BUSINESS

Sustainable Plastic Packaging Market on Track to Surpass USD 138.95 Billion by 2031 Driven by Growing Consumer Demand

The SNS Insider report, indicates that the Sustainable Plastic Packaging Market Size was valued at USD 91.25 Billion in 2023. It is projected to achieve a market size of USD 138.95 Billion by 2031, with a compound annual growth rate of 5.4%expected over the forecast period from 2024 to 2031.

Market Report Scope

Sustainable plastic packaging represents a conscientious approach to packaging, utilizing biodegradable films and materials that are environmentally safe and can be recycled or reused. The market growth is fueled by a growing consumer preference for recyclable and environmentally friendly materials. Factors such as the increasing miniaturization of packaging, technological advancements, and rising public awareness of plastic pollution are also contributing to market expansion.

Governments worldwide are enacting regulations to address plastic waste, leading to bans or restrictions on single-use plastics and the promotion of sustainable packaging practices. These regulations shape the market by encouraging the adoption of sustainable plastic packaging solutions. The market presents significant growth opportunities for companies focusing on sustainability, innovation, and collaboration, as the demand for eco-friendly packaging solutions rises.

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Market Key Players:

  • Amcor plc
  • Tetra Laval International SA
  • Sonoco Products Company
  • Sealed Air
  • Ball Corporation
  • Smurfit Kappa
  • Berry Global Inc
  • DuPont
  • Evergreen Packaging LLC
  • WestRock Company

Market Analysis

Growing awareness of the detrimental effects of plastic pollution has propelled the demand for sustainable packaging solutions. Consumers, governments, and organizations are actively seeking alternatives to traditional plastic packaging, driving the market for sustainable options. Environmentally friendly packaging not only benefits the environment but also offers cost savings and resource conservation opportunities.

Investments in innovation and research & development are pivotal for the sustainable plastic packaging sector’s growth. Companies developing new materials, technologies, and manufacturing processes stand to tap into new market segments and applications, driving innovation within the industry. Moreover, investment in recycling infrastructure and waste management systems creates a demand pull for sustainable plastic packaging solutions.

Segment Analysis

In the sustainable plastic packaging market, the segment dominating by packaging type includes rigid, flexible, and industrial packaging. Among these, flexible packaging stands out due to its versatility and suitability for various applications, driving its dominance in the market.

By packaging format, primary packaging holds a significant share, especially in industries such as food & beverages and pharmaceuticals, where direct contact with products is crucial. Primary packaging ensures product integrity and safety, making it a dominant segment in the market.

In terms of processes, recyclable packaging materials lead the market. The demand for recyclable materials, such as paper-based solutions, is driven by environmental concerns and regulations promoting recycling practices.

Lastly, in terms of application, the food & beverage sector emerges as the dominant segment. The need for sustainable plastic packaging to reduce food wastage and enhance product shelf life fuels its demand in this sector. Products developed from recycled and degradable materials are highly sought after, further propelling market growth.

By Packaging Type

  • Rigid
  • Flexible
  • Industrial

By Packaging Format

  • Primary
  • Secondary
  • Tertiary

By Process

  • Recyclable
  • Reusable
  • Biodegradable

By Application

  • Food & Beverages
  • Automobile & Electronics
  • Pharmaceuticals
  • Agriculture
  • Others

Key Regional Developments

North America is a mature market with a strong industry presence and technological advancements. The region’s focus on efficiency, sustainability, and reduced labor costs has driven widespread acceptance of sustainable plastic packaging solutions. Major contributors include the United States and Canada.

Europe is characterized by strict regulations and a sustainability focus, Europe has a strong presence in pharmaceuticals, food & beverages, and e-commerce. Countries like Germany, the UK, and France play significant roles in driving demand for sustainable packaging solutions.

Rapid industrialization and urbanization of the Asia Pacific region are leading to an increase in demand for automatic packaging solutions. Major players include China, Japan, India, and South Korea, driven by the growing e-commerce sector and the need for efficient packaging processes.

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Key Takeaways

  • The Sustainable Plastic Packaging Market is set for robust growth, driven by shifting consumer preferences and stringent regulatory measures.
  • Innovation and investment in recycling infrastructure are crucial for market players to stay competitive and meet evolving sustainability demands.
  • The dominance of flexible packaging, recyclable materials, and the food & beverage sector highlights key trends shaping the market’s trajectory.

Recent Developments

  • In February 2020, Amcor PLCintroduced the inaugural container for Ritual Multivitamins (US), fabricated entirely from 100% Post-Consumer Recycled (PCR) resin. This move aims to bolster recycling infrastructure while diminishing the necessity for new virgin materials.
  • Sealed Air Corporation introduced a new version of bubble wrap packaging in January 2020, manufactured with at least 90% recycled content derived from post-industrial products, reducing landfill waste.

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TABLE OF CONTENT

1 Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2 Research Methodology

3 Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4 Impact Analysis
5 Value Chain Analysis

6 Porter’s 5 forces model

7 PEST Analysis

8 Sustainable Plastic Packaging Market Segmentation, by Packaging Type
9 Sustainable Plastic Packaging Market Segmentation, by Packaging Format
10 Sustainable Plastic Packaging Market Segmentation, by Process
11  Sustainable Plastic Packaging Market Segmentation, by Application
12 Regional Analysis
13 Company Profile
14 Competitive Landscape
15 USE Cases and Best Practices

16Conclusion

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