LONDON, July 08, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the plastic alternative packaging market, there is an increasing number of companies investing in alternative packaging materials that are better for the environment.
Over the last few years, there has been a significant rise in the establishment of new startups with innovative product offerings in plastic alternative packaging. There is an increasing need to create viable, affordable, and scalable packaging alternatives to conventional materials. Companies across food and beverage, personal care, health care and others are focusing on reducing plastic packaging and shifting to recyclable, reusable or compostable packaging materials for their products. These emerging startups are being funded by existing food and beverage companies, personal care companies and venture capitalists towards commercialization and development of alternative packaging materials.
For instance, in 2020, Swiss multinational food company, Nestle announced a global sustainable packaging investment fund of $258 million (CHF 250 million) through the Nestle institute of packaging sciences to invest in startups focused on sustainable packaging. According to a 2020 Crunchbase survey, sustainable packaging and material companies have raised significant funding, with almost $850 million in the past three years.
Companies in the plastic alternative packaging market are focusing on mergers and acquisitions in order to increase market share and improve research and development activities. In 2021, Novamont, an Italy-based biochemical and compostable bioplastics manufacturing company acquired Norway based compostable products company, BioBag Group, to expand its sustainable packaging offerings into North America, Australia, and Northern and Eastern Europe. Also, in November 2020, Sweden based food packaging company, Tetra Pak acquired eBeam’s device development and manufacturing operations from Comet AG, a globally leading Swiss technology firm. The acquisition consolidates the development and manufacturing capabilities in Comet with Tetra Pak’s long-established eBeam development and application engineering for food packaging and further boost the company’s ability to deliver sustainable and higher efficiency filling lines for customers.
The Business Research Company’s report titled Plastic Alternative Packaging Global Market Report 2021: COVID-19 Impact And Recovery covers major plastic alternative packaging companies, plastic alternative packaging market share by company, plastic alternative packaging manufacturers, plastic alternative packaging market size, and plastic alternative packaging market forecasts. The report also covers the global plastic alternative packaging market and its segments.
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The global plastic alternative packaging market is expected to grow from $61.23 billion in 2020 to $71.08 billion in 2021 at a compound annual growth rate (CAGR) of 16.10%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $95.04 billion in 2025 at a CAGR of 7.63%.
The major players covered in the global 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, Bemis Company Inc.
The top opportunities in the plastic alternative packaging market segmented by type will arise in the starch-based plastic segment, which will gain $941.8 million of global annual sales by 2025.The top opportunities segmented by application will arise in the food and beverage segment, which will gain $1,311.6 million of global annual sales by 2025, segmented by process will arise in the biodegradable segment, which will gain $2,716.2 million of global annual sales by 2025. The plastic alternative packaging market size will gain the most in the USA at $1,138.8 million.
Plastic Alternative Packaging Global Market Report 2021: COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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