Global Sustainable Plastic Packaging market overview 2024, Forecast To 2033
12 Feb, 2024
The sustainable plastic packaging market has demonstrated robust growth, rising from $107.36 billion in 2023 to $116.35 billion in 2024, with a compound annual growth rate (CAGR) of 8.4%. The growth in the historical period is attributed to increasing environmental awareness, regulatory pressures, consumer demand for sustainable practices, corporate sustainability goals, and the pursuit of cost efficiency. Looking ahead to the next few years, the market is anticipated to experience strong growth, reaching $166.6 billion in 2028 at a CAGR of 9.4%. The forecasted growth is linked to the expansion of e-commerce, investments in recycling infrastructure, consumer education, innovations in sustainable packaging, and the development of sustainable materials. Notable trends in this forecasted period include the adoption of biodegradable plastics, recyclable packaging, initiatives to reduce plastic usage, innovations in materials, and the incorporation of smart packaging.
Global Sustainable Plastic Packaging Market Key Driver
The sustainable plastic packaging market is poised for growth with increased adoption across industries. With Unilever reducing its plastic usage by around 16% from 2018 to 2021, the demand for sustainable packaging materials is on the rise. The emphasis on recyclable or reusable materials positions the sustainable plastic packaging market as a key contributor to environmentally conscious practices in various sectors.
Get A Free Sample Of The Global Sustainable Plastic Packaging Market ReportGlobal Sustainable Plastic Packaging Market Segments
The global sustainable plastic packaging market covered in this report is segmented –
1) By Packaging Type: Rigid, Flexible, Industrial
2) By Packaging Format: Primary Packaging, Secondary Packaging, Tertiary Packaging
3) By Process: Recyclable, Reusable, Biodegradable
4) By End-Use Sector: Food And Beverage, Personal Care, Healthcare, Other End-Use Sectors
By Geography: The regions covered in the Sustainable Plastic Packaging market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the sustainable plastic packaging market in 2023. Asia-Pacificis expected to be the fastest-growing region in the market. The regions covered in the sustainable plastic packaging market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Sustainable Plastic Packaging Industry Players
Amcor Ltd, Sonoco Products Company, Huhtamaki OYJ, WestRock Company, Smurfit Kappa Group PLC, Mondi plc, Tetra Laval International SA., BASF SE, DS Smith Plc, Genpack LLC, E. I. du Pont de Nemours and Company, Sealed Air Corporation, Crown Holdings Inc., Bemis Company Inc., Uflex Ltd., Ardagh Group Holdings S.A., Plastipak Holdings Inc., Elopak AS, Berry Global Group Inc., AptarGroup Inc., Coveris Holdings S.A., Constantia Flexibles Group GmbH, Klöckner Pentaplast Group GmbH & Co. KG, Winpak Ltd., Eco-Products Inc., Vegware Ltd., Biopak Pty Ltd., Sabert Corporation, Novamont S.p.A.
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Sustainable Plastic Packaging Market Overview
The sustainable plastic packaging is used to package different kinds of items such as food and beverage, healthcare and others. Sustainable plastic packaging is generally recyclable, reusable, or biodegradable depending on the chemicals used during the manufacturing process making it a preferred choice for organizations due to its lightweight and low cost. It minimizes dependency on fossil fuels, reduces the consumption of natural resources, promotes energy-efficient manufacturing, reduces landfills, and improves ocean cleanliness.
Sustainable Plastic Packaging Global Market Report 2023 provides data on the global sustainable plastic packaging market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The sustainable plastic packaging market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.