Global Sustainable Plastic Packaging Market

Global Sustainable Plastic Packaging Market Size, Share, Trends, Growth, Industry Analysis, Key Players, Revenue, Future Development & Forecast

Date: 5/26/2023 Page 261

Report Scope & Overview:

Sustainable Plastic Packaging Market is expected to grow at 5.6 % CAGR from 2023 to 2029. It is expected to reach above USD 137.17 billion by 2029 from USD 84 billion in 2022.

The market for sustainable plastic packaging has been growing in response to increasing environmental concerns and the need to reduce plastic waste. Many companies and consumers are shifting towards sustainable packaging alternatives to reduce their environmental footprint. This has led to the development and adoption of various sustainable packaging solutions, such as bio-based plastics, biodegradable plastics, and recycled plastics.

Some of the key factors driving the growth of the sustainable plastic packaging market include government regulations and policies promoting sustainable practices, consumer demand for eco-friendly packaging, and the increasing awareness of the negative impacts of traditional plastic packaging on the environment.

The market encompasses various sectors, including food and beverage packaging, personal care packaging, pharmaceutical packaging, and more. Companies are investing in research and development to create innovative and sustainable packaging solutions that maintain product integrity while reducing environmental impact.

Sustainable Plastic Packaging Market Key Trends:

Increased Demand for Bioplastics: Bioplastics, which are derived from renewable sources such as plants, are gaining popularity in the sustainable plastic packaging market. These materials offer advantages such as reduced carbon footprint, biodegradability, and decreased dependency on fossil fuels.

Shift towards Recycled Plastics: There is a growing emphasis on using recycled plastics in packaging to reduce the consumption of virgin plastics and promote a circular economy. Companies are incorporating post-consumer recycled plastics (PCR) or post-industrial recycled plastics (PIR) into their packaging solutions.
Innovative Packaging Designs: Manufacturers are focusing on developing innovative packaging designs that minimize material usage while maintaining functionality and product protection. This includes lightweighting packaging, utilizing thinner films, and incorporating features like resealable closures and dispensing systems.
Packaging Waste Reduction: The sustainable plastic packaging market is witnessing a strong emphasis on waste reduction. This includes initiatives such as source reduction, improved recycling infrastructure, and the development of packaging solutions that can be easily recycled or composted.
Increased Consumer Awareness and Demand: Consumers are becoming more aware of the environmental impacts of plastic packaging and are actively seeking sustainable alternatives. This has led to a growing demand for products packaged in eco-friendly materials and increased pressure on companies to adopt sustainable packaging practices.
Government Regulations and Initiatives: Governments and regulatory bodies are implementing measures to reduce plastic waste and promote sustainable packaging. This includes regulations on single-use plastics, extended producer responsibility (EPR) programs, and incentives for using sustainable packaging materials.
Collaboration and Partnerships: Collaboration among various stakeholders, including packaging manufacturers, brands, recycling facilities, and governments, is increasing to drive innovation and sustainability in the packaging industry. Partnerships are formed to develop and implement recycling and recovery infrastructure, research new materials, and share best practices.

Market Segmentations:
Global Sustainable Plastic Packaging Market: By Company
• Amcor plc
• Bemis Company Inc.
• Tetra Laval International SA.
• Mondi
• WestRock Company
• BASF SE
• Sonoco Products Company
• Smurfit Kappa
• Sealed Air
• Huhtamaki
• Gerresheimer AG
• BALL CORPORATION
• Ardagh Group S.A.
• Crown Holdings
• DS Smith
• International Paper
• Berry Global Inc.
• Reynolds
• Genpack LLC
• DuPont
• Uflex Ltd. and Evergreen Packaging LLC
• Among

Global Sustainable Plastic Packaging Market: Based on Function
• Active
• Moulded pulp
• Alternate fibre.

Global Sustainable Plastic Packaging Market: Basis of Packaging
• Trays
• Bags
• Boxes
• Bottle & jars
• Films
• Pouches & sachets
• Drums
• IBC

Global Sustainable Plastic Packaging Market: Basis Of Process
• Recycled Content
• Reusable
• Degradable

Global Sustainable Plastic Packaging Market: Basis Of End-User
• food
• Beverage
• Automobile & electronics
• Chemical
• Pharmaceutical
• Agriculture and personal care

Global Sustainable Plastic Packaging Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Sustainable Plastic Packaging Market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

Objectives of Sustainable Plastic Packaging Market:

Minimize Plastic Waste: One of the primary objectives is to reduce the amount of plastic waste generated from packaging. This involves implementing strategies to minimize the use of virgin plastics, promote recycling, and encourage the use of recycled and biodegradable materials.
Promote Circular Economy: The market aims to transition from a linear economy to a circular economy model, where packaging materials are designed for reuse, recycling, or composting. This objective involves implementing systems and infrastructure that facilitate the collection, sorting, and processing of packaging waste to keep materials in circulation.
Reduce Carbon Footprint: Sustainable plastic packaging seeks to lower the carbon emissions associated with packaging production and disposal. This can be achieved by utilizing materials with a lower carbon footprint, optimizing packaging design to minimize material usage and transportation impacts, and adopting energy-efficient manufacturing processes.
Preserve Product Quality and Safety: While pursuing sustainability, the market aims to ensure that packaging materials maintain the necessary attributes to preserve product quality and safety. Packaging solutions should provide adequate protection against contamination, moisture, and other environmental factors to maintain the integrity of the packaged goods.
Enhance Consumer Perception and Engagement: Sustainable plastic packaging aims to improve consumer perception and engagement by offering environmentally friendly packaging options. By aligning with consumer preferences for sustainable products, brands can enhance their reputation, build customer loyalty, and respond to the growing demand for eco-friendly packaging solutions.
Drive Innovation and Collaboration: The market aims to foster innovation in packaging materials, design, and technologies to continually improve sustainability. Collaboration between various stakeholders, including packaging manufacturers, brand owners, recyclers, and government entities, plays a crucial role in driving innovation and implementing sustainable packaging solutions.
Regulatory Compliance: Meeting regulatory requirements and standards related to sustainable packaging is another objective. Governments around the world are implementing regulations to address plastic pollution and promote sustainable practices. Adhering to these regulations helps ensure the adoption of sustainable packaging practices and creates a level playing field for businesses.

Frequently Asked Questions

What are the key drivers influencing the growth of this market?

The key drivers influencing the growth of the sustainable plastic packaging market include increasing consumer awareness, government regulations promoting sustainability, and the growing demand for eco-friendly packaging solutions.

What are the major challenges faced by the sustainable plastic packaging industry?

Major challenges faced by the sustainable plastic packaging industry include high production costs, limited recycling infrastructure, and the need for technological advancements in sustainable packaging materials.

What is the forecasted growth rate of the sustainable plastic packaging market?

The forecasted growth rate of the sustainable plastic packaging market is will grow at a rate of 5.6% for the forecast period of 2023 to 2029

How is consumer behavior impacting the demand for sustainable plastic packaging?

Consumer behavior is increasingly favoring sustainable plastic packaging due to growing environmental concerns, a preference for eco-friendly products, and an emphasis on reducing plastic waste.

What are the emerging trends in the sustainable plastic packaging market?

Some emerging trends in the sustainable plastic packaging market include the adoption of bio-based plastics, development of innovative recycling technologies, and the use of compostable packaging materials.

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Global Sustainable Plastic Packaging Market