COMMODITY PLASTIC MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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As the world population climbs towards the 9 billion mark over the next couple of decades, there will be significant rise in the demand for basic consumer goods and services that require plastics in their production and packaging. Plastics are commonly used in industries like consumer durables, food and beverages, personal and healthcare due to their low cost and versatility. As populations grow, consumption of such goods is projected to see exponential uptick. This burgeoning demand is further bolstered by improving economic conditions. Regions like Asia Pacific, Africa, and Latin America that constituted the bulk of global population increase in recent years have also witnessed strong GDP growth rates. As household incomes grow in developing nations, spending capacity on basic necessities as well as discretionary items increases substantially. This promotes the use of affordable yet functional plastic alternatives over traditional materials. For instance, rising affluence has hugely boosted packaged foods and bottled beverages consumption in countries like India, Indonesia, and Nigeria which rely heavily on plastics for packaging. According to the United Nations Department of Economic and Social Affairs data, though population grew across all regions between 2015 and 2020, Africa saw the highest annual rate of change of around 2.5%. This translates too many new consumers being added each year who will contribute to higher penetration of goods packaged in plastics. Similarly, the World Bank figures show average incomes increasing in lower-middle income economies like Vietnam, Philippines, and Kenya during the 2020-22 time period amid post pandemic recovery, signifying greater demand potential.