Sustainable Plastic Packaging Market is Estimated to Hit USD 137.17 billion by 2029, Growing Demand for Sustainable Packaging Solutions Creates a Positive Outlook for the Market

Expansion in Food & Beverage Sector Fueling Sustainable Packaging Market Development

PUNE, India, March 15, 2023 /PRNewswire/ -- The global 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.

Sustainable packaging is the development and use of packaging solutions that have minimal impact on carbon footprint and the overall environment. Sustainable materials including papers, paperboard, recyclable plastics, and metals are used to package pharmaceutical, agricultural, cosmetic, and personal care products. The global sustainable packaging industry is witnessing rise in customer preference for eco-friendly and durable product packaging.

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Sustainable Packaging Market Recent Developments

• July 2022: Mondi and converter FioriniInternational collaborated to develop a new paper packaging option for Italian premium pasta product manufacturer Antico PastificioUmbro. When applied to all pasta products, the new packaging, which is 100% recyclable, could reduce the amount of plastic used by up to 20 tonnes annually.
• April 2022: DS Smith introduced a corrugated cardboard box for the e-commerce shipment of medical devices. The corrugated cardboard box features a single-material solution instead of glued packaging with a single-use plastic insert.

The Future of Single-use Plastic Packaging in a Sustainable World

Sustainability has long been an ideal that the plastic industry has striven for; consumers welcome the concept of sustainability, but also want products protected by 'unsustainable' packaging. Single-use plastic packaging use is projected at 40.4 million tons in 2022 and is forecast to grow during 2023–2029 at a CAGR of 3.7% to 48.5 million tons in 2029.

Rise in Adoption of Recyclable Materials

For the creation of sustainable packing options, major sellers are using recyclable materials. Leading brewery Carlsberg Group announced in June 2022 the creation of a novel fibre container with a PEF polymer lining made from plants. Similar to this, EcoVantage paper produced from recycled fibres is offered by Mondi, a world pioneer in eco-friendly wrapping. The paper has an appealing look, great strength, and printability. As a result, market figures are being driven by a rise in the use of recyclable materials and eco-friendly goods.

APAC is expected to 41% lead the sustainable plastic packaging market in terms of both value and volume.

According to the World Bank, in terms of population and economic growth, APAC was the fastest-growing area in 2022. Owing to enhanced development activities and quick economic expansion, countries like India and China are likely to see rapid growth in the sustainable plastic packaging market. These countries' increasing populations provide a large customer base for FMCG products and consumer durables.

The rapid expansion of organised retail, the expansion of exports, and the rise of the e-commerce industry are all likely to help the economy grow even more.

According to a recent capgemini study on sustainability and changing consumer behaviour, 79 % are changing their purchase preferences based primarily on social responsibility, inclusiveness, and environmental impact. 53 %, including 57 % of those aged 18 to 24, have switched to less popular brands because they are more sustainable. Around 52% of consumers said they have an emotional connection to the products or organisations they consider to be sustainable. This has resulted in the need for sustainable packaging that has a low environmental impact while maintaining high quality. As a result, businesses that adopt sustainable packaging solutions to reduce environmental pollution have become increasingly important. Manufacturers have also increased their use of corn, sugar, and other crops to develop biodegradable plastics, as concerns about environmental pollution have precipitated Beijing directives and the prospect of a ban on conventional plastics, such as single-use non-biodegradable plastics like cutlery, plastic bags, and packaging.

The sustainable plastic packaging challenge aims to make plastic packaging more suitable for a sustainable future.

The challenge will bring together academia and industry while also assisting in the implementation of the UK Plastics Pact. Its goal is to position the United Kingdom as a leading innovator in smart and sustainable plastic packaging for consumer goods. It will result in cleaner growth throughout the supply chain as well as a significant reduction in plastic waste entering the environment by 2025. It achieves these goals by promoting research and innovation in the development of more sustainable plastic packaging materials and designs, enabling new recycling processes and infrastructure, and supporting meaningful reductions in plastic packaging by addressing barriers to reuse and refill supply models. encouraging collaboration and innovation in integrated circular supply chains, addressing key change barriers, and leveraging consumer behaviour insights to reduce the environmental impacts of plastic packaging Sharing knowledge and lessons learned from funded projects in order to inform and support the development of a more sustainable plastic packaging supply chain.

Sustainable Plastic Packaging Market Report Scope

Competitive Landscape

The sustainable plastic packaging market key players include Bemis Company Inc., Amcor Limited, Mondi, WestRock Company, Tetra Laval International SA., Sonoco Products Company, BASF SE, Sealed Air, Smurfit Kappa, Gerresheimer AG, Huhtamaki, Ardagh Group S.A., BALL CORPORATION, DS Smith, Crown Holdings, Berry Global Inc., International Paper, Genpack LLC, Reynolds, Uflex Ltd., DuPont, and Evergreen Packaging LLC.

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Segment Overview

Sustainable Packaging Market is segmented by Type, by Process, and by End-Users.

Sustainable Packaging Market Drivers

Increasing Demand for Sustainable Food Packaging to Propel Market Growth

Environmentally friendly materials are used in green packaging such as bioplastics, recyclable paper & plastics, plant-based biomaterial, organic fabrics, refurbished products. These products are easy to use and biodegradable in nature, which can easily replace traditional plastics and have a less environmental effect. These materials are non-reactive with food and keep it protected from contamination and other environmental effects. This factor is causing a high demand for green food packaging in the market.

Food technology has been an enabling factor that is a motivating force for consumers to shift towards convenience foods as these technologies are able to provide comfort food easily. Other types of technologies, such as transportation and communication, have also been significant in supporting the market growth of convenience foods, which in turn, is expected to favor the global green packaging market growth during the forecast period. Most of the packaging manufacturers are focusing on product safety and sustainability.

Sustainable Packaging Market Trends

Increase in Concerns Regarding Packaging Waste in Oceans and Landfills

Single-use plastics and other unsustainable packing methods contribute to pollution and the buildup of trash in landfills and waterways. This poses numerous risks to both marine and terrestrial species. Thus, the demand for sustainable packing options has increased as worries about plastic pollution have grown. Accordingly, it is predicted that in the near future this will propel market income.

Effective waste control is a top priority for major stores and producers. As a result, suppliers in the sector are creating novel mono-materials with high-barrier characteristics that can include highly reusable components.

Eco-friendly packaging is widely used for personal care products.

Plant-based packaging materials have gained traction in the cosmetics industry, as they are recyclable, compostable, and biodegradable. The L'Oréal Group, a manufacturer of makeup and personal care products, is committed to using eco-friendly packing materials.

Many personal care product manufacturers are choosing eco-friendly packing options. In order to test the Lenor liquid fabric conditioner brand in 'first-generation' paper-based packages in the Netherlands, Procter & Gamble Fabric and Home Care teamed up with the manufacturing company Paboco in November 2022. Thus, it is anticipated that increased expenditure in eco-friendly packaging will boost market worth in the coming years.

Sustainable Packaging Market Opportunities

High Demand for Paper & Paperboard Materials

During the forecast period, the paper & paperboard material section is anticipated to rule the market, according to the most recent sustainable packaging market evaluation. The category is being driven by the growth of the logistics and transit industry as well as a rise in the import and export of packaging goods.

Packaging made of paper and paperboard is inexpensive and recyclable numerous times. Because of this, the container can be used in a variety of end-use sectors. Due to their affordability, light weight, ability to produce high-quality graphics, and biodegradability, paper & paperboard materials are primarily used for food & beverage product wrapping. Additionally, they don't respond to food products, preserving the food's quality and flavour.

Several companies in e-commerce, pharmaceuticals, automobiles, electronics, chemicals, agriculture, and cosmetics & personal care industries increasingly rely on paper & paperboard packaging to achieve their sustainability goals. However, paperboards offer lower durability as compared to plastics. Thus, vendors in the market are investing significantly in the R&D of high-quality and highly durable, reliable, and sustainable products to broaden their customer base.

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Key Question Answered

• What is the current size of the sustainable plastic packaging market?
• What are the key factors influencing the growth of sustainable plastic packaging?
• What are the major applications for sustainable plastic packaging?
• Who are the major key players in the sustainable plastic packaging market?
• Which region will provide more business opportunities for sustainable plastic packaging in future?
• Which segment holds the maximum share of the sustainable plastic packaging market?

Discover more research Reports on Chemical and Material Domain, by Exactitude Consultancy

Bioplastics Biopolymers Market - size was valued at USD 8.69 billion in 2022 and is projected to reach USD 55.18 billion by 2029, growing at a CAGR of 22.8% from 2023 to 2029.

Biodegradable Films Market- size was valued at USD 1.1 billion in 2022 and is projected to reach USD 2.03 billion by 2029, growing at a CAGR of 7.1% from 2023 to 2029.

Expanded Polystyrene Market - is expected to grow at a 4.71% CAGR from 2023 to 2029. It is expected to reach above USD 23.6 billion by 2029 from USD 15.6 billion in 2022.

Recycled Plastic Market - size is expected to grow from USD 25.52 billion in 2022 to USD 56.81 billion by 2029, at a CAGR of 9.3% during the forecast period.

Biodegradable Polymer Market - is expected to grow at a 14.4% CAGR from 2023 to 2029. It is expected to reach above USD 23.65 billion by 2029 from USD 7.25 billion in 2022.

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