Overview and Scope
Plastic alternative packaging refers to packaging solutions made up of a plastic-like substance that dissolves effectively and leaves no hazardous residues and is derived from biodegradable materials and recyclable products. Plastic alternative packaging products are innovative eco-friendly alternatives to traditional materials and include biodegradable packaging, packaging products made from recycled materials, and plant-based packaging
Sizing and Forecast
The plastic alternative packaging market size has grown rapidly in recent years. It will grow from $5.33 billion in 2023 to $6.25 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased demand for industrial packaging products, environmental concerns over plastics and rising inclination towards alternatives to plastics.
The plastic alternative packaging market size is expected to see rapid growth in the next few years. It will grow to $11.84 billion in 2028 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to technological advances, rising awareness, government initiatives and an increase in availability of plastic alternative packaging. Major trends in the forecast period include focus on establishing collaborations with research institutions and established companies, focus on investment in mono material packaging solutions, focus on leveraging industrial wastes to upcycle and create innovative plastic alternative packaging materials, focus on use of artificial intelligence (ai), focus on mergers and acquisitions and focus on use of environment-friendly bioplastics.
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Segmentation & Regional Insights
The plastic alternative packaging market covered in this report is segmented –
1) By Type: Starch-Based Plastic, Cellulose Based Plastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Other Types
2) By Process: Bio-Based/Non-Biodegradable, Biodegradable
3) By Application: Food And Beverage, Personal Care, Health Care, Other Applications
North America was the largest region in the plastic alternative packaging market in 2023. The regions covered in the plastic alternative packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing environmental concerns associated with plastic usage are a major driver of the growth of the plastic alternative packaging market. Plastic products consist of deadly pollutants and cause harmful effects on humans, animals, and the environment. Customers are interested in eco-friendly packaging options as a replacement for plastic packaging. For instance, in November 2021, according to the Office for National Statistics (ONS) Opinions and Lifestyle Survey (OPN), a UK-based national statistical institute, in October 2021, three-quarters (75%) of adults in the United Kingdom expressed concern about the effects of climate change. The rising inclination towards alternatives to plastics has attracted businesses worldwide, which contributes to the growth of the plastic alternative packaging market.
Key Industry Players
Major companies operating in the plastic alternative packaging market report are BASF, Amcor plc, Tetra Pak International SA, Sealed Air, Evergreen Packaging, Rengo Co. Ltd, International Paper Company, Mondi Group PLC, Futamura Group, SECOS Group, Huhtamaki, Shanghai PRECISE Packaging Co, SIG Combibloc, Greatview Aseptic Packaging, BioPak, Himalayan Packaging Industries Pvt. Ltd., Decon India Plastics Private Limited, West Pharma, Qingdao Likang Packing., Smurfit Kappa, DS smith, Element Packaging LTD, Delyn Packaging Ltd, CP Packaging Ltd, Surepak innovative packaging company, Epac flexible packaging, Enviroplast Inc., TC Transcontinental, PolyFerm Canada, TerraVerdae Bioworks Inc., Kruger Inc., Klabin SA, HP Inc., Choose Packaging, Plastic Suppliers Inc., Saudi Investment Recycling Company (SIRC), Bemis Company Inc., Winpak LLC, Rotopak LLC, Gulf East Paper and Plastic Industries LLC, Arabian Packaging LLC, Amber Packaging Industries LLC, Diamond Packaging Industries LLC, Astrapak Ltd (RPC Group), Nampak Ltd., Mpact Pty Ltd, Foster Packaging, Consol Glass (Pty) Ltd., East African Packaging Industries Ltd (EAPI), Constantia Afripack (Pty) Ltd, Bonpak (Pty) Ltd., Frigoglass South Africa (Pty) Ltd.
The plastic alternative packaging market report table of contents includes:
1. Executive Summary
2. Plastic Alternative Packaging Market Characteristics
3. Plastic Alternative Packaging Market Trends And Strategies
4. Plastic Alternative Packaging Market – Macro Economic Scenario
5. Global Plastic Alternative Packaging Market Size and Growth
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32. Global Plastic Alternative Packaging Market Competitive Benchmarking
33. Global Plastic Alternative Packaging Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Plastic Alternative Packaging Market
35. Plastic Alternative Packaging Market Future Outlook and Potential Analysis
36. Appendix
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