Press release
Growth Surge in Plastic Alternative Packaging Market: Emphasis on Market Size, Trends, Key Players And CAGR Forecast For 2024-2029
Plastic Alternative Packaging Market
Escalating environmental concerns and a rapidly growing demand for sustainable packaging alternatives are projected to drive the global plastic alternative packaging market.
What Is The Projected Market Size Of The Global Plastic Alternative Packaging Market And Its Growth Rate?
The plastic alternative packaging market is experiencing a significant growth spurt, bolstered by increased demand for sustainable packaging solutions and pro-environment government initiatives.
•2024 Market Size: $6.22 billion
•2025 Market Size: $7.3 billion (CAGR of 17.4%)
•2029 Market Size: $14.1 billion (CAGR of 17.9%)
Key trends include collaborations with research institutions, investment in mono-material packaging solutions, upcycling of industrial waste, and the use of environmentally friendly bioplastics.
What Is Driving The Growth In The Plastic Alternative Packaging Market?
Significant factors driving the growth of the plastic alternative packaging market include rising environmental concerns and an increasing preference for eco-friendly packaging alternatives. Plastic products have deadly pollutants, causing detrimental effects on humans, animals, and the environment. Consumers are increasingly interested in eco-friendly packaging options to replace plastic packaging, contributing to the market's expansion. For instance, Earth.org reported in January 2024 that around 14 million tons of plastic enter oceans annually, potentially increasing to 29 million metric tons per year by 2040.
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Who Are the Key Players Driving Plastic Alternative Packaging Market Growth?
Key companies operating in the plastic alternative packaging market include:
•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
What Are The Key Trends In The Plastic Alternative Packaging Market?
Key trends influencing the market growth:
•Establishing collaborations with research institutions
•Investing in mono-material packaging solutions
•Upcycling industrial waste to create innovative packaging materials
•Using AI
•Mergers and acquisitions
•Usage of environment-friendly bioplastics
What Are The Segments Of The Global Plastic Alternative Packaging Market?
The plastic alternative packaging market is categorized by:
1) Type: Starch-Based Plastic, Cellulose Based Plastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Other Types
2) Process: Bio-Based Or Non-Biodegradable, Biodegradable
3) Application: Food And Beverage, Personal Care, Health Care, Other Applications
Which Region Leads The Plastic Alternative Packaging Market?
North America commanded the largest share of the plastic alternative packaging market in 2024. Other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa, which signifies the global appeal of plastic alternative packaging products.
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What Is Covered In The Plastic Alternative Packaging Market Global Market Report?
- Market Size Analysis: Analyze the Plastic Alternative Packaging Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Plastic Alternative Packaging Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Plastic Alternative Packaging Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Plastic Alternative Packaging Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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