The PS Containers Market share's net worth is likely to grow from USD 1352.7 million in 2023 to over USD 1747.3 million by 2033. The market is expected to register a CAGR of 2.6% from 2023 to 2033.
Rapid urbanization, coupled with lifestyle changes, especially in developing countries, has led to an increase in the demand for PS containers.
PS containers are manufactured from the finest quality foamed polystyrene, which can easily be molded into a multitude of shapes and configurations. PS containers have excellent insulation properties and excellent thermal resistance making them highly suitable for packaging both hot and cold foods.
Hot food packed in PS containers can stay warm and cold food may stay cold for a long time. Hence, PS containers are widely used in the food service industry. PS containers are accessible in various product types such as bottles, jars, plates & bowls, trays, blisters & clamshells, and others.
The availability of PS containers in different sizes and shapes has proven to fulfill the need for various end-use applications. PS containers are lighter than many other materials making them a very economical choice for a wide range of applications.
The preference for takeaway or ready-to-eat food is growing as a result of changing lifestyles, rising disposable incomes, and rapid urbanization, particularly in developing economies.
A corporate culture promoting out-of-home food practices is also resulting in strong demand for PS containers. As a result of these factors, the PS container market is expected to grow throughout the forecast period.
As PS containers are light than many other materials, they are becoming popular in various end-use industries, including food, medical, electrical and electronics, cosmetics & personal care, and many others.
As a result of its recyclable nature, the global PS containers market is expected to see positive growth over the forecast period. For instance, the food packaging industry is estimated to account for a high share of the market due to the increasing demand for ready-to-eat food products and the growing preference for PS Containers in the food industry.
Attributes | Details |
---|---|
PS Containers Market Value (2023) | USD 1352.7 million |
PS Containers Market Expected Value (2033) | USD 1747.3 million |
PS Containers Market Projected CAGR (2023 to 2033) | 2.6% |
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As per FMI, the PS Containers market may reach over USD 1747.3 million by 2033. In 2022, the global market increased at a CAGR of 2.0%, which is a market share of USD 1326 million. Although not evenly distributed throughout all regions, this growth is significant in developing markets, where it is predicted to reach USD 1352.7 million by 2023 with a CAGR of 2.6%.
Historical CAGR | 2.0% |
---|---|
Historical Market Value (2022) | USD 1326 million |
Forecast CAGR | 2.6% |
In the wake of the pandemic, PS containers have experienced low demand than anticipated across all regions compared to pre-pandemic levels. According to FMI analysis, the global PS Containers market declined by 2.0% between 2016 and 2021.
Particulars | Details |
---|---|
Jan-Jun (H1), 2021 (A) | 3.5% |
Jan-Jun (H1), 2022 Projected (P) | 3.7% |
Jan-Jun (H1), 2022 Outlook (O) | 3.0% |
BPS: H1,2022 (O) - H1,2021 (P) | -50 |
BPS Change: H1,2022 (O) - H1,2021 (A) | -70 |
One of the most important factors which have led to a significant increase in the sales of PS containers is the change in lifestyles, especially in developing countries. In countries like India, China, etc., there has been a paradigm shift in the lifestyle of people, especially over the past 2 decades.
Due to the busy lifestyle of people working in corporate companies, they hardly get any time to cook and eat their food. Instead, they go in for ready-to-eat food or fast food. In such cases, they generally make use of utensils made of Polystyrene. Because of this, there has been an increasing demand for PS containers, not only in developing but also in developed nations.
Moreover, owing to their lightweight and affordable cost, PS containers have become extremely popular. Owing to these features, they are used in a variety of industries ranging from medical, electrical, and electronics, and cosmetics and personal care. These factors have ultimately led to an increase in the sales of PS containers.
Even during the manufacturing of PS Containers, not much energy is utilized. Apart from that, the number of raw materials involved in the manufacturing of PS containers is also quite less. All these indicate the fact that businesses have saved lots of money by making use of polystyrene, and this has further propelled the sales of PS containers.
Some restraints in the PS (polystyrene) containers market include:
Owing to rapid urbanization in developing countries, Asia Pacific is believed to be the most attractive destination for the PS container market. The reason behind this is a lifestyle change, and people don’t get time to prepare food by themselves.
So, while consuming ready-to-eat food or food from a quick-service restaurant, people generally make use of PS containers.
The two countries mainly responsible for such a massive growth of the PS containers market are India and China in the Asia Pacific region, and especially China.
If we talk about North America and Europe, increasing quick-service restaurants in these regions have fueled the demand for PS containers in these regions. Moreover, the existence of rapid urbanization has also increased the sales of PS containers.
Even Latin America has been witnessing an increased demand for PS containers for a variety of industries like medical, electronics, food, etc.
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Country | Statistics |
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The United States | The PS containers market in the United States currently holds the maximum number of shares and has registered a market valuation of USD 287 million in 2022. The United States PS container market is projected to capture a market share of 17.1% by the end of 2023. |
The United Kingdom | Europe is identified to hold a significant market share in the PS containers market. Currently, the United Kingdom is the leading country in this region and is accountable for a market valuation of USD 289.0 million in 2023, advancing at a moderate-paced CAGR of 3.6%. The market valuation is expected to surpass USD 555 million by 2033. |
China | China is projected to advance at a significant pace, registering a CAGR of 6.8% through the forecast period. The country is currently holding a market valuation of USD 347.1 million in 2023. FMI estimates valuation to surpass USD 670.14 million by the end of 2033. |
India | India is projected to advance at a moderate pace, registering a CAGR of 7.5% through the forecast period. The country is currently holding a market valuation of USD 310.68 million in 2023. FMI estimates valuation to surpass USD 640.31 million by the end of 2033. |
Many start-ups in the PS Containers market are working on innovative solutions to meet the evolving needs of the industry. These start-ups are hugely driven by the increasing need for enhanced environmental sustainability.
These start-ups are working to bring cutting-edge technologies and solutions to the PS container market, helping to shape the future of the industry.
There are some start-ups operating in the PS (polystyrene) container market, which includes products like foam cups, take-out containers, and packaging materials. Some examples include:
These start-ups are a part of a trend of companies looking for ways to reduce the environmental impact of packaging materials, particularly those made from plastic.
In an attempt to influence consumer purchases and differentiate product offerings, manufacturers of PS containers are introducing packaging with new textures, graphics, eye-catching colors, and innovative designs. To strengthen their position in the PS containers market, the companies are engaging in strategic initiatives, including regional expansions, mergers, partnerships, and collaborations.
Recent Developments:
Attribute | Details |
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Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2023 |
Market Analysis | USD billion for Value and MT for Volume |
Key Regions Covered | North America; Latin America; Europe; The Middle East and Africa; East Asia |
Key Countries Covered | United States, Canada, Brazil, Mexico, Chile, Peru, Germany, United Kingdom., Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Turkey |
Key Segments Covered | Product, Application, Region |
Key Companies Profiled | Tray-Pak Corporation; Alpha Packaging; Genpak, LLC; Sabert Corporation; Tecnowerk Plast SRL; Takween Advanced Industries; Alpha Packaging; TYH CONTAINER Enterprise Co., Ltd.; Tekni-Plex; Dart Container Corporation |
Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Customization & Pricing | Available upon Request |
From 2017 to 2022, the market expanded at a CAGR of 2%.
The growth potential of the market is 2.6% through 2033.
Germany may witness significant growth in the market.
The negative perception of PS containers among consumers and increasing regulations and restrictions on the use of PS containers restrain market growth.
India, Japan, and China dominate the Asian market.
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