The plant-based food packaging market has experienced rapid expansion, growing from $5.64 billion in 2023 to $6.39 billion in 2024, with a CAGR of 13.4%. This growth is driven by heightened awareness of environmental issues, rising demand for sustainable products, consumer preference for eco-friendly packaging, concerns about plastic waste, and an increase in demand for flexible packaging solutions. The market is projected to sustain its rapid growth trajectory, reaching $10.6 billion by 2028, with a CAGR of 13.5%. This forecasted growth is attributed to growing consumer preference for sustainability, rising demand for recyclable and biodegradable products, heightened concerns about packaging waste in oceans and landfills, and the adoption of eco-friendly packaging practices. Key trends include the growing use of green packaging, high demand for paper and paperboard packaging, the adoption of smart packaging technologies, sustainable packaging practices, and the use of biodegradable and compostable materials.
Major Driver In The Plant Based Food Packaging Market
The rise in sports injuries is expected to propel the growth of the physiotherapy equipment and accessories market. Increased participation in sports and physical activities has led to a higher incidence of sports-related injuries. Physiotherapy equipment and accessories are essential for managing these injuries, offering pain relief, promoting healing, and improving mobility. According to an April 2023 report by the Australian Sports Commission, 18.27 million Australians aged 18 and older engaged in sports or physical activities in 2022, with 3.47 million sustaining injuries. This high injury rate is expected to drive demand for physiotherapy equipment and accessories through 2024 and 2028.
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Plant Based Food Packaging Market Competitive Landscape
Amcor plc, WestRock Company, International Paper, Tetra Pak International S.A., DuPont, Stora Enso, Sealed Air, Huhtamaki, Mondi Group, Cascades Inc., Glatfelter Corporation, Genpak, Nordic Paper, Danimer Scientific, Good Natured Products Inc., Vegware, Sulapac Oy, Be Green Packaging, BioPak, TIPA LTD, WorldCentric.com, Sabert Corporation, Ecologic
Key Plant Based Food Packaging Market Trend
The plant-based food packaging market is also making strides with sustainable packaging solutions. In March 2024, Donovan Bros Ltd. introduced mushroom-based packaging, a biodegradable alternative that combines agricultural waste with mycelium to create compostable packaging. This innovation supports eco-friendly practices and enhances the consumer experience.
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Plant Based Food Packaging Market Segmentation
The plant-based food packaging market covered in this report is segmented –
1) By Packaging Type: Paper Based, Biodegradable And Compostable Packaging, Recyclable Plastic Packaging
2) By Material: Bioplastics, Mycelium, Bagasse, Starch Based, Paper
3) By Packaging Formats: Flexible Packaging, Stand-Up Pouches, Flat Bottom Bags, Flow Wraps, Rigid Packaging, Trays, Containers, Bottles
By Geography:The regions covered in the plant-based food packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the plant-based food packaging market in 2023 and is expected to be the fastest-growing region in the forecast period.
The Plant Based Food Packaging Global Market Report 2024 furnishes information about the global plant based food packaging market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
