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Sustainable Plastic Packaging Market on Track for Strong Growth, Estimated to Grow at 10.6% CAGR Through 2029
Sustainable Plastic Packaging Market
What Is the Expected CAGR for the Sustainable Plastic Packaging Market Through 2025?
The market for sustainable plastic packaging has seen robust growth over the past years. The market, projected to swell from $115.62 billion in 2024 to $125.29 billion in 2025, exemplifies a compound annual growth rate (CAGR) of 8.4%. Factors such as increased environmental consciousness, regulatory constraints, consumer desire, corporate sustainability objectives, and financial efficiencies have significantly contributed to its historic period expansion.
What's the Projected Size of the Global Sustainable Plastic Packaging Market by 2029?
The size of the sustainable plastic packaging market is set for swift expansion in the forthcoming years, anticipated to reach $187.19 billion in 2029, with a compound annual growth rate (CAGR) of 10.6%. Factors propelling this growth in the projected period include the surge in e-commerce, investment in recycling infrastructure, the promotion of consumer education, advancements in sustainable packaging, and innovations in sustainable materials. Over the forecast period, major trends include the use of biodegradable plastics, the introduction of recyclable packaging, initiatives to reduce plastic use, the development of innovative materials, and the implementation of smart packaging.
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Top Growth Drivers in the Sustainable Plastic Packaging Industry: What's Accelerating the Market?
The surge in the use of eco-friendly plastic packaging materials across various sectors is expected to catalyze the expansion of the sustainable plastic packaging market throughout the anticipated timeframe. Multiple industries are considering and endorsing sustainable plastic for their packing necessities due to their lightness, affordability, and recyclability, or reusability. For example, as per the Plastic Packaging Tax (PPT) statistics released by the Department HM Revenue& Customs in August 2024, the taxable component of plastic packaging in 2023-2024 represented 42%, marking an enhancement from 41% in 2022-2023. The substantial decrease in plastic material usage is triggering a demand for the integration of eco-friendly packaging, thereby catalyzing the growth momentum of the sustainable plastic packaging market.
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What Trends Will Shape the Sustainable Plastic Packaging Market Through 2029 and Beyond?
Major corporations in the sustainable plastic packaging industry, such as Repsol, are adopting an innovative approach by introducing products such as polyolefins in order to lighten the overall weight of products. Polyolefins are polymers produced from olefin monomers, primarily polyethylene (PE) and polypropylene (PP), known for their flexibility, long-lasting nature, and wide-ranging applicability across several sectors. In an instance, Repsol, a global multi-energy firm based in Spain, announced the launch of Repsol Reciclex in March 2024; a sustainable polyolefin utilized in the creation of new lubricant containers. This product line emphasizes the production of sustainable polyolefins containing recycled materials, especially engineered for packaging purposes. It prioritizes the use of mechanically recycled post-consumer plastic, thereby significantly decreasing the environmental impact of packaging in various sectors with a particular emphasis on lubricants. Repsol Reciclex endorses the circular economy by escalating the use of recycled content in its products, which assists in waste reduction and decrease of carbon footprints. This series is in line with Repsol's wider sustainability endeavors, reflecting the company's commitment to innovation and responsible resource management.
What Are the Main Segments in the Sustainable Plastic Packaging Market?
The sustainable plastic packaging market covered in this report is segmented -
1) By Packaging Type: Rigid, Flexible, Industrial
2) By Packaging Format: Primary Packaging, Secondary Packaging, Tertiary Packaging
3) By Process: Recyclable, Reusable, Biodegradable
4) By End-Use Sector: Food And Beverage, Personal Care, Healthcare, Other End-Use Sectors
Subsegments:
1) By Rigid: Bottles and Jars, Containers and Tubs, Trays and Boxes
2) By Flexible: Pouches and Bags, Films and Wraps, Laminated Packaging
3) By Industrial: Pallets and Crates, Bulk Containers, Drums and IBCs
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Which Top Companies are Driving Growth in the Sustainable Plastic Packaging Market?
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.
Which Regions Will Dominate the Sustainable Plastic Packaging Market Through 2029?
Asia-Pacific was the largest region in the sustainable plastic packaging market in 2024. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the sustainable plastic packaging market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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