Global Sustainable Plastic Packaging Market Overview:
The packaging is used to transport, store, and distribute products and goods in an effective, secure, and safe manner. Sustainable plastic packaging represents a new extension to ecological packaging aspects. Enterprises are adopting eco-sustainable initiatives to lower their carbon emissions, utilizing more recycled products, and reusing more package elements. Plastic offers a flexible, transparent, and rigid form of packaging that is durable and versatile due to which major industries, including personal care and the food & beverage industry, would like plastic packaging over their equivalents.
Global Sustainable Plastic Packaging Market Insights
The global sustainable plastic packaging market size was valued USD 81.7 billion in 2019 and projected to reach USD 123.2 billion by 2027, growing at a CAGR of 5.27% during the forecast period of 2020-2027 owing to the mounting consciousness about the sustainable living environmental conservation. In addition, nowadays, environmentally friendly packaging products are becoming very popular to adapt to sustainable design. Furthermore, the growing government investment in the pharmaceutical industry, coupled with manufacturers’ strategy to sustainable plastic packaging, is another key factor projected to further boost business expansion to some degree. Moreover, Extended Producers Responsibility (EPR) of numerous industries have started to include sustainable packaging. Additionally, increasing awareness about the environment has also resulted in an increased demand for sustainable plastic packaging and processing activities. Furthermore, the growth of the e-commerce industry is projected to propel the growth of the sustainable plastic packaging market at a substantial rate. In addition, the rising advancement in technology is anticipated to fuel the global market. However, the poor infrastructure of recycling products is estimated to create an obstacle in the growth of the global market. In addition, fluctuation in the prices of raw materials is predicated on challenging the growth of the global sustainable plastic packaging market.
Rising consumer awareness towards eco-friendly products
The rising awareness of eco-friendly products is projected to fuel the global sustainable plastic packaging market at a significant rate. Plastic waste is becoming highly visible due to its prevalence in recent years and its negative environmental impact and health hazards, which is a key factor in boosting the market. In a survey which was done in 2016, it is estimated that the world generated 242 million tons of plastic waste. This waste largely came into existence from three regions, including 35 million tons from North America, 45 million tons from Europe & Central Asia, and 57 million tons from East Asia & the Pacific. In addition, plastic waste is primarily released into the environment when improperly handled via open dumping, industrial emissions, and waterway dumping, which affect the health and cause several effects such as climate change. Moreover, each year, around 8 million plastics are dumped in the ocean, which is roughly about one truck of garbage per minute. Many people are aware of climate change, which leads to the usage of eco-friendly products, which is predicted to drive the global sustainable plastic packaging market.
Rising e-commerce sector
The rising e-commerce industry is projected to fuel the sustainable plastic packaging industry across the globe. E-Commerce has gained consumer confidence due to the quality of product deliverables by preserving and protecting the product from damaging the environment, which encourages the consumers to place multiple online orders as it helps maintain a healthy lifestyle. Therefore, it is estimated to boost the global market at a considerable rate. Additionally, e-commerce sales accounted for more than 15% of total retail sales in China and the UK, more than 11% in the Republic of Korea, 1.6% in India, and about 0.7% in Bangladesh. Sustainable plastic packaging generates a low amount of waste that harms, which leads to a rise in the e-commerce industry in terms of packaging, which is responsible for propelling the market.
COVID-19 Impacts Insights
Recently, the COVID-19 epidemic has severely impacted the healthcare system of industrialized and emerging economies. In a pandemic, people are stuck in their houses due to safety reasons, which has created the tremendously impacted the online shopping industry. People are becoming more conscious about their health and safety. As more cities are in lockdown, people are not able to go outside for purchasing and to overcome it, people prefer online shopping, which boosts the e-commerce industry at a substantial rate. The E-commerce industry has positively impacted the sustainable plastic packaging industry due to the quality of products from damaging the ecosystem as sustainable plastic helps in reducing the adverse effects on climate and on health. In addition, during the pandemic, we all realize that hygiene is one of the key factors which can keep us safe. As a result, the sustainable plastic packaging market is anticipated to grow at a significant rate during the covid-19 over the forecasted period of 2020-2027.
Packaging Type Segmental Analysis
Based on the component, the global sustainable plastic packaging market is bifurcated into Rigid, Flexible, and Industrial. The flexible segment is expected to have a significant growth rate during the forecasted period of 2020-2027 across the globe, owing to the easy disposable and lightweight nature. Flexible packaging gives customers greater flexibility and consumes lower retail inventory, thereby evolving as a prominent form of packaging. However, the industrial segment is anticipated to have a considerable growth rate in the sustainable plastic packaging market. This is due to the propelling use of it for the transportation of chemical and industrial products across the globe.
Packaging Format Segmental Analysis
Based on the packaging format, the global sustainable plastic packaging market is classified into Primary packaging, Secondary packaging, and Tertiary packaging. The tertiary packaging is projected to have the fastest growth rate across the globe by 2027 due to the mounting demand from warehousing activities and logistics. In addition, tertiary packaging helps to prevent physical damage throughout conveyance and faulty managing. However, the primary packaging segment is estimated to have a significant growth rate due to its ability to preserve and protect the merchandise from the contamination of external damage and spoiling. Additionally, primary packaging has the function of holding the commodity in place, mostly for an extended period. It is essential that the primary packaging holds the product fully closed off from the atmosphere in these cases of long-term storage, which is projected to fuel the global market.
Process Segmental Analysis
Based on the process, the global sustainable plastic packaging market is segmented into Recycle, Reusable, and Biodegradable. The biodegradable segment is estimated to dominate the global sustainable plastic packaging market as biodegradable plastic naturally decomposes in the environment. In addition, the usage of biodegradable polymers for producing plastic bags reflects a major reduction of carbon dioxide emission that happens during the processing cycle relative to standard plastic, which is likely responsible for boosting the market.
End-Use Industry Segmental Analysis
Based on the industry vertical, the global sustainable plastic packaging market is segmented into Food & Beverage, Personal Care, Healthcare, and Others. The food & beverage segment is anticipated to dominate the sustainable plastic packaging market as it increases the shelf life of the products and minimizes the food wastage. However, the healthcare industry is expected to have the fastest growth rate during the forecasted period of 2020-2027 across the globe due to the rapid rising in health awareness among the consumers. In addition, the rise in chronic diseases across the globe, such as Covid-19, SARS, etc. coupled with hygiene awareness is estimated to drive the market.
Region Segmental Analysis
By geography, the global sustainable plastic packaging market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is estimated to dominate the global sustainable plastic packaging market by 2027 owing to the changing lifestyle and consumer preference in terms of food consumption. In addition, countries, including China, and India, are projected to have sturdy growth in the sustainable plastic packaging industry due to increasing development activities and accelerated economic expansion. However, North America is projected to have a considerable growth rate owing to the rising research and development activities across the region.
Companies such as Amcor Plc, ELOPAK AS, TetraPak International SA, Berry Plastics, Mondi Limited, Sonoco Products Company, Clorox Company, Ball Corporation, DowDuPont, Ardagh Group Co., Huhtamaki OYJ, PlastiPak Holdings, Sealed Air Corporation, Catalyst Paper, Uflex limited, DS Smith Plc, WestRock Company, Bemis Company, Phoenix Technologies, and Coveris Holdings SA are the key players in the global Sustainable Plastic Packaging market.
- Market research and consulting firms
- Industry associations
- Global Sustainable Plastic Packaging manufacturing firm
- Research organizations and consulting companies
- Organizations, associations, and alliances related to Sustainable Plastic Packaging
- Regulatory bodies
The objective of the Research
Market Modelling By Packaging Type
- Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
- Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
- Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
- Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
- The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.
By Packaging Format
- Primary packaging
- Secondary packaging
- Tertiary packaging
By End-Use Industry
- Food & beverage
- Personal care
- North America
- Asia Pacific
- South America
- Middle East & Africa