Press release
Plastic Alternative Packaging Market Projected to Reach $11.84 Billion by 2028 with a 17.3% CAGR within Forecast Period 2024-2033
Plastic Alternative Packaging Market Report
The Business Research Company offers in-depth market insights through Plastic Alternative 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 plastic alternative packaging market size has grown rapidly in recent years. It will grow from $5.33 billion in 2023 to $6.25 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased demand for industrial packaging products, environmental concerns over plastics and rising inclination towards alternatives to plastics.
The plastic alternative packaging market size is expected to see rapid growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to technological advances, rising awareness, government initiatives and an increase in availability of plastic alternative packaging. Major trends in the forecast period include focus on establishing collaborations with research institutions and established companies, focus on investment in mono material packaging solutions, focus on leveraging industrial wastes to upcycle and create innovative plastic alternative packaging materials, focus on use of artificial intelligence (ai), focus on mergers and acquisitions and focus on use of environment-friendly bioplastics.
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Market Segmentation:
The plastic alternative packaging market covered in this report is segmented -
1) By Type: Starch-Based Plastic, Cellulose Based Plastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Other Types
2) By Process: Bio-Based/Non-Biodegradable, Biodegradable
3) By Application: Food And Beverage, Personal Care, Health Care, Other Applications
Major Driver - Environmental Concerns Propel Growth Of Plastic Alternative Packaging Market
Growing environmental concerns associated with plastic usage are a major driver of the growth of the plastic alternative packaging market. Plastic products consist of deadly pollutants and cause harmful effects on humans, animals, and the environment. Customers are interested in eco-friendly packaging options as a replacement for plastic packaging. For instance, in November 2021, according to the Office for National Statistics (ONS) Opinions and Lifestyle Survey (OPN), a UK-based national statistical institute, in October 2021, three-quarters (75%) of adults in the United Kingdom expressed concern about the effects of climate change. The rising inclination towards alternatives to plastics has attracted businesses worldwide, which contributes to the growth of the plastic alternative packaging market.
Competitive Landscape:
Major companies operating in the plastic alternative packaging market report are BASF, Amcor plc, Tetra Pak International SA, Sealed Air, Evergreen Packaging, Rengo Co. Ltd, International Paper Company, Mondi Group PLC, Futamura Group, SECOS Group, Huhtamaki, Shanghai PRECISE Packaging Co, SIG Combibloc, Greatview Aseptic Packaging, BioPak, Himalayan Packaging Industries Pvt. Ltd., Decon India Plastics Private Limited, West Pharma, Qingdao Likang Packing., Smurfit Kappa, DS smith, Element Packaging LTD, Delyn Packaging Ltd, CP Packaging Ltd, Surepak innovative packaging company, Epac flexible packaging, Enviroplast Inc., TC Transcontinental, PolyFerm Canada, TerraVerdae Bioworks Inc., Kruger Inc., Klabin SA, HP Inc., Choose Packaging, Plastic Suppliers Inc., Saudi Investment Recycling Company (SIRC), Bemis Company Inc., Winpak LLC, Rotopak LLC, Gulf East Paper and Plastic Industries LLC, Arabian Packaging LLC, Amber Packaging Industries LLC, Diamond Packaging Industries LLC, Astrapak Ltd (RPC Group), Nampak Ltd., Mpact Pty Ltd, Foster Packaging, Consol Glass (Pty) Ltd., East African Packaging Industries Ltd (EAPI), Constantia Afripack (Pty) Ltd, Bonpak (Pty) Ltd., Frigoglass South Africa (Pty) Ltd.
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Top Trend - Focus On Mono Material Packaging Solutions Gains Traction In Plastic Alternative Packaging Market
Companies in the plastic alternative packaging market are focusing on mono-material packaging solutions to offer a more sustainable polyolefins-based packaging solution with greater circularity. The products are based on a single polymer increasing recyclability as it doesn't need to be disassembled before being recycled. These materials eliminate the need for material separation and the risks of tainting a recycling stream, making recyclability easier to achieve. Companies are using new polypropylene (PP) solutions, which are viable monomaterial substitutes for multimaterial plastics, offering a higher moisture barrier, thermal resistance, and high transparency to develop mono material packaging. Also, in 2021, the Japanese printing company, Dai Nippon Printing Co., Ltd. developed a mono-material packaging combining oxygen and water vapor barrier properties that accommodate heat sterilization with high-level recyclability and are suitable for long shelf life of the contents.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Plastic Alternative Packaging Market Characteristics
3. Plastic Alternative Packaging Market Trends And Strategies
4. Plastic Alternative Packaging Market - Macro Economic Scenario
5. Plastic Alternative Packaging Market Size And Growth
…..
27. Plastic Alternative Packaging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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