LONDON, June 16, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the plastic alternative packaging market, companies in the plastic alternative packaging market are focusing on increasing investment in environment-friendly Bioplastics. Bioplastics are prepared from biodegradable, renewable resources such as starch, proteins, and polylactic acid (PLA). The number of available products and suppliers has exploded in recent years, and bioplastics are being used in commercial markets across the globe. For example, in January 2022, Vikas Ecotech Limited plans to invest in the environment-friendly Bioplastics (PHA) technology and is in the advanced stage of finalizing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the "AuraPHA") to produce biodegradable plastics.
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The global plastic alternative packaging market size is expected to grow from $71.08 billion in 2021 to $78.08 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The plastic alternative packaging market share is expected to grow to $96.91 billion in 2026 at a CAGR of 5.5%.
Government initiatives for the development of bioplastics are expected to drive the plastic alternative packaging market in the forecast period. Governments worldwide are focusing on the development of the bioplastics industry due to its sustainable nature. For example, the Indian government has announced a ban on single-use plastic to reduce plastic pollution, which will be effective from July 1st, 2022. Similarly, the UK government is also committed to preventing all avoidable plastic waste by the end of 2042 by banning microbeads in rinse-off personal care products, which helps in reducing the number of plastic bags being used and restricting the supply of single-use plastic straws, stirrers, and cotton buds. Bioplastic-focused companies have also received frequent funding from government institutions keen to promote the use of more environmentally friendly plastics. These initiatives are expected to continue in the forecast period, thus supporting the growth of the market.
Major players in the plastic alternative packaging market are Amcor Limited, Tetra Pak, Sealed Air Corporation, Plastic Suppliers Inc., Kruger Inc., Mondi, International Paper Company, Smurfit Kappa Group PLC, DS Smith PLC, Klabin SA, Rengo Co. Ltd., and Bemis Company Inc.
The global plastic alternative packaging market segmentation is categorised by type into starch-based plastic, cellulose-based plastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Others; by process into recyclable, reusable, biodegradable; by application into food and beverage, personal care, health care, others.
North America was the largest region in the plastic alternative packaging market in 2021. The regions covered in the plastic alternative packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Plastic Alternative Packaging Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide plastic alternative packaging market overviews, plastic alternative packaging market analyze and forecast market size and growth for the whole market, plastic alternative packaging market segments and geographies, plastic alternative packaging market trends, plastic alternative packaging market drivers, plastic alternative packaging market restraints, plastic alternative packaging market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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