New York, October 11, 2021 – Reports and Data has published its latest report titled “Sustainable Plastic Packaging Market, By Packaging Type (Primary, Secondary, Tertiary), By Packaging Form (Rigid, Flexible, Industrial), By Process (Recyclable, Reusable, Biodegradable), By End-use Industry (Food & Beverage Industry, Retail & e-commerce Industry, Personal Care Industry, Healthcare Industry, Electronics Industry, Others), And Region – Global Forecast To 2028”
Rising demand for sustainable plastic packaging solutions across the food & beverage, retail & e-commerce, personal care, electronics, and healthcare industries is one of the key factors driving the global market revenue growth
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According to Reports and Data, the global sustainable plastic packaging market size was USD 80 billion in 2020 and is expected to reach USD 127.50 billion in 2028 and register a revenue CAGR of 6% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Revenue growth of the global sustainable plastic packaging market is primarily attributed to factors such as increasing adoption of sustainable plastic packaging solutions across a wide range of industries including food & beverage, retail & e-commerce, healthcare, FMCG (fast-moving consumer goods), electronics, and personal care & cosmetics industries. Rising awareness of the adverse effects of plastic on human health and the natural environment, increasing concerns related to packaging waste generation, rising pollution levels, and global warming and rapid climate change, growing need for sustainable packaging solutions, and increasing adoption of recyclable or biodegradable plastics for packaging materials are other significant factors creating growth opportunities for the global sustainable plastic packaging market. Furthermore, increasing research activities for development of eco-friendly and sustainable plastic packaging materials, increasing initiatives by manufacturers towards recycling and reuse of plastics, and stringent government regulations on plastic use in several countries around the world further drive market growth.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Biodegradable Process Segment to Account for Fastest Revenue CAGR:
Based on process the biodegradable segment is projected to register the fastest revenue growth rate in the global sustainable plastic packaging market over the forecast period. Biodegradable plastics naturally decompose in the environment and are much less harmful to the environment as compared to traditional plastics. Rising environmental awareness worldwide, growing use of bioplastics and renewable raw materials in the packaging industry, and increasing R&D activities for green and biodegradable plastic packaging materials boost this segment’s growth.
Food & Beverage Industry Dominated Other End-use Industries in 2020:
Among end-use industries, the food & beverage industry accounted for the largest revenue share in the global sustainable plastic packaging market in 2020 owing to many favorable factors. Rise in global population, surging demand for processed and packaged food products, and growing use of sustainable plastic packaging materials in the food & beverage industry to increase food’s quality and shelf-life and reduce food wastage are among the key factors driving the growth of this segment. Increasing efforts by food & beverage companies to adopt innovative and eco-friendly packaging solutions, growing demand for biodegradable and recyclable plastics for packaging, and rising awareness of health & hygiene among consumers further boost this segment’s growth.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, the North America sustainable plastic packaging market was the most dominant in terms of revenue share contribution in 2020. Rapid adoption of sustainable plastic packaging materials in the food & beverage, retail & e-commerce, healthcare, FMCG, personal care, electronics, and transportation & logistics industries is a key factor driving the North America market revenue growth. Stringent regulatory norms for environmental safety, increasing government initiatives to promote the use of sustainable, recyclable, and biodegradable materials for packaging, and presence of leading industry players in the region, including Reynolds Packaging and Evergreen Packaging, are other major drivers for the North America market growth.
Major Companies in the Market Include:
- Mondi Plc
- Amcor Limited
- Evergreen Packaging LLC
- Bemis Company Inc.
- 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 Packaging
- Uflex Ltd.
- DuPont
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented the global sustainable plastic packaging market based on packaging type, packaging form, process, end-use industry, and region:
Packaging Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Primary Packaging
- Secondary Packaging
- Tertiary Packaging
Packaging Form Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Rigid
- Flexible
- Industrial
Process Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Recyclable
- Reusable
- Biodegradable
End-use Industry Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Food & Beverage Industry
- Retail & e-commerce Industry
- Healthcare Industry
- Personal Care Industry
- Electronics Industry
- Others
Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- E.A
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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