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 CAGR of 5.6% during the same period. The market is projected to grow in accordance with the growth of various end-users of sustainable plastic packaging across the globe.
The sustainable plastic packaging industry has been growing as a result of stringent laws and regulations levied by governments and governing bodies, as well as a shift in consumer preference toward recyclable and eco-friendly packaging materials. Apart from these factors, downsizing of packaging and breakthrough in new technologies are also driving the sustainable plastic packaging market globally.
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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. It is less harmful to the environment than traditional plastics. Biodegradable plastics can be composed of bioplastics manufactured from renewable raw materials. Innovation plays a key role in the biodegradable plastic packaging market. Several companies are investing in R&D in search of new packaging materials that are beneficial in use and non-toxic to the environment.
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. Consumers seek convenience food solutions due to lack of time. The expectations of food quality, hygiene, and growing health awareness are driving the sustainable packaging market in the food & beverage sector.
The key players in the sustainable plastic packaging market included in this report are Amcor PLC (Australia), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), Smurfit Kappa Group PLC (US), Mondi Group (South Africa), Uflex Ltd. (India), Berry Global Inc. (US), Constantia Flexibles (Austria), and AptarGroup (US) .
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