The global sustainable plastic packaging market accounted for a value of USD 82.3 billion in 2019. Sustainable plastic packaging market projected to register growth at a CAGR of 5.1% during forecast period.
COVID-19 has impacted all the businesses over the globe. The supply chain has been disrupted due to travel restriction. The plants were shut due to lockdown. The demand for sustainable packaging has declined due to decline in growth of various end-user industries. The market will foresee growth from 2021.
For more details, visit, Global Sustainable Plastic Packaging Market By Process (Recyclable, Reusable, Others), By Packaging Type (Rigid, Industrial, Others), By Application (Healthcare, Personal Care, Others), By Region–Forecast & Opportunities to 2026
The pollution is increasing in the world rapidly. The rising level of pollution is the major concern for government across the world. Governments are taking various initiatives in order to reduce the pollution level across the world. The pollution caused by plastic is a matter of concern thus, governments are promoting use of biodegradable plastics. This drives growth in sustainable plastic packaging market during forecast period.
On the basis of process, the sustainable plastic packaging market is segmented into recyclable, reusable and biodegradable. The biodegradable segment is projected to be fastest growing segment during forecast period. The biodegradable plastics can be decomposable naturally in the environment. These plastics are less harmful to environment then other plastics. It is composed of bio-plastics which is manufactured from renewable raw materials. Governments across various regions promote use of biodegradable plastics. This drives growth in biodegradable plastics process during forecast period.
On the basis of packaging type, the sustainable plastic packaging market is segmented into rigid, industrial and flexible packaging type. The rigid segment is estimated to hold largest market share during forecast period. These plastics packaging are majorly used for residential consumer use and these plastics are recyclable but not much flexible. This drives growth in rigid packaging segment during forecast period.
On the basis of application, the sustainable plastic packaging market is segmented into food & beverage, personal care and healthcare and others. The food & beverage segment accounted for largest market share in 2019. It is estimated to register growth at highest CAGR during forecast period. Food packaging helps in increasing shelf life of food products. Many across the world have developed packaging from recyclable and degradable materials so that it doesn’t harm environment in any way and achieve sustainability. The health awareness is growing immensely and consumers are looking for hygiene and quality food. This drives growth in sustainable plastic packaging in food & beverage industry during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The population is growing rapidly in this region along with the growth in economy. Various countries such as India and China in this region are estimated to register highest growth during forecast period. This region is adopting sustainable plastic packaging at large scale as it does not harm environment and is decomposable in environment. The awareness among customers is increasing about healthy lifestyle and quality food products along with eco-friendly packaging in this region which increases demand for sustainable plastic packaging. This drives growth in Asia-Pacific region during forecast period.
The key market players in sustainable plastic packaging industry are Amcor Plc., Sonoco Products, Sealed Air Corporation, Huhtamaki OYJ, Berry Global Group Inc., Smurfit Kappa, Mondi Plc, Uflex Ltd., Constantia Flexiles, Genpak LLC, Plastic Suppliers, Natureworks LLC, Phoenix Technologies International, Novamont S.P.A. and Innovia Films.
- What are the expected industry trends over the next three to five years?
- Which of the sustainable plastic packaging process is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?