New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sustainable Plastic Packaging Global Market Report 2023" - https://www.reportlinker.com/p06313453/?utm_source=GNW
, and Uflex Ltd.
The global sustainable plastic packaging market grew from $98.44 billion in 2022 to $106.45 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The sustainable plastic packaging market is expected to grow to $143.22 billion in 2027 at a CAGR of 7.7%.
The sustainable plastic packaging market consists of revenues earned by entities by providing sustainable plastic packaging materials such as corrugated cardboard and bioplastics.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The sustainable plastic packaging are 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.
Asia-Pacific was the largest region in the sustainable plastic packaging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.
The regions covered in the sustainable plastic packaging report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of sustainable plastic packaging are rigid, flexible and industrial.Rigid packaging refers to unable to bend or be twisted out of shape.
The packaging formats of sustainable plastic packaging are primary packaging, secondary packaging and tertiary packaging that can process recyclable, reusable and biodegradable and is used by food and beverage, personal care, healthcare and other end-use sectors.
The increase in adoption of sustainable plastic packaging materials from different industries will propel the growth of the sustainable plastic packaging market during the forecast period.Various industries are looking at and promoting sustainable plastic for their packaging solutions because they’re light, inexpensive and are recyclable or reusable.
For instance, Unilever, British multinational consumer goods company reduced its plastic from 711,000 tons in 2018 to 599,000 tons in 2021 by around 16%. This high rate of reduction in plastic materials is creating a demand for the adoption of sustainable packaging thereby driving the growth of the market.
The increase in use of biodegradable plastic are shaping the sustainable plastic packaging market.Major companies operating in the sustainable plastic packaging market are focused on adopting biodegradable plastic to package their products due to their beneficial traits like reduction in carbon emission, eco-friendly disposable solution and more.
In April 2021, Paptic Ltd., a Finland based packaging company launched a new sustainable packaging material grade for carrier bags and e-commerce mailers. Paptic has developed a new 100gsm packaging material grade that is both renewable and recyclable, as well as having unique touch and feel characteristics. It’s a special grade designed specifically for carrier bags and e-commerce mailers. Wood fibers from 100% sustainably managed woods are the primary raw source. To optimize brand exposure and reusability, the new grade delivers great printability and durability.
In February 2022, HP Inc., a US-based information technology company acquired Choose Packaging for an undisclosed amount. With the acquisition, HP is expected to integrate Choose into its Personalization & 3D Printing business and would focus on expanding its technology and customer footprint in order to broaden its addressable market. Choose Packaging is a US-based developer of packaging.
The countries covered in the sustainable plastic packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sustainable plastic packaging market research report is one of a series of new reports that provides sustainable plastic packaging market statistics, including sustainable plastic packaging industry global market size, regional shares, competitors with a sustainable plastic packaging market share, detailed sustainable plastic packaging market segments, market trends and opportunities, and any further data you may need to thrive in the sustainable plastic packaging industry. This sustainable plastic packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06313453/?utm_source=GNW
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