Sustainable Plastic Packaging Market: Segmented: By End User Vertical Into (Food & Beverage, Pharmaceutical & Medical, and Industrial); By Production Process (Reusable, Biodegradable, and Recyclable); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Sustainable Plastic Packaging Market to surpass USD 170.1 Billion by 2030, which is valued at 79.52 billion in 2019 at a compound annual growth rate of 7.20%
Sustainable packaging is the process of developing and using packaging that results in enhanced recycling. The use of LCI and the LCA is being augmented to help direct packaging usage that decreases the impact on the environment and ecological footprint. This involves increasing the use of LCIs. The entire supply chain is examined from basic features to marketing, then to end-of-life (LCA) and restoration. Furthermore, an eco-cost-to-value ratio can be used to enhance human health and the survival of natural environments and increasing the sustainability of life's quality. Sustainable packaging must meet practical and economic needs in the present to safeguard the needs of the future generation.
According to the report, in line with the growth of numerous end-users of sustainable plastic packaging throughout the world, the demand is expected to rise. Due to strict legislation, rules and regulations imposed by governments and regulatory bodies, and a switch to recyclable and eco-friendly packaging materials, the sustainable plastic packaging industry is expanding. Among these factors, packaging reduction and advancement in emerging technology also drive the global demand for sustainable plastic packaging.
Global market has been segmented based on the production process, end-user vertical, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
Global Sustainable plastic packaging market is segmented by the production process into Reusable, Biodegradable, and Recyclable. Biodegradable plastic decomposes by the metabolic action of microorganisms. This is done by destroying the biodegradable plastic structure of microorganisms in the environment. It is less environmentally harmful than traditional plastics. Bio-plastics produced from recycled raw materials can be manufactured from biodegradable plastics. Innovation plays a crucial role in the plastic packaging market for biodegradable products. Many businesses invest in research and development to look for new, environmentally friendly packaging materials.
Global Sustainable plastic packaging market is segmented by end-user vertical into Food&Beverage, Pharmaceutical & Medical, and Industrial? The food segment in the Sustainable plastic packaging market is anticipated to witness the fastest-growing segment. Sustainable plastic packaging is made from highly sterilized components. These materials help protect the items from contamination, making them suitable for use in packaging for food & beverages. The main growth factor of food packaging for the Sustainable plastic packaging industry is the rising demand for lightweight and compact packaging in baby food and animal food.
Sustainable plastic packaging excels in its fine clarity, temperature tolerance, strength, and barrier properties. They are also available in a wide variety concerning thickness and surface characteristics, presenting several options for their offers to the customer.
Application in food packaging
Food and drink packaging mainly aims to minimize food loss and improve the food product's shelf life. To promote sustainability, multinational companies plan to use creative packaging products made of degradable and recyclable materials. Owing to lack of time, customers want comfort food solutions. The demands of food safety, cleanliness, and increasing knowledge of health drive the sustainable food and beverage packaging industry.
Newly designed, rigid packaging demand in the packaging industry and standard and quality issues for Sustainable plastic packaging are key factors restricting the growth of the sustainable plastic packaging market. The industry’s high Barrier Growth is limited by poor quality sealing.
In terms of value and volume, Asia Pacific was the largest market accounting for XX% of total market volume share in 2019
Asia Pacific led the global market for BOPP mulch films with XX% of the overall demand in 2019. With fast industrialization and urbanization, India and China have been the leading consumer to an improved standard of living and increasing demand for food products. The increasing demography in this region provides an enormous consumer base for FMCG goods and food & beverages, which is expected to contribute to the growth of the market.
Amcor PLC (Australia)
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