 93919.8629987651 USD Million |
Data Source: Wantstats Repository
Market Dynamics
The Chinese plastic packaging industry has seen significant growth over the past few decades, and this trend is unlikely to change in the near future. According to research reports, the Chinese plastic packaging market will grow at a compound annual growth rate of 4.8%, from 2018 to 2032. This growth will likely be driven by the large population and the increasing demand for consumer goods and medical products which are often packaged in plastic. In 2018, China was the largest plastic packaging market in the world, with a market size of $66.9 billion. This number is projected to reach $121.8 billion by 2032, representing a steady increase in the Chinese plastic packaging market. Currently, the majority of plastics used in packaging are flexible plastic bags, films, and labels which account for more than 50% of the total plastic packaging market in China. In addition, corrugated boxes and rigid plastic containers are increasingly in demand, particularly for transportation and storage. As consumers become increasingly concerned about food safety and hygiene, growth is also expected in the use of modified atmosphere packaging, which uses combination of plastic film and additives to maintain the freshness of food and beverage products.
The Chinese government has implemented various regulations to ensure that growth in the plastic packaging industry is responsible and sustainable. To reduce the reliance on packaging that is based on non-renewable resources, the government has put in place environmental protection measures which focus on improving resource efficiency while reducing plastic pollution. Overall, the Chinese plastic packaging market is positioned for strong growth in the coming years. The Chinese government’s pro-environmental approach and consumer demand are likely to support rapid expansion in the industry, leading to consistent economic growth. As more Chinese consumers become able to afford packaged goods, the demand for plastic packaging is only likely to increase. According to data from Euromonitor, China is projected to become the world’s largest plastic packaging market by 2022.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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