Sustainable plastic packaging is the use of reusable, recyclable, and biodegradable plastic materials for packaging solutions. This packaging type is effective; it offers social and economic benefits. Sustainable plastic packaging uses materials, energy, and water as efficiently as possible. The products/materials used in sustainable plastic packaging are recoverable through industrial or natural systems and are safe, non-polluting, and non-toxic to the environment. 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. However, the high cost of recycling and the poor infrastructure available for recycling processes are likely to hamper the growth of this market.
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The growth in the sustainable plastic packaging market is triggered by the following factors:
Government initiatives toward sustainable packaging
Shift in consumer preference toward recyclable and eco-friendly materials
Downsizing of packaging
Breakthrough in new technologies
MarketsandMarkets projects the global sustainable plastic packaging market size 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 sustainable plastic packaging market is segmented based on packaging format into primary, secondary, and tertiary. The primary segment accounted for the largest share in the sustainable plastic packaging market and is expected to grow at the highest CAGR, in terms of volume. Factors such as increasing recycling rates and innovations in biodegradable material for primary packaging are driving the market. Also, primary packaging is used in high quantities to pack every single unit that is produced by any manufacturer.
On the basis of end-use sector, the sustainable plastic packaging market is segmented into food & beverage, personal care, healthcare, and other end-use sectors. The food & beverage segment dominated the sustainable plastic packaging market in 2019. 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 plastic packaging market in the food & beverage sector.
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The sustainable plastic packaging market is studied for five regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America. The APAC region accounted for the largest share in the market in 2019, in terms of value. It is also projected to be the fastest-growing market from 2020 to 2025.
The sustainable plastic packaging market has been dominated by large players, such as Amcor PLC (Australia), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), Berry Global Inc. (US) and others.
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