(PharmaNewsWire.Com, October 12, 2022 ) The global "Sustainable Plastic Packaging Market size is projected to grow from USD 89.0 billion in 2020 to USD 117.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year. The growth of this market is attributed to the increasing regulations regarding the use of plastics, initiatives by governments and NGOs to promote sustainability in plastic packaging (e.g. - The Ellen McArthur Foundation), and the increasing awareness about the need and benefits of sustainability among the public, especially the youth.
The food & beverage segment is estimated to be the largest end-use sector in the sustainable plastic packaging market in 2019.
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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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.
Amcor PLC (Australia) is a global packaging manufacturer that offers innovative and sustainable packaging solutions. Amcor was formerly known as Australian Paper Manufacturers and changed its name to Amcor Limited in May 1986. After the acquisition of Bemis Inc., the combined company is now called Amcor PLC. The company is well known for its packaging innovation. It offers plastic, packaging film, metal, and glass packaging for several industries, such as beverage, food, medical, household, industrial goods, pharmaceuticals, and tobacco.
Sonoco Products Company (US) is a global provider of innovative and sustainable packaging solutions. The company changed its name to Sonoco Products Company from Southern Novelty Company in 1923. It serves a variety of industries, such as automotive, food & beverage, pharmaceuticals, and sporting goods. The business segments of the company include consumer packaging, display & packaging, paper & industrial converted products, and protective solutions. The company provides plastic, rigid paper, and flexible packaging.
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