Sustainable Plastic Packaging Market to $189.0B by 2034 Amid Rising Demand and Regulatory Compliance

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Feb 07, 2024, 11:30 ET

NEWARK, Del., Feb. 7, 2024 /PRNewswire/ -- Future Market Insights, Inc.'s analysis reveals a promising yet intricate future for the sustainable packaging market. The growth is propelled by escalating sustainability demands, an increasing preference for sustainable plastic solutions, and the rise of plant-based and recycled materials. Gain a competitive edge by shaping the future of sustainable packaging.

The sustainable plastic packaging market is expected to be valued at US$ 106.4 billion in 2024. The market is projected to progress at a respectable rate over the forecast period, with a CAGR of 5.9%. By 2034, the value of the market is forecasted to reach US$ 189.0 billion.

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Sustainability measures are significantly impacting the packaging sector, and suppliers require sustainable packaging solutions. Thus, the demand for sustainable plastic is increasing in the packaging sector. Sustainable plastic packaging offers industrialists all the benefits of plastic while reducing the negative environmental impact.

Sustainable plastic for packaging comes from various sources, and plant-based plastic is gaining popularity. Consumer preference for recyclable materials is driving the market for recyclable plastic. Biodegradable plastic is also experiencing increased production as industrial units aim to meet regulatory standards.

The sustainable plastic packaging market also faces certain challenges. There are concerns over the true sustainability of eco-friendly plastic, and there is a lack of consumer awareness regarding aspects of the material, such as how to properly recycle recyclable plastic. The presence of other sustainable alternatives, such as glass and metal, is also hindering the growth of the market.

"Sustainable plastic packaging is not only curbing the use of packaging materials harmful to the environment, but recyclable and biodegradable plastics are also helping to reduce the amount of waste produced by the plastic industry and preventing the clogging up of water sources with plastic. Thus, suppliers can market the multiple benefits of sustainable plastic packaging," says Ismail Sutaria (Lead Consultant, Packaging and Materials).

Key Takeaways from the Sustainable Plastic Packaging Market

The sustainable plastic packaging market is anticipated to reach a value of US$ 106.4 billion in 2024.
Rigid plastic is the most common type in the sustainable plastic packaging industry. From 2024 to 2034, rigid packaging is forecasted to progress at a CAGR of 5.6%.
Primary packaging leads in the use of sustainable plastic. For the forecast period, primary packaging is predicted to progress at a CAGR of 5.5%.
South Korea is one of the most promising countries in the market. The CAGR for South Korea over the forecast period is anticipated to be 7.4%.
Japan and China are other Asian countries poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for Japan and China is projected at 6.9% and 6.6%, respectively.
The market is expected to register a CAGR of 6.1% in the United States during the forecast period.

Competition Analysis of the Sustainable Plastic Packaging Market

Coming up with innovative, sustainable solutions involving plastic is a key area of focus for market players. The market is highly competitive, with small-scale players and startups having the opportunity to flourish. Some of the prominent companies in the market include Bemis Company Inc., Amcor Limited, Mondi, and WestRock Company.

Key Companies in the Sustainable Plastic Packaging Market

Bemis Company Inc.
Amcor Limited
Mondi
WestRock Company
Tetra Laval International SA.

Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.

Recent Developments in the Sustainable Plastic Packaging Market

In February 2024, Asda introduced recyclable plastic packaging to its Just Essentials beef mince range.
In January 2024, XAMPLA, the producer of biodegradable Morro packaging products, secured US$ 7 million in funding.

Sustainable Plastic Packaging Market Segmentation

By Type:

Rigid
Flexible
Industrial

By Packaging:

Primary packaging
Secondary packaging
Tertiary Packaging

By Process:

Recyclable
Reusable
Biodegradable

By End Use:

Food & beverage
Personal care
Healthcare
Others

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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About the Author:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.

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Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, the U.S., and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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