LONDON, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global plastic alternative packaging market has experienced significant growth, expanding from $4.48 billion in 2022 to $5.2 billion in 2023, at an impressive compound annual growth rate (CAGR) of 16.1%. According to market projections, this upward trend is set to continue, with the market size expected to reach $9.67 billion by 2027, growing at a CAGR of 16.8%.
The growing concern for environmental sustainability and the adverse impacts of plastic usage have been major driving factors behind the growth of the plastic alternative packaging market. Plastics are known to contain hazardous pollutants that have harmful effects on the environment, wildlife, and human health. Consequently, customers are increasingly seeking eco-friendly packaging solutions as an alternative to traditional plastic packaging.
In response to this demand, businesses worldwide are proactively investing in sustainable and innovative packaging solutions. For instance, in March 2022, Canadian businesses spent approximately $21.1 billion to reduce their environmental impact, as reported by Statistics Canada, a Canada-based government agency.
Learn More In-Depth On The Plastic Alternative Packaging Market
https://www.thebusinessresearchcompany.com/report/plastic-alternative-packaging-global-market-report
Major players in this market include Amcor Limited, Tetra Pak, Sealed Air Corporation, Plastic Suppliers Inc., Kruger Inc., Mondi, International Paper Company, Smurfit Kappa Group PLC, DS Smith PLC, and Klabin SA.
One major trend in the plastic alternative packaging market is the relentless advancement in technology. Leading companies within the industry are constantly striving to introduce cutting-edge and sustainable packaging solutions across various sectors. In January 2020, Sealed Air Corporation launched a new version of its bubble wrap brand packaging, made with at least 90% recycled content, sourced from post-industrial materials that would otherwise end up in landfills.
Get A Free Sample Of The Global Plastic Alternative Packaging Market Report
https://www.thebusinessresearchcompany.com/sample.aspx?id=3901&type=smp
North America dominated the plastic alternative packaging market in 2022, and the market report also covers regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
The global plastic alternative packaging market is categorized by types, including Starch Based Plastic, Cellulose Based Plastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), and Other Types. Furthermore, the market is segmented by process, including Recyclable, Reusable, and Biodegradable, and by application, encompassing Food and Beverage, Personal Care, Health Care, and Other Applications.
With the increasing shift towards eco-consciousness, the plastic alternative packaging market presents an opportunity for businesses to meet consumer demands while contributing to a sustainable future.
Plastic Alternative Packaging Global Market Report 2023 by The Business Research Company provides insights on the plastic alternative packaging market size, plastic alternative packaging market segments, plastic alternative packaging market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Flexible Plastic Packaging Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/flexible-plastic-packaging-global-market-report
Aseptic Packaging Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/aseptic-packaging-global-market-report
Advanced Packaging Technologies Global Market Report 2023
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
