The global Sustainable Plastic Packaging market size is projected to reach approximately $ 385.4 Billion by 2030, at a CAGR of 5.3% from 2022 to 2030. Sustainable packaging is the development and use of packaging which leads to improved sustainability. For a product or material to be sustainable, it must be socially, environmentally, and economically sustainable. Plastics provide a great contribution to environmental sustainability through their energy-saving potential and intrinsic recyclability & energy recovery options.
COVID-19 Impact Analysis
Many companies have begun to shift away from plastics and the sustainability goals associated with them because of the recent COVID-19 virus. A recent study found that the virus can be passed on through cardboard and plastic wrapping, which resulted in increased use of single-use materials across supermarkets by retailers. Because of the increasing demand for and the usage of cling wrap that have the potential to spread COVID19, getting rid of plastic packaging into the environment owing to its increasing disposal became a major factor that promoted sustainable packaging.
The factors driving the growth of the global Sustainable Plastic Packaging market include stringent government regulations and changes in consumer preference toward recyclable and eco-friendly packaging materials. Furthermore, factors such as downsizing of packaging and breakthrough in new technologies accelerate the growth of the sustainable plastic packaging market.
⮚ Increasing Demand for Biodegradable Plastic
Biodegradable plastic decomposes naturally in the environment unlike other types of plastic. This is due to the microorganisms in the environment, which metabolize and break down the structure of biodegradable plastic. Biodegradable plastic is less harmful to the environment as compared to traditional plastics. Biodegradable plastics consist of bio-plastics that are manufactured from renewable materials. Innovation plays a crucial role in the biodegradable plastic packaging market. Various companies are increasingly investing in research & development activities, to search for new packaging materials that are non-toxic to the environment, thereby fuelling the growth of the sustainable plastic packaging market.
- Environmental Concerns to Hinder the Market Growth
Recycling companies have trouble balancing costs and profitably generating money, specifically because of the complex procedures involved in recycling goods. To make up for labor, they charge an additional fee. Philadelphia has begun offering a recycling program where residents can turn in their recyclables to an incineration plant. The plant then uses the energy from burning and melting the recyclables to power its electricity plant. There are flaws in this solution, which is due to the high level of air pollution and carbon emissions generated.
⮚ Growing Size of the Food and Beverage Industry
The growing food and beverage industry is a major factor driving the growth of the sustainable plastic packaging market. The primary function of food & beverage packaging is to decrease food loss and increase the shelf- life of food products. The major key players are focusing on using innovative packaging materials, which are developed from degradable and recyclable materials to obtain sustainability. Consumers highly demand convenience for food solutions due to their busy lifestyles. The expectations of food quality, hygiene, ad increasing health awareness accelerate the demand for sustainable plastic packaging in the food & beverage industry, thus driving the market growth.
By Packaging Type
Based on the Packaging Type, the Sustainable Plastic Packaging market is segmented based on Rigid, Flexible, and Industrial. The Flexible Segment is anticipated to account for the large market share. In recent years, the demand for flexible plastic materials has skyrocketed in industries such as food and beverages, electrical, consumer electronics, and e-commerce. This has led to a rise in the market growth of plastic materials across the world.
Based on Process, the global Sustainable Plastic Packaging market has been divided into Recyclable, Reusable, and Biodegradable. The Recyclable segment is expected to hold the largest market share. With increased collection and processing capacity and the need to use recycled content packaging to prove environmental sustainability and distinction, there will be greater popularity of recycled content packaging.
Based on End-User, the global Sustainable Plastic Packaging market has been divided into Food & beverage, Personal care, and Healthcare. The Food and Beverage segment is expected to hold the largest market share. Food and beverage packaging play a central role in the food industry. It helps preserve the quality and life of food products by reducing their waste, increasing shelf-life, and reusing containers. Major corporations around the world are aiming for more sustainable packaging options after finding that other materials cannot effectively be reused.
Global Sustainable Plastic Packaging Market Share, by Segmentation
Based on region, the global Sustainable Plastic Packaging market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is projected to dominate the use of the Sustainable Plastic Packaging market followed by the North America and Europe regions.
The Asia Pacific region dominates the global sustainable plastic packaging market due to increasing developmental activities and rapid economic expansion. Furthermore, the increasing population in countries such as India and China presents a large customer base for FMCG products and consumer durables, which in turn boosts the demand for sustainable plastic packaging. The increasing awareness among the consumers regarding the importance of eco-friendly, renewable packaging, the growing food & beverage industry, and the low manufacturing & labor costs further drive the growth of the sustainable plastic packaging market in the Asia Pacific region.
North America Market
The North American region is expected to show tremendous growth. The aggressive policies put into place by the governments in this region are expected to usher in a boon of business opportunities for companies. Since the beginning of initiatives by the government, demand has increased for environmentally friendly packaging materials. As a result, companies are now working more with locally sourced materials to meet these trends. In Canada, the government has created recycling infrastructures for a variety of items, such as plastic cups and containers, to reduce waste. The use of single-use plastic straws and coffee cups has been banned within all public spaces in Canada starting in 2019.
The market comprises tier-1, tier-2, and local players. With their wide product portfolios, tier-1 and tier-2 players have a global reach. Because of their strategic innovations and broad regional presence, companies such as Amcor PLC, Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Berry Global Inc., Mondi, Ardagh Group S.A, Plastipak Holdings Inc., Bemis Company Inc., and UFlex Limited, lead the global Sustainable Plastic Packaging business. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as growth, product releases, and alliances.
- Amcor PLC
- Sonoco Products Company
- Sealed Air Corporation
- Huhtamaki OYJ
- Berry Global Inc.
- Ardagh Group S.A
- Plastipak Holdings Inc.
- Bemis Company Inc.
- UFlex Limited.
In February 2020, Amcor PLC launched the first container for Ritual Multivitamins which are made from 100 percent Post- Consumer recycled content (PCR) resin. PCR is made up of recycled materials such as PET beverage bottles that have been used and recycled to produce a new product.
Scope of the Report
Global Sustainable Plastic Packaging Market, by Packaging Type
Global Sustainable Plastic Packaging Market, by Process
Global Sustainable Plastic Packaging Market, by End-User
- Food & beverage
- Personal care
Global Sustainable Plastic Packaging Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: $ 3285.4 Billion|
|CAGR||5.3% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Packaging Type, Process, and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Amcor PLC, Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Berry Global Inc., Mondi, Ardagh Group S.A, Plastipak Holdings Inc., Bemis Company Inc., and UFlex Limited.|
|Key Market Opportunities||Growing Size of the Food and Beverage Industry|
|Key Market Drivers||Increasing Demand for Biodegradable Plastic|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Sustainable Plastic Packaging market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Sustainable Plastic Packaging market historical market size for the year 2020, and forecast from 2021 to 2028
- Sustainable Plastic Packaging market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Sustainable Plastic Packaging market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
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Global Sustainable Plastic Packaging Market Frequently Asked Questions (FAQ)
- What is the study period of this market?
- The study period of the global Sustainable Plastic Packaging market is 2020 – 2030
- What is the growth rate of the global Sustainable Plastic Packaging market?
- The global Sustainable Plastic Packaging market is growing at a CAGR of ~ 3% over the next 7 years
- Which region has the highest growth rate in the global Sustainable Plastic Packaging market?
- North America is expected to register the highest CAGR during 2022-2030
- Which region has the largest share in the global Sustainable Plastic Packaging market?
- Asia-Pacific holds the largest share in 2021
- Who are the key players in the global Sustainable Plastic Packaging market?
- Amcor PLC, Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Berry Global Inc., Mondi, Ardagh Group S.A, Plastipak Holdings Inc., Bemis Company Inc., and UFlex Limited are the major companies operating in the global Sustainable Plastic Packaging
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