Press release
Sustainable Plastic Packaging Market Report 2024: Strategies And Recent Developments | Amcor Ltd, Sonoco Products Company, Huhtamaki OYJ, WestRock Company, Smurfit Kappa Group PLC
Sustainable Plastic Packaging Market Size
The Business Research Company offers in-depth market insights through Sustainable Plastic Packaging Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The sustainable plastic packaging market size has grown strongly in recent years. It will grow from $107.36 billion in 2023 to $116.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to environmental awareness, regulatory pressures, consumer demand, corporate sustainability goals, cost efficiency.
The sustainable plastic packaging market size is expected to see strong growth in the next few years. It will grow to $166.6 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to e-commerce growth, investment in recycling infrastructure, consumer education, sustainable packaging innovations, innovation in sustainable materials.. Major trends in the forecast period include biodegradable plastics, recyclable packaging, plastic reduction initiatives, innovative materials, smart packaging..
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Market Segmentation:
The main types of sustainable plastic packaging are rigid, flexible and industrial. Rigid packaging refers to unable to bend or be twisted out of shape. The packaging formats of sustainable plastic packaging are primary packaging, secondary packaging and tertiary packaging that can process recyclable, reusable and biodegradable and is used by food and beverage, personal care, healthcare and other end-use sectors.
Major Driver - Sustainable Plastic Packaging Gains Momentum And Is Driving Market Growth Across Industries
The increase in adoption of sustainable plastic packaging materials from different industries will propel the growth of the sustainable plastic packaging market during the forecast period. Various industries are looking at and promoting sustainable plastic for their packaging solutions because they're light, inexpensive and are recyclable or reusable. For instance, Unilever, British multinational consumer goods company reduced its plastic from 711,000 tons in 2018 to 599,000 tons in 2021 by around 16%. This high rate of reduction in plastic materials is creating a demand for the adoption of sustainable packaging thereby driving the growth of the sustainable plastic packaging market.
Competitive Landscape:
Major companies operating in the sustainable plastic packaging market include Amcor Ltd, Sonoco Products Company, Huhtamaki OYJ, WestRock Company, Smurfit Kappa Group PLC, Mondi plc, Tetra Laval International SA., BASF SE, DS Smith Plc, Genpack LLC, E. I. du Pont de Nemours and Company, Sealed Air Corporation, Crown Holdings Inc., Bemis Company Inc., Uflex Ltd., Ardagh Group Holdings S.A., Plastipak Holdings Inc., Elopak AS, Berry Global Group Inc., AptarGroup Inc., Coveris Holdings S.A., Constantia Flexibles Group GmbH, Klöckner Pentaplast Group GmbH & Co. KG, Winpak Ltd., Eco-Products Inc., Vegware Ltd., Biopak Pty Ltd., Sabert Corporation, Novamont S.p.A.
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Top Trend - Biodegradable Plastic Reshaping The Future
The increase in use of biodegradable plastic are shaping the sustainable plastic packaging market. Major companies operating in the sustainable plastic packaging market are focused on adopting biodegradable plastic to package their products due to their beneficial traits like reduction in carbon emission, eco-friendly disposable solution and more. In April 2021, Paptic Ltd., a Finland based packaging company launched a new sustainable packaging material grade for carrier bags and e-commerce mailers. Paptic has developed a new 100gsm packaging material grade that is both renewable and recyclable, as well as having unique touch and feel characteristics. It's a special grade designed specifically for carrier bags and e-commerce mailers. Wood fibers from 100% sustainably managed woods are the primary raw source. To optimize brand exposure and reusability, the new grade delivers great printability and durability.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Sustainable Plastic Packaging Market Characteristics
3. Sustainable Plastic Packaging Market Trends And Strategies
4. Sustainable Plastic Packaging Market - Macro Economic Scenario
5. Sustainable Plastic Packaging Market Size And Growth
…..
27. Sustainable Plastic Packaging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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