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%
NEW YORK, June 16, 2020 /PRNewswire/ --
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.
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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.
The growing awareness among the masses about the importance of eco-friendly, renewable packaging, the growing food & beverage industry, and low manufacturing and labor costs are driving the sustainable plastic packaging market in APAC.
Break-up of Primaries:
•?By Department: Sales/Export/Marketing: 54%, Managers: 23%, and CXOs: 23%
•?By Designation: Managers: 61%, CXOs: 23%, and Executives: 16%
•?By Region: APAC: 33%, Europe: 27%, North America: 25%, Middle East & Africa: 10%, and
South America: 5%
The sustainable plastic packaging market comprises major manufacturers such as Amcor PLC (Australia), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), and Berry Global Inc. (US)
Research Coverage
The market study covers the sustainable plastic packaging market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on the packaging type, packaging format, process, end-use sector, and region.
The study also includes in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their positions in the sustainable plastic packaging market.
Key Benefits of Buying the Report
The report is projected to help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall sustainable plastic packaging market and its segments and sub-segments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
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