The historical data on plastic packaging goods production value in Malta shows a growth with fluctuations. From 2016 to 2019, the value increased steadily, registering a peak growth of 8.2% in 2019. However, there was a marked decline of 12.22% in 2020, likely due to the global pandemic's impacts. The industry rebounded strongly in 2021 with a 13.37% increase. The value continued to grow through 2023, reaching 47.0 million Euros, with the latest growth of 6.09%. The compound annual growth rate (CAGR) over the last five years up to 2023 was 4.45%.
The forecasted data from 2024 to 2028 indicates a more tempered growth. The projected production value in 2028 is 51.2 million Euros, with a forecasted 5-year CAGR of 1.21%. This suggests slower growth compared to the previous five years, highlighting the need for strategic adaptations in the industry.
Future Trends to Watch For:
- Potential shifts towards sustainable and eco-friendly packaging solutions.
- Technological advancements in recycling and biodegradable plastics.
- Regulatory changes impacting plastic usage and production standards.
- Global supply chain dynamics and raw material costs.
