The global Sustainable Plastic Packaging Market size is projected to grow from USD 89.0 billion in 2020 to USD 117.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year. The growth of this market is attributed to the increasing regulations regarding the use of plastics, initiatives by governments and NGOs to promote sustainability in plastic packaging (e.g. – The Ellen McArthur Foundation), and the increasing awareness about the need and benefits of sustainability among the public, especially the youth.
In terms of value and volume, the biodegradable segment is estimated to be the fastest-growing process in the sustainable plastic packaging market between 2020 and 2025.
Biodegradable plastic decomposes naturally in the environment. This is achieved when microorganisms in the environment metabolize and break down the structure of biodegradable plastic.
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The food & beverage segment was the largest end-use sector in the sustainable plastic packaging market in 2019.
Food & beverage is a major industry in the sustainable packaging market. The primary function of food & beverage packaging is to reduce food loss and increase the shelf-life of food products. Global players are aiming at using innovative packaging materials developed from degradable and recyclable materials in order to achieve sustainability.
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Recent Developments
- In February 2020, Amcor PLC launched the first container for Ritual Multivitamins (US) made from 100% Post-Consumer Recycled content (PCR) resin. PCR is composed of recycled materials, including PET beverage bottles that have been used and subsequently recycled to produce a new product. Using PCR helps support the recycling infrastructure and reduces demand on virgin resins.
Key Questions Addressed by the Report:
- What are the global trends in the sustainable plastic packaging market? Would the market witness an increase or decline in the demand in the coming years?
- What is the estimated demand for different types of packaging in sustainable plastic packaging?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the upcoming industry applications and trends for sustainable plastic packaging?
- Who are the major players in the sustainable plastic packaging market globally?
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