The emergence of next generation sustainable plastic as a solution and motivated by positive attitude of consumer for adoption of sustainable plastic packaging

NEW YORK, NEW YORK, UNITED STATES, May 13, 2022 /EINPresswire.com/ -- The global sustainable plastic packaging market is expected to be valued at USD 27.50 billion by end of 2028 from USD 80 billion in 2020, expanding at a CAGR of 6% over the forecast period. Rising government initiatives for encouraging adoption of biodegradable or recyclable plastic has a huge impact on social scenarios, which is propelling growth of the market. These initiatives coupled with stringent regulations imposed government globally are encouraging further funding for enhancing reach of material to general consumer. These factors are fueling growth of the sustainable plastic packaging market and are projected to benefit market growth over the foreseeable future.

This growth of the market is majorly attributed to the growing adoption of sustainable plastic packaging materials from industries including FMCG, food & beverages, wholesale, retail trade, and healthcare. Sustainability in packaging is a concept that has been witnessing huge adoption as the idea of sustainable material across several small- medium and large industries. Additionally, growing adoption of newer and more sustainable materials for packaging across the industries are estimated to drive the growth over the foreseeable future.

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Competitive Outlook:

This section of the report performs a thorough investigation into the intensely competitive landscape of the global Sustainable plastic packaging market, highlighting the leading manufacturers, strategic initiatives adopted by them, the existing growth prospects, market positions, and market shares held by each participant. The report further emphasizes the developmental strategies undertaken by these companies, including product innovation, new product launches, and technological upgradation. Moreover, the report studies the notable business events observed in this industry, such as mergers & acquisitions, joint ventures, partnerships, corporate deals, and brand promotions.

Key companies operating in the market and profiled in the report include:

Bemis Company Inc
Amcor Limited
Mondi
WestRock Company
Tetra Laval International SA
Sonoco Products Company
BASF SE
Sealed Air
Smurfit Kappa

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Few Finding from the Report

Based on the process, the recyclable segment held the largest share of the overall revenue of the market owing to growing demand for materials that can be recycled, such as paper.

Based on the end user, the personal care industry is witnessing substantial growth over the forecast period owing increasing demand for hygiene products coupled with growing health awareness among consumers.

North America is expected to hold significant share in the revenue of the sustainable plastic packaging market owing to several efforts by governments in the region. The Asia pacific dominated the overall sustainable plastic packaging market in 2020 and is predicted to retain its dominance over the forecast period. This growth of the region is attributable to the swiftly changing economies such as China and India.

The market for sustainable plastic packaging displays the competitive scenario owing to several key players operating globally. The players are increasingly investing more on new product development and improvement, which is estimated to benefit market growth over the foreseeable future.

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Segments Covered in the report

By Packaging Type Outlook (Revenue, USD Billion; 2018-2028)

Rigid
Flexible
Industrial

By Packaging Outlook (Revenue, USD Billion; 2018-2028)

Primary packaging
Secondary packaging
Tertiary packaging

By Process Outlook (Revenue, USD Billion; 2018-2028)

Recyclable
Reusable
Biodegradable

By End-Use Outlook (Revenue, USD Billion; 2018-2028)

Food & beverage
Personal care
Healthcare
Other

By Region Outlook (Revenue, USD Billion; 2018-2028)

North America
Europe
Asia Pacific
MEA
Latin America

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Know More

Multiwall Bags Market Size, Share & Analysis, By Material Type (Paper, Plastic), By Layer (2-ply, 3-ply, others), By Application (Agriculture, Food & Grains, Buildings & Construction, Retail, Pharmaceuticals, Chemicals, And Others), And By Region, Forecast To 2028

Silicone Film Market Size, Share & Analysis, By Membrane Type (Silicone Film, Silicone Coated Film, And Silicone Release Liners), By Film Type, And By End-Use (Electronics, Medical, Industrial, Packaging & Others), And By Region, Global Forecast To 2028

Bulk Bags Market Size, Share & Analysis, By Capacity (Small, Medium, Large), By Fabric Type (Type A, Type B, Type C, Type D), By Design (Four-side Panels, Circular/Tabular, U-Panel Bags, Baffles, Cross Corners, Others), By End-User Industry (Food & Beverage, Chemicals & Fertilizers, Pharmaceuticals, Construction, Mining, Others), And By Region, Forecast To 2027

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