BCC Research Study Forecasts 7.2% CAGR, with Global Market Growth from $86.6 Billion in 2024 to $122.4 Billion by 2029, Driven by Global Push for Green Packaging: Tax Breaks and Bioplastic Demand Fuel Shift Towards Sustainable Solutions.
BOSTON, Oct. 10, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for "Sustainable Plastic Packaging: Global Markets" is expected to grow from $86.6 billion in 2024 to $122.4 billion by the end of 2029, at a compound annual growth rate, or CAGR (Compound Annual Growth Rate), of 7.2% from 2024 to 2029."
The global sustainable plastic packaging market is analyzed by segmenting it based on packaging type and end user, with projections spanning from 2024 through 2029. The market is divided into three primary packaging types: recycled packaging, reusable packaging, and bioplastic packaging. Recycled packaging is further categorized into R-PET, R-PE, R-PP, R-PS, and others, including R-PVC and R-PLA. Bioplastic packaging is segmented into biodegradable and non-biodegradable options. Additionally, the market is segmented by end-user into food and beverage, industrial and chemical, healthcare, personal and home care, and others. This analysis is conducted at global and regional levels, with revenue estimates in millions of U.S. dollars, using 2023 as the base year.
This report is especially timely and relevant due to the rapid advancements in technology that are significantly reshaping the sustainable plastic packaging industry. Innovations in bioplastic packaging have led to enhanced material properties, more efficient production processes, and improved scalability, which together make bioplastics increasingly competitive in the market while offering a more environmentally friendly alternative to traditional plastics. Furthermore, the field of plastic recycling has seen transformative progress, particularly with the advent of advanced recycling technologies that have increased the efficiency and effectiveness of the recycling process. One of the most promising developments is chemical recycling, which has the potential to recover over 50 million tons of plastic packaging waste that was previously considered non-recyclable. This method is particularly well-suited for a variety of packaging formats, including rigid products like bottles as well as both simple and complex films, thereby broadening the scope and applicability of recycled plastics in the packaging industry. These technological advancements underscore the growing importance and viability of sustainable plastic packaging solutions in addressing global environmental challenges.
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The following factors drive the global market for sustainable plastic packaging:
Increasing Consumer Preference for Bioplastic: As environmental awareness grows; consumers are increasingly seeking products with a lower ecological footprint. Bioplastics, made from renewable resources like corn starch and sugarcane, are becoming more popular due to their ability to reduce reliance on fossil fuels and lower carbon emissions. This trend is pushing companies to incorporate bioplastic packaging into their product lines to meet consumer demands for sustainable options.
Use of Bio-Based Flexible Materials for Primary Packaging: The use of bio-based flexible materials, such as plant-derived films and wraps, is on the rise in primary packaging. These materials provide the same functionality as conventional plastics but with the added advantage of being more environmentally friendly. Often compostable or biodegradable, bio-based flexible packaging helps minimize plastic waste and pollution, aligning with sustainability goals.
Post-Consumer Recycled Plastic Packaging Demand Increases: The demand for packaging made from post-consumer recycled (PCR) plastics is growing steadily. This approach involves reclaiming used plastics and transforming them into new packaging products. By utilizing PCR plastics, companies can significantly reduce plastic waste in landfills and oceans, while also conserving resources through the reuse of existing materials.
Reusable Packaging to Achieve Efficiency and Environmental Goals: Companies are increasingly adopting reusable packaging solutions to boost efficiency and meet sustainability targets. This includes packaging that can be returned, refilled, and reused multiple times, such as glass bottles, metal containers, and sturdy plastic crates. Reusable packaging not only cuts down on single-use plastics and waste generation but can also offer cost savings over time through repeated use.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast Period considered | 2024-2029 |
Base year market size | $81.6 billion |
Market Size Forecast | $122.4 billion |
Growth rate | CAGR of 7.2% from 2024 through 2029 |
Segment Covered | By Packaging Type, End User, and Region |
Regions covered | North America, Europe, Asia-Pacific, and the Rest of the World (the Middle East and Africa, and Latin America) |
Key Market Drivers | • Increasing consumer preference for bioplastic • Use of bio-based flexible materials for primary packaging • Post-consumer recycled plastic packaging demand increases • Reusable packaging to achieve efficiency and environmental goals |
Key Interesting Facts About the global market for sustainable plastic packaging:
- Eco-Friendly Packaging: Increasing focus on recyclable, simple, and waste-reducing designs.
- P&G's Initiative: Head & Shoulders Beach Plastic Bottle uses recycled beach plastic.
- Sustainability Effort: Highlights commitment to closing the loop on plastic waste.
- Trend: Growing emphasis on sustainable packaging solutions in the industry.
The global market for sustainable plastic packaging report includes in-depth data and analysis addressing the following important queries:
1.What is the projected market size and growth rate of the market?
- The sustainable plastic packaging market is projected to grow from $81.6 billion in 2023 to $122.4 billion in 2029 at a compound annual growth rate (CAGR) of 7.2% during the forecast period.
2.What are the key factors driving the growth of the market?
- The key factors driving the growth of the sustainable plastic packaging market include:
- Increasing consumer preference for bioplastic.
- Growing use of bio-based flexible materials for primary packaging.
- Post-consumer recycled plastic packaging demand increases.
- Growth in reusable packaging to achieve efficiency and environmental goals.
3.What segments are covered in the market?
- The sustainable plastic packaging market is segmented based on packaging type, end-user application, and region.
4.By packaging type, which segment will dominate the market by the end of 2029?
- The recycled packaging segment will dominate the market by the end of 2029 in terms of value.
5.Which region has the highest market share in the market?
- Europe holds the highest share of the market by value. A few major factors propelling the European market are the presence of several sustainable plastic packaging manufacturing companies in the region, technological advancements, and stringent regulation on the use of single-use plastic packaging.
Some of the Key Market Players Are:
- CONSTANTIA FLEXIBLES
- AIM REUSABLE PACKAGING LLC.
- AMCOR PLC
- BERRY GLOBAL INC.
- GEORG UTZ HOLDING AG
- MONDI
- NATUREWORKS LLC.
- PLASTIPAK HOLDINGS INC.
- SWAPBOX BV
- TIPA LTD.
- 3M
- ARKEMA
- BASF SE
- BRASKEM
- TOTALENERGIES CORBION
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Plastics for Healthcare Packaging: This report provides an in-depth analysis of the global plastics for healthcare packaging market, segmented by resin and product packaging, with estimates and forecasts from 2023 through 2028, using 2022 as the base year. The market is evaluated in terms of both volume (kilo tons) and revenue (millions of U.S. dollars). Based on resin, the market is classified as polypropylene, HDPE, polystyrene, and copolymers, LDPE/LLDPE, PVC, PET, and others, with polypropylene emerging as the dominant segment. In terms of product packaging, the market is segmented into containers, caps and closures, vials, IV bags, prefilled syringes, blister packs, bags/pouches, medication tubes, prescription containers, and others, providing a detailed overview of the market dynamics at both global and regional levels.
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