The global plastic packaging market size is poised to reach $269.6 billion by 2025, a 3.9 percent compound annual growth rate during the forecast period, according to Grand View Research Inc. In 2017, the market was valued at $198 billion.

“Increasing use of plastic packaging in widespread applications, including food and beverages, personal care, household care, consumer electronics, and construction, is likely to drive industry growth over the forecast period,” says Grand View.

Increasing penetration of bottles and pouches in medical applications is expected to have a positive impact on the market. Even so, food and beverage applications will see the fastest revenue growth over the forecast period at 4.2 percent CAGR.

The North American market accounted for the second-largest share after Asia Pacific.