“According to SNS Insider, the Sustainable Plastic Packaging Market is expected to reach USD 138.95 billion by 2031 and was valued at USD 91.25 billion in 2023, similarly grow at a CAGR of 5.4% over the forecast period of 2024-2031”
Sustainable Plastic Packaging Market Report Scope:
Consumers, increasingly aware of environmental issues like plastic pollution in oceans and landfills estimated at millions of tonnes annually, are actively seeking out sustainable alternatives.
This shift in mindset is reflected in purchasing habits, with 78% of consumers prioritizing brands with sustainability efforts. Governments are also playing a key role, implementing stricter regulations and policies to reduce plastic waste. For instance, many countries have introduced bans or levies on single-use plastics. These combined forces are pushing companies to adopt sustainable plastic packaging solutions, creating an intense effect throughout the market. While the current cost of sustainable plastic packaging materials may be slightly higher, advancements in technology and increased demand are expected to bring these costs closer to traditional plastics in the long run.
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Major Players Listed in this Report are:
- Amcor plc
- Tetra Laval International SA
- Sonoco Products Company
- Sealed Air
- Ball Corporation
- Smurfit Kappa
- Berry Global Inc
- DuPont
- Evergreen Packaging LLC
- WestRock Company
Sustainable plastic packaging materials often have higher upfront costs compared to virgin plastic, leading to price hikes that can be passed onto consumers, potentially impacting sales. Additionally, ensuring functionality remains a concern. Biodegradable options might not offer the same shelf life or durability as traditional plastics, forcing companies to strike a balance between sustainability and product integrity. These factors, coupled with a lack of standardized recycling infrastructure and fluctuating demand for specific sustainable plastic packaging options, create a challenging yet lucrative market for these key players.
By Process Segmental Share:
Recyclable plastics, currently holding the largest share of 60%, offer a familiar and cost-effective solution. They leverage existing recycling infrastructure, making them a popular choice for brands. Reusable plastics holding the share of around 15-20% prioritize long-term use, reducing overall plastic consumption. This segment supply to items intended for multiple uses, like water bottles.
Biodegradable plastics holding the share of 10-20%, the fastest-growing segment, address plastic waste directly. Made from plant-based materials, they decompose naturally, minimizing environmental impact. However, their higher production cost and dependence on specific composting facilities limit wider adoption. This process segmentation reflects a dynamic market where various solutions co-exist, with each offering distinct advantages in the ongoing quest for sustainable packaging.
Sustainable Plastic Packaging Market Key Segments:
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
Beyond established players like Europe, the APAC region is emerging as a powerhouse in the sustainable plastic packaging market, currently holding around 44% of the global share.
The dominance is mainly supported by the economies in China, India, and Southeast Asia, leading to a surge in demand for packaged consumer goods and food & beverages. Governments are actively implementing policies to promote sustainability. For instance, India enforced the Plastic Waste Management Rules which phased out single-use plastics below 75 microns, encouraging a shift towards recyclable options. Similarly, China’s National Sword policy restricted plastic waste imports, pushing domestic manufacturers to adopt sustainable practices. This imperative element of rising consumer demand and government regulations is promoting the APAC region to the forefront of the sustainable plastic packaging market.
Competitive Landscape:
The competitive landscape of Sustainable Plastic Packaging market is highly intensified. Here is the market share of the incumbents and the new entrants. Established players like Amcor and Dow holds the share of 22% leverage their existing infrastructure and brand recognition to dominate the scene. But innovative startups like Apeiron and Biopolymer Technologies which holds the share of 10% are rapidly carving a niche with their unique bio-based and biodegradable solutions. Meanwhile, traditional packaging giants like Sonoco holding the share of 8% are strategically acquiring these sustainable pioneers to expand their portfolios.
Government regulations like the EU’s Single-Use Plastics Directive are further shaping the landscape, pushing companies to adopt recycled content up to 25% market share or develop compostable alternatives.
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Key Trends:
- Sustainable Plastic Packaging, leading the pack at nearly 47% market share, are particularly attractive due to their ability to decompose naturally, minimizing threats to wildlife and ecosystems.
- Governments around the world are taking action the European Union has implemented a directive mandating all plastic packaging to be recyclable or compostable by 2030, while India has imposed a ban on specific single-use plastic items.
- This mixture of consumer demand, regulatory pressure, and technological advancements is making the way for a more sustainable future in the plastic packaging industry.
Key Takeaways:
- Biodegradable options are leading the charge, offering a guilt-free alternative that breaks down easily, but recyclability remains a key player.
- Food and beverage companies are at the forefront, embracing sustainable packaging to meet consumer demands and corporate social responsibility goals.
- With continued investment in recycling infrastructure and consumer education, sustainable plastic packaging is poised to become the new normal, ensuring both product protection and environmental responsibility.
Table of Contents – Key Points
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
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
4.3 Supply Demand Gap Analysis
5 Value Chain Analysis
6 Porter’s 5 forces model
7 PEST Analysis
8 Sustainable Plastic Packaging Market Segmentation, by Packaging Type
8.1 Rigid
8.2 Flexible
8.3 Industrial
9 Sustainable Plastic Packaging Market Segmentation, by Packaging Format
9.1 Primary
9.2 Secondary
9.3 Tertiary
10 Sustainable Plastic Packaging Market Segmentation, by Process
10.1 Recyclable
10.2 Reusable
10.3 Biodegradable
11 Sustainable Plastic Packaging Market Segmentation, by Application
11.1 Food & Beverages
11.2 Automobile & Electronics
11.3 Pharmaceuticals
11.4 Agriculture
11.5 Others
12 Regional Analysis
13 Company Profile
14 Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15 USE Cases and Best Practices
16 Conclusion
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