Navigating the Sustainable Plastic Packaging Industry: 2024 Trends and Global Perspectives

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In 2024, the sustainable plastic packaging industry is at a transformative crossroads, driven by groundbreaking innovations and intense global discussions on environmental responsibility. One of the foremost trends this year is the development of advanced bioplastics and biodegradable materials designed to reduce the ecological footprint of packaging. Innovations in this field include the use of plant-based polymers, compostable films, and innovative recycling technologies that aim to close the loop in plastic packaging waste. Globally, there is a vigorous debate over the effectiveness of these sustainable alternatives, focusing on their environmental impact compared to traditional plastics and the challenges of scaling up production while maintaining cost-effectiveness. Additionally, the industry is grappling with the need for comprehensive regulatory frameworks and standardized certifications to ensure the authenticity of eco-friendly claims and to drive industry-wide sustainability efforts. As consumers and businesses increasingly prioritize environmental stewardship, there is also growing interest in integrating circular economy principles, such as packaging reuse programs and closed-loop recycling systems. As these trends and discussions evolve, the sustainable plastic packaging industry is set to play a pivotal role in shaping a more eco-conscious future for packaging solutions worldwide.

As per the recently published report by MarketsandMarkets™, The "Sustainable Plastic Packaging Industry by Packaging Type (Rigid, Flexible, Industrial), Packaging Format (Primary, Secondary, Tertiary), Process (Recyclable, Reusable, Biodegradable), End-use Sector, and Region - Global Forecast to 2025" 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 forecast period.

The sustainable plastic packaging 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 because 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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Browse 248 Market data Tables, 44 Figures, 205 Pages and in-depth TOC on "Sustainable Plastic Packaging Market - Global Forecast to 2025”

This report also provides a comprehensive analysis of the companies listed below:

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). Acquisitions and new product developments are some of the major strategies adopted by these key players to enhance their positions in the sustainable plastic packaging market.

Recent Developments in Sustainable Plastic Packaging Market Industry

1. 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.
2. In January 2020, Sealed Air Corporation, launched a new version of their bubble wrap brand packaging that is made with at least 90% recycled content. The recycled content used to make this version of bubble wrap brand packaging is sourced from post-industrial materials that would otherwise end up in landfills.
3. In October 2019, Sonoco ThermoSafe, a unit of Sonoco Products Company, announced the creation of Orion R, which is a high-performance temperature controlled box rental service. It is made of lightweight, rugged EPP (Expanded Polypropylene), which is substantially more reusable than existing rental parcels and enables the pharmaceutical supply chain to cost-effectively and sustainably ship small parcels 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.

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 is estimated to be the largest end-use sector in the sustainable plastic packaging market.

The food & beverage industry is a major one 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. The 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.

APAC is projected to account for the largest share in the sustainable plastic packaging market during the forecast period.

The APAC region is projected to lead the sustainable plastic packaging market, in terms of both value and volume, between 2020 and 2025. According to the World Bank, in 2017, APAC was the fastest-growing region in terms of both population and economic growth. Countries such as India and China are expected to post high growth in the sustainable plastic packaging market due to growing developmental activities and rapid economic expansion. The growing population in these countries presents a huge customer base for FMCG products and consumer durables. The growing awareness among the masses about the importance of eco-friendly, renewable packaging, the growing food & beverage industry, and low manufacturing and labor costs are driving the sustainable plastic packaging market in APAC.

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