The global sustainable plastic packaging market is poised for significant expansion in the coming decade, with projections indicating a steady Compound Annual Growth Rate (CAGR) of 5.9%. Valued at US$ 106.4 billion in 2024, the market is anticipated to exceed US$ 189.0 billion by 2034, propelled by a convergence of environmental considerations, regulatory measures, and shifting consumer preferences.
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The sustainable plastic packaging market is witnessing notable growth, driven by several key factors:
- Environmental Considerations: Growing awareness of environmental issues is prompting the packaging industry to embrace sustainable practices. Sustainable plastic packaging offers a viable solution, meeting the demand for eco-friendly alternatives while maintaining the functionality and convenience of traditional plastic materials.
- Regulatory Initiatives: Regulatory authorities worldwide are implementing stricter regulations on packaging materials, encouraging suppliers to adopt sustainable plastic packaging solutions. These regulations drive innovation and investment in sustainable packaging technologies, fostering the growth of the market.
- End-User Demand: End-user industries such as food & beverage and cosmetics are increasingly prioritizing sustainability in their packaging strategies. As eco-conscious consumers demand more sustainable options, manufacturers are turning to sustainable plastic packaging to meet these evolving preferences.
Sustainable Plastic Packaging Market Trends:
- Rise of Plant-Based Substances: The popularity of plant-based materials in the manufacturing industry is fueling demand for plant-based sustainable plastic packaging. These materials offer biodegradability and renewable sourcing, aligning with sustainability objectives.
- Focus on Recyclable Materials: Consumer interest in recyclable materials is driving the adoption of recyclable plastic packaging. Manufacturers are investing in recyclable plastic solutions to meet consumer demand for more environmentally friendly packaging options.
- Biodegradable Plastic Adoption: Stricter government restrictions on non-biodegradable materials are driving the use of biodegradable plastic for packaging purposes. Both manufacturers and consumers are increasingly prioritizing biodegradable options to mitigate environmental impact and contribute to waste management efforts.
- Aesthetic Appeal of Petroleum-Based Plastics: Despite the shift towards sustainable alternatives, the aesthetic value of petroleum-based plastic packaging continues to attract consumers. Sustainable plastic packaging offers a balance between aesthetic appeal and environmental responsibility, driving its adoption in the market.
“Sustainable plastic packaging represents a significant step forward in addressing environmental concerns and meeting consumer demand for eco-friendly solutions,” said Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).“As regulatory pressures and consumer preferences continue to drive the adoption of sustainable packaging, the market for sustainable plastic packaging is poised for steady growth and innovation.”
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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.
Key Companies in the Sustainable Plastic Packaging Market
- Bemis Company Inc.
- Amcor Limited
- Mondi
- WestRock Company
- Tetra Laval International SA.
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Sustainable Plastic Packaging Market Segmentation
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)
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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