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Latin America Plastic Packaging Market Size (2024 - 2029)

The Latin America Plastic Packaging Market is experiencing growth driven by consumer preference for lightweight and cost-effective solutions, with plastic packaging being widely accepted due to its advantages. The market size is influenced by the introduction of innovative and sustainable packaging options, as well as the region's capacity for recycling, particularly with low-cost labor and abundant recycled plastic. The expansion of e-commerce and the shift towards single-use plastics, accelerated by the COVID-19 pandemic, are also contributing to the market's growth trajectory.

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Market Size of Latin America Plastic Packaging Industry

Latin America Plastic Packaging Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.50 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Latin America Plastic Packaging Market Analysis

The Latin America Plastic Packaging Market is expected to register a CAGR of 4.5% during the forecast period (2021 - 2026). Plastic packaging has been witnessing an increasing inclination from consumers over other products, as plastic packages are lightweight and easier to handle. Moreover, even the major manufacturers are preferring to use plastic packaging solutions, owing to their lower cost of production.

  • There is a huge variety of innovative, cost-effective, and sustainable packaging solutions emerging in the market, and plastic, as a product, is still widely accepted in the region. This has led to major players, like Amcor, introducing new products in the region. In Brazil, the leading dairy brand, Letti, and Amcor collaborated to introduce the transparent one-liter PET bottles for its milk products. Amcor recently launched PET for its Salzburg Craft Beer, in Brazil, in partnership with New Age.
  • Further, due to the availability of low-cost labor, recycled plastic from the region is considered to be among the cheapest in the world, and hence, it is exported to Europe and other regions. This has also helped increase the rate of recycling of PET in the region.
  • In Mexico, PET bottle recycling plants operated by Mexico City-based PetStar recently reached an annual production capacity of 50,000 metric ton. Coca-Cola Mexico officially opened its largest food-grade PET (polyethylene terephthalate) bottle-to-bottle recycling facility in Mexico. These developments are indicative of the growth in the future use of recyclable plastic in the region.
  • Moreover, according to Fintech Times, the region's e-commerce sales increased to USD 79.7 billion in 2019 from USD 49.8 billion in 2016. The local growth of consumer preferences, rise in internet and smartphone usage, and the entrance of many MNC e-commerce players, such as Amazon and Alibaba, disrupted the traditional market and leveraged e-commerce to access small and medium-sized clients.
  • As COVID-19 has stepped into the market, countries, globally seems to have been shifting towards single-use plastics. Supply chains, additionally, are being strained in order to meet a surge in demand for single-use plastic packaging and medical supplies.

Latin America Plastic Packaging Industry Segmentation

Plastics are being used in the packaging of multiple types of products that includes food, beverage, pharmaceuticals, personal care products, among others. Plastic as a material is primarily used in packaging owing to its performance, cost-effectiveness, and durability. Based upon the type of product being transferred, plastics can be of different grades and different material combinations like polypropylene, polyethylene, polyvinyl chloride, among others.

Rigid Plastic Packaging
By Material
PE
PP
PET
PS and EPS
Other Materials
By Product
Bottles and Jars
Trays and Containers
Caps and Closures
Other Products
By End User
Food
Beverage
Personal Care
Pharmaceuticals
Other End Users
By Country
Brazil
Argentina
Mexico
Rest of Latin America
Flexible Plastic Packaging
By Material
PE
BOPP
CPP
Other Materials
By Product
Pouches and Bags
Films and Wraps
Other Products
By End User
Food
Beverage
Personal care
Other End-users
By Country
Brazil
Argentina
Mexico
Rest of Latin America
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Latin America Plastic Packaging Market Size Summary

The Latin America Plastic Packaging Market is experiencing a notable shift towards plastic packaging solutions due to their lightweight and cost-effective nature. This trend is driven by both consumer preferences and manufacturer choices, as plastic packaging offers ease of handling and reduced production costs. The market is witnessing the introduction of innovative and sustainable packaging solutions, with major players like Amcor expanding their product offerings in the region. The availability of low-cost labor and the region's capacity for recycling PET have further bolstered the market, making recycled plastic a competitive export product. The rise of e-commerce and increased internet penetration have also contributed to the market's growth, as more consumers opt for convenient packaging solutions.

Despite the growth, the market faces challenges due to environmental concerns and regulatory pressures, prompting a shift towards more eco-friendly alternatives. Flexible packaging is gaining traction, driven by trends in e-commerce, digital printing, and sustainability, with consumers willing to pay a premium for these attributes. The demand for better packaging technologies in the food processing and agribusiness sectors is also on the rise. The market is moderately competitive, with key players like Amcor, Sonoco Products Company, and Graham Packaging Company focusing on product innovation and strategic partnerships to expand their reach. Acquisitions, such as Berry Global's purchase of RPC Group, highlight the ongoing consolidation and expansion efforts within the industry.

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Latin America Plastic Packaging Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Adoption of Lightweight Packaging Methods

      2. 1.2.2 Increased Demand for Convenient Packaging

    3. 1.3 Market Restraints

      1. 1.3.1 Concerns Regarding the Environment and Recycling

    4. 1.4 Industry Value Chain Analysis

    5. 1.5 Porters Five Force Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Rigid Plastic Packaging

      1. 2.1.1 By Material

        1. 2.1.1.1 PE

        2. 2.1.1.2 PP

        3. 2.1.1.3 PET

        4. 2.1.1.4 PS and EPS

        5. 2.1.1.5 Other Materials

      2. 2.1.2 By Product

        1. 2.1.2.1 Bottles and Jars

        2. 2.1.2.2 Trays and Containers

        3. 2.1.2.3 Caps and Closures

        4. 2.1.2.4 Other Products

      3. 2.1.3 By End User

        1. 2.1.3.1 Food

        2. 2.1.3.2 Beverage

        3. 2.1.3.3 Personal Care

        4. 2.1.3.4 Pharmaceuticals

        5. 2.1.3.5 Other End Users

      4. 2.1.4 By Country

        1. 2.1.4.1 Brazil

        2. 2.1.4.2 Argentina

        3. 2.1.4.3 Mexico

        4. 2.1.4.4 Rest of Latin America

    2. 2.2 Flexible Plastic Packaging

      1. 2.2.1 By Material

        1. 2.2.1.1 PE

        2. 2.2.1.2 BOPP

        3. 2.2.1.3 CPP

        4. 2.2.1.4 Other Materials

      2. 2.2.2 By Product

        1. 2.2.2.1 Pouches and Bags

        2. 2.2.2.2 Films and Wraps

        3. 2.2.2.3 Other Products

      3. 2.2.3 By End User

        1. 2.2.3.1 Food

        2. 2.2.3.2 Beverage

        3. 2.2.3.3 Personal care

        4. 2.2.3.4 Other End-users

      4. 2.2.4 By Country

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Mexico

        4. 2.2.4.4 Rest of Latin America

Latin America Plastic Packaging Market Size FAQs

The Latin America Plastic Packaging Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)

Amcor Plc, Sonoco Products Company, Plastipak Packaging do Brasil Ltda., Graham Packaging Company and Berry Global, Inc are the major companies operating in the Latin America Plastic Packaging Market.

Latin America Plastic Packaging Market Report Snapshots

Latin America Plastic Packaging Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)