New York, March 10, 2021 (GLOBE NEWSWIRE) -- Market Size – USD 80 Billion in 2020, Market Growth – at a CAGR of 6.0%, Market Trends –Increasing demand for advanced material across industries
The global sustainable plastic packaging market is expected to be valued at USD 127.50 billion by end of 2028 from USD 80 billion in 2020, expanding at a CAGR of 6.0% over the forecast period. This growth of the market is majorly attributed to Plastic used for packaging especially across several industries has been key concern owing to its role for increasing packaging-related waste, increasing pollution, and climate change. Along with such factors, the rising awareness regarding environment led to negative attitude of several governmental bodies and consumers. All these factors are increasingly encouraging exploration activities for better and sustainable material and in turn is fueling growth of the global sustainable plastic packaging market.
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However, the sustainable plastic used for packaging can be reused and thus profit earned by key players is limited, which is restraining growth of the market to some extent. Nonetheless, raw materials used for manufacturing can be reused, which offers opportunities for growth over the forecast period. Additionally, expansion of logistics and transportation companies globally are contributing further for the demand for sustainable plastic packaging and offering growth opportunities over the forecast period.
Furthermore, the players in the transportation industry are increasingly adopting the sustainable plastic packaging to comply with the government guidelines imposed due to rising environmental concerns globally. Such factors are fueling the market growth and is likely to remain same over the forecast period.
Sustainable Plastic Packaging Market by Packaging Type (Rigid, Flexible, Industrial), Packaging Format (Primary, Secondary, Tertiary), Process (Recyclable, Reusable, Biodegradable), End-use Sector (Food & beverage, Personal care, Healthcare, Other), and Region - Global Forecast To 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/sustainable-plastic-packaging-market
Few Finding from the Report
- By packaging type, the flexible packaging segment is estimated to hold significant market share owing to robust demand from several end use industries.
- By end user, the healthcare industry are witnessing substantial growth over the forecast period owing increasing demand for hygiene products coupled with growing health awareness among consumers.
- Based on the process, the recyclable segment held the largest share of the overall revenue of the market owing to growing demand for materials that can be recycled, such as paper.
- Europe is predicted to expand at a significant CAGR over the forecast period owing to increasing regulations imposed by European Union and other European countries for ensuring safety of environment. Additionally, these stringent regulations are increasingly encouraging sustainability and promoting recyclable, recycled, and degradable materials.
- Some of the key players in the sustainable plastic packaging market include Bemis Company Inc., Amcor Limited, Mondi, WestRock Company, Tetra Laval International SA., Sonoco Products Company, BASF SE, Sealed Air, Smurfit Kappa, Gerresheimer AG, Huhtamaki, Ardagh Group S.A., BALL CORPORATION, DS Smith, Crown Holdings, Berry Global Inc., International Paper, Genpack LLC, Reynolds, Uflex Ltd., DuPont, and Evergreen Packaging LLC.
- The market for sustainable plastic packaging displays the competitive scenario owing to several key players operating globally. The players are increasingly investing more on new product development and improvement, which is estimated to benefit market growth over the foreseeable future.
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For the purpose of this report, Reports and Data has segmented the global sustainable plastic packaging market on the basis of packaging type, packaging, process, end user, and region:
By Packaging Type Outlook (Revenue, USD Billion; 2018-2028)
- Rigid
- Flexible
- Industrial
By Packaging Outlook (Revenue, USD Billion; 2018-2028)
- Primary packaging
- Secondary packaging
- Tertiary packaging
By Process Outlook (Revenue, USD Billion; 2018-2028)
- Recyclable
- Reusable
- Biodegradable
By End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Food & beverage
- Personal care
- Healthcare
- Other
By Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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