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 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 market is expected to grow to $96.91 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%.
The plastic alternative packaging market consists of sales of plastic alternative packaging by entities (organizations, sole traders, and partnerships) that are engaged in manufacturing plastic alternative packaging 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.
Only goods and services traded between entities or sold to end consumers are included.
The main types of plastic alternative packaging are starch-based plastic, cellulose-based plastics, polylactic acid (PLA), polyhydroxyalkanoates (PHA), others.Starch-based plastics are created from polylactic acid (PLA), which is produced from fermented carbohydrates such as cornstarch.
The various process includes recyclable, reusable, biodegradable and are used in food and beverage, personal care, health care and other applications.
North America was the largest region in the plastic alternative packaging market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Growing environmental concerns associated with plastic usage is a major driver for 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 to find the replacement of plastic packaging.According to the World Economic Forum’s report published in October 2019, approximately 13 million tons of plastic waste leaks into our oceans every year, causing unimaginable damage to biodiversity, marine life, and human health.
Most plastics are non-biodegradable attributing to the material versatility. Rising inclination towards alternatives to plastics has attracted businesses worldwide, which contributes to the growth of the plastic alternative packaging market.
The high cost of plastic alternative packaging products is projected to limit the growth of the plastic alternative packaging market over the forecast period.Biodegradable plastic packaging materials are expensive as compared to non-biodegradable materials.
For instance, the cost of CycleWood’s biodegradable plastic bags is around 1.5 cents per unit compared with 1.2 cents for traditional plastic bags. Additionally, biodegradable materials are 2 to 10 times more costly to produce than relative non-biodegradable materials. Thus, high cost is likely to restrict the growth of the plastic alternative packaging market.
Advances in technology is a major trend in the plastic alternative packaging market.Major companies dealing in the market are continuously focusing on introducing innovative and sustainable packaging solutions for various industries to maintain their position in the competitive business environment and to meet end-user requirements.
For instance, in January 2021, Sealed Air Corporation, has launched a new version of bubble wrap brand packaging material that is made with at least 90% recycled content. The recycled content used to make bubble wrap brand packaging is sourced from post-industrial materials that would otherwise end up in landfills.
In June 2019, Amcor plc., an Australia-based company engaged in producing packaging for food, beverage, pharmaceutical, medical, home- and personal care, and other products acquired Bemis company Inc. for $6.8 billion. The acquisition of Bemis Company, Inc. brings new scale, skills, and footprint that will grow Amcor’s industry-leading value plan to create a global consumer packaging giant. Bemis Company, Inc. is a US-based manufacturer of flexible packaging products and pressure-sensitive materials.
The countries covered in the plastic alternative packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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