Recent Developments & Attractive Business Opportunities in Sustainable Plastic Packaging Market Industry

The global sustainable plastic packaging market size is projected to grow from USD 89.0 billion in 2020 to USD 117.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year. The growth of this market is attributed to the increasing regulations regarding the use of plastics, initiatives by governments and NGOs to promote sustainability in plastic packaging (e.g. - The Ellen McArthur Foundation), and the increasing awareness about the need and benefits of sustainability among the public, especially the youth.

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The sustainable plastic packaging market has been dominated by large players,such as Amcor PLC (Australia), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), and Berry Global Inc. (US). These players have adopted various growth strategies,such as acquisitions and new product developments to increase their market shares and enhance their product portfolios.

Acquisitions accounted for the largest share of all the strategic developments that took place in the sustainable plastic packaging market between January 2017 and March 2020. Key players, such as Amcor PLC, Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Berry Global Inc., Smurfit Kappa (Ireland), Mondi PLC (South Africa), and Constantia Flexibles (Austria), have adopted this strategy to strengthen their product portfolio, expand their market share, and to meet & exceed their customers’ expectations in the sustainable plastic packaging market.

Amcor PLC (Australia) is a global packaging manufacturer that offers innovative and sustainable packaging solutions. Amcor was formerly known as Australian Paper Manufacturers and changed its name to Amcor Limited in May 1986. After the acquisition of Bemis Inc., the combined company is now called Amcor PLC. The company is well known for its packaging innovation. It offers plastic, packaging film, metal, and glass packaging for several industries, such as beverage, food, medical, household, industrial goods, pharmaceuticals, and tobacco. The company caters to the aseptic packaging needs of the food, beverage, and pharma industries. A majority of Amcor’s packaging is already technically recyclable or reusable, and the company has been focusing on designing packaging that uses less materials for the past several years.

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Sonoco Products Company (US) is a global provider of innovative and sustainable packaging solutions. The company changed its name to Sonoco Products Company from Southern Novelty Company in 1923. It serves a variety of industries, such as automotive, food & beverage, pharmaceuticals, and sporting goods. The business segments of the company include consumer packaging, display & packaging, paper & industrial converted products, and protective solutions. The companyprovides plastic, rigid paper, and flexible packaging. Sonoco was selected into Fortune Magazine’s World’s Most Admired Companies list for 2020. Also, for the third year in a row, Sonoco also was listed first in the packaging/container industry in 2020. Sonoco was also ranked 48th on Barron’s 100 Most Sustainable Companies for 2019. In order to enhance sustainability in its packaging, the company created EnviroSense, which has a portfolio of a range of packaging materials, including cans made from 100% recycled paperboard, mono-material flexible pouches that are recyclable, rigid plastic packaging containing PCR content, and innovative packaging made from agricultural fibers.

Recent Developments in Sustainable Plastic Packaging Market

• In February 2020, Amcor PLC launched the first container for Ritual Multivitamins (US) made from 100% Post-Consumer Recycled content (PCR) resin. PCR is composed of recycled materials, including PET beverage bottles that have been used and subsequently recycled to produce a new product. Using PCR helps support the recycling infrastructure and reduces demand on virgin resins.
• In January 2020, Sealed Air Corporation, launched a new version of their bubble wrap brand packaging that is made with at least 90% recycled content. The recycled content used to make this version of bubble wrap brand packaging is sourced from post-industrial materials that would otherwise end up in landfills.
• In October 2019, Sonoco ThermoSafe, a unit of Sonoco Products Company, announced the creation of Orion R, which is a high-performance temperature controlled box rental service. It is made of lightweight, rugged EPP (Expanded Polypropylene), which is substantially more reusable than existing rental parcels and enables the pharmaceutical supply chain to cost-effectively and sustainably ship small parcels globally.

Sustainable plastic packaging is the use of reusable, recyclable, and biodegradable plastic materials for packaging solutions. This packaging type is effective; it offers social and economic benefits. Sustainable plastic packaging uses materials, energy, and water as efficiently as possible. The products/materials used in sustainable plastic packaging are recoverable through industrial or natural systems and are safe, non-polluting, and non-toxic to the environment. The sustainable plastic packaging industry has been growing as a result of stringent laws and regulations levied by governments and governing bodies, as well as a shift in consumer preference toward recyclable and eco-friendly packaging materials. Apart from these factors, downsizing of packaging and breakthrough in new technologies are also driving the sustainable plastic packaging market globally. However, the high cost of recycling and poor infrastructure available for recycling processes are likely to hamper the growth of this market.

The growth in the sustainable plastic packaging market is triggered by the following factors:

• Government initiatives toward sustainable packaging
• Shift in consumer preference toward recyclable and eco-friendly materials
• Downsizing of packaging
• Breakthrough in new technologies

MarketsandMarkets projects the global sustainable plastic packagingmarket size to grow from USD 89.0 billion in 2020 to USD 117.3 billionby 2025, at a CAGR of 5.6% during the same period.The sustainable plastic packaging market is segmented based on packaging format into primary, secondary, and tertiary. The primary segment accounted for the largest share in the sustainable plastic packaging market and is expected to grow at the highest CAGR, in terms of volume. Factors such as increasing recycling rates and innovations in biodegradable material for primary packaging are driving the market. Also, primary packaging is used in high quantities to pack every single unit that is produced by any manufacturer.

On the basis of end-use sector, the sustainable plastic packaging market is segmented into food &beverage, personal care, healthcare, and other end-use sectors. The food & beverage segment dominated the sustainable plastic packaging market in 2019. The primary function of food & beverage packaging is to reduce food loss and increase the shelf life of food products. Global players are aiming at using innovative packaging materials developed from degradable and recyclable materials in order to achieve sustainability. Consumers seek convenience food solutions due to lack of time. The expectations of food quality, hygiene, and growing health awareness are driving the sustainable plastic packaging market in the food & beverage sector.

The sustainable plastic packaging market is studied for five regions, namely, North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America. The APAC region accounted for the largest share in the market in 2019, in terms of value. It is also projected to be the fastest-growing market from 2020 to 2025.