The sustainable plastic packaging marketis 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.
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.
Get Your Sample Report – Drive Business Success! www.futuremarketinsights.com/reports…p-gb-18955
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 an analyst at FMI.
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.
Request Customization of Report: www.futuremarketinsights.com/customi…p-gb-18955
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.
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.
Key Segments
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)
Comments
0 comment