DUBLIN--(BUSINESS WIRE)--The "Sustainable Plastic Packaging Market by Packaging Type (Rigid, Flexible, Industrial), Packaging Format (Primary, Secondary, Tertiary), Process (Recyclable, Reusable, Biodegradable), End-use Sector, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global sustainable plastic packaging market size is projected to grow from USD 89.0 billion in 2020 to USD 117.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year.
The sustainable plastic packaging industry has been growing as a result of stringent laws and regulations levied by governments and governing bodies, as well as a shift in consumer preference toward recyclable and eco-friendly packaging materials. Apart from these factors, downsizing of packaging and breakthrough in new technologies are also driving the sustainable plastic packaging market globally. However, the high cost of recycling and poor infrastructure available for recycling processes are likely to hamper the growth of this market.
In terms of value and volume, the biodegradable segment is estimated to be the fastest-growing process in the sustainable plastic packaging market between 2020 and 2025.
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. Several companies are investing in R&D in search of new packaging materials that are beneficial in use and non-toxic to the environment.
The food & beverage segment was the largest end-use sector in the sustainable plastic packaging market in 2019.
The food & beverage industry is a major one in the sustainable packaging market. The primary function of food & beverage packaging is to reduce food loss and increase the shelf-life of food products. Global players are aiming at using innovative packaging materials developed from degradable and recyclable materials in order to achieve sustainability. Consumers seek convenience food solutions due to lack of time. The expectations of food quality, hygiene, and growing health awareness are driving the sustainable plastic packaging market in the food & beverage sector.
APAC is projected to account for the largest share in the sustainable plastic packaging market during the forecast period.
APAC is projected to lead the sustainable plastic packaging market, in terms of both value and volume, between 2020 and 2025. According to the World Bank, in 2017, APAC was the fastest-growing region in terms of both population and economic growth. Countries such as India and China are expected to post high growth in the sustainable plastic packaging market due to growing developmental activities and rapid economic expansion. The growing population in these countries presents a huge customer base for FMCG products and consumer durables.
- Government Initiatives Toward Sustainable Packaging
- Shift in Consumer Preference Toward Recyclable and Eco-Friendly Materials
- Downsizing of Packaging
- Breakthrough in New Technologies and Innovations
- Poor Infrastructure Facilities for Recycling
- Lack of Awareness About the Importance of Sustainability in Some Emerging Economies
- Packaging Shifting Toward Non-Plastic Solutions
- Growth of the E-Commerce Industry
- Fluctuations in Raw Material Prices
- Amcor plc
- Sonoco Products Company
- Sealed Air Corporation
- Huhtamaki Oyj
- Berry Global Group Inc.
- Smurfit Kappa
- Mondi plc
- Uflex Ltd.
- Constantia Flexibles
- Aptargroup's Right to Win
- Genpak LLC
- Plastic Suppliers Inc.
- Natureworks LLC
- Phoenix Technologies International LLC
- Novamont S.P.A
- Innovia Films
- Essel Propack
- Gerresheimer AG
- Tetra Laval
- Reynolds Packaging
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