Press release
Sustainable Plastic Packaging Market Size is projected to reach USD 137.17 billion by 2029, Growth Strategies, Key Companies, Trends and Forecast
Sustainable Plastic Packaging Market Overview:This growth of the market is majorly attributed to Plastic used for packaging especially across several industries has been key concern owing to its role for increasing packaging-related waste, increasing pollution, and climate change. Along with such factors, the rising awareness regarding environment led to negative attitude of several governmental bodies and consumers. All these factors are increasingly encouraging exploration activities for better and sustainable material and in turn is fueling growth of the global sustainable plastic packaging market.
The global sustainable plastic packaging market size is projected to grow from USD 84 billion in 2020 to USD 137.17 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year.
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Biodegradable plastic decomposes naturally in the environment. This is achieved when microorganisms in the environment metabolize and break down the structure of biodegradable plastic. It is less harmful to the environment than traditional plastics. Biodegradable plastics can be composed of bioplastics manufactured from renewable raw materials. Innovation plays a key role in the biodegradable plastic packaging market.
Sustainable Plastic Packaging Market Key Players
The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Bemis Company Inc., Amcor Limited, Mondi, WestRock Company, Tetra Laval International SA., Sonoco Products Company, BASF SE, Sealed Air, Smurfit Kappa, Gerresheimer AG, Huhtamaki, Ardagh Group S.A., BALL CORPORATION, DS Smith, Crown Holdings, Berry Global and Others
Recent Development
In the year 2021, Amore has introduced the 4R strategy in their manufacturing plant, which means Recycling, Reducing petroleum-based plastic, and re-usage of plastic containers, reserving empty ones. This strategy has been followed since then and thereby fuelling the sustainable packaging market growth.
In the year 2021, Nestle has joined hands with Greenback recycling technologies that have introduced chemical recycling plants into the industry and promoted the loop to recycle food-grade plastics.
In February 2020, Amcor PLC launched the first container for Ritual Multivitamins (US) made from 100% Post-Consumer Recycled content (PCR) resin. PCR is composed of recycled materials, including PET beverage bottles that have been used and subsequently recycled to produce a new product. Using PCR helps support the recycling infrastructure and reduces demand on virgin resins.
In January 2020, Sealed Air Corporation, launched a new version of their bubble wrap brand packaging that is made with at least 90% recycled content. The recycled content used to make this version of bubble wrap brand packaging is sourced from post-industrial materials that would otherwise end up in landfills.
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Sustainable Plastic Packaging Market Segmentation:
Sustainable Plastic Packaging Market by Type, 2020-2029, (USD Billion), (Kilotons)
Rigid
Flexible
Industrial
Sustainable Plastic Packaging Market by Process, 2020-2029, (USD Billion), (Kilotons)
Recyclable
Reusable
Biodegradable
Sustainable Plastic Packaging Market by End-Users, 2020-2029, (USD Billion), (Kilotons)
Food & Beverages
Personal Care
Healthcare
Others
Growth Factors:
Increasing demand from the Sustainable Plastic Packaging industries
The growing use of Sustainable Plastic Packaging in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Sustainable Plastic Packaging Market
Restraints:
Cost Increase:
Overcapacity could be a major hindrance for this industry. Non-biodegradable plastic bags remain the most preferred packaging material in the world due to their lower cost. Because of this, packaging companies are unable to match their production capacity with their sales volume. It is costly to use raw materials such as biobased monomers, liquid biofuels, cellulosic fibers, and biopolymers. As a result, the cost is passed on to consumers.
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Sustainable Plastic Packaging Market Regional Analysis
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key Sustainable Plastic Packaging Market Trends
- The report identifies, determines, and forecasts the Global Sustainable Plastic Packaging Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Sustainable Plastic Packaging Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is expected to drive the Growth
- Rising Adoption of Market Segments in the Sustainable Plastic Packaging Growth
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Sustainable Plastic Packaging Market.
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