Acumen Research and Consulting estimates that global Sustainable Plastic Packaging market is expected to reach the market value of around US$ 120 Bn by 2027 and is anticipated to grow at a CAGR of around 6% in terms of revenue during the forecast period 2020 – 2027.
Sustainable plastic packing plays an important role not only in maintaining the product's shelf life but also in reducing adverse environmental impacts, which are prominent in use for packaging of non-biodegradables. The ecological footprint is therefore reduced by reusable packaging. In turn, this offers a platform for environmentally friendly, healthy and judgmental packaging methods.
The report provides analysis of global sustainable plastic packaging market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Government regulations mandate the use of sustainable materials for plastic packaging in various industrial applications
The use of sustainable plastic packaging materials has also been approved by governments from many countries around the world. The addition of flame retardants, colouring agents, stabilizers and other chemicals will make recycled plastics more harmful. Various organizations, such as SPI, the National Food Processing Association, the FDA and others have also established additional laws to use recycled plastics for food packaging. The Society of Plastics Manufacturing has since developed new legislation on the recycling of recycled materials. These regulations and government policies have restricted the use and consumption of fossil-backed plastics and recycled plastics. One of the successful marketing strategies that represent the overall brand as an ethical and conscientious manufacturing business against nature is sustainable cultivation and manufacture of primary goods.
The sustainable plastic packaging industry is distinguished by growing worries about the environmental effect on the efforts of plastic and packaging producers to tackle the issue with the launch of biodegradable packaging solutions. The sustainable plastic packaging material is similar to the rubber, but after decomposition it contains extra soil nutrients. Trends in the plastic packaging industry include the emergence of novel packaging options that can be composted. NatureWorks has recently introduced new coffee-capsules with a sustainable plastic packaging material, a leading producer on the market for plastic packaging materials. Along with the implementation of sustainable plastic packaging material, manufacturers are also taking initiatives to establish a complete chain that ends with the correct disposal of plastics in the compostable plastic packaging material market. In order to ensure a system of closed-loop disposal, BASF has introduced a new "Futuro Compostable" initiative that involves bio-waste management and encourages appropriate application of compostable plastic packaging material. While policies are encouraging the use of compostable plastic packaging products, suppliers in the plastic goods compostable industry may face obstacles to create a closed-loop recycling program because, while it is compostable, it must be manufactured in large composting plants.
The market research study on “Sustainable Plastic Packaging Market (Sustainable Plastic Packaging Market By Type Flexible, Rigid, Industrial; Sustainable Plastic Packaging Market By Process: Reusable, Recyclable, Biodegradable; Sustainable Plastic Packaging Market By End Use: Healthcare, Personal care, Food & beverage, Other) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Sustainable Plastic Packaging market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Sustainable Plastic Packaging market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Sustainable Plastic Packaging market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Sustainable Plastic Packaging market is segmented as below:
Sustainable Plastic Packaging Market By Type
Sustainable Plastic Packaging Market By Process
Sustainable Plastic Packaging Market By End Use
Food & beverage
Sustainable Plastic Packaging Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Sonoco Products Company, Amcor PLC, Sealed Air Corporation, Huhtamaki OYJ, Mondi Group, Smurfit Kappa Group PLC, Uflex Ltd., Others.
Stringent laws and regulations is a key driver of the market.
The market value of sustainable plastic packaging is anticipated to be around US$ 120 Bn in 2027.
It is anticipated to grow around 6% CAGR amid the forecast period 2020-2027.
The key players operating in sustainable plastic packaging market such as Sonoco Products Company, Amcor PLC, Sealed Air Corporation, Huhtamaki OYJ, Mondi Group, Smurfit Kappa Group PLC, Uflex Ltd., Others.
High cost and limited availability.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Asia Pacific held maximum share in 2019.