Market for sustainable plastic packaging offers great growth opportunities
According to a new market research report, the market for sustainable plastic packaging will grow by 5.6% annually to 117.3 billion US dollars by 2025. Among the most important drivers are the strict requirements of the regulators and changing consumer preferences. One thing seems clear: the future belongs to sustainable plastic packaging. But the question must be asked what exactly does “sustainable” mean? The answers show similarities. They all aim for the circular economy. And they offer great growth opportunities for the industry.
In the report, MarketsandMarkets distinguishes between packaging types (rigid, flexible, industrial), packaging formats (primary, secondary, tertiary), process (recyclable, reusable, biodegradable), end-use sector and region. Results:
- Market growth to USD 89.0 billion in 2020
- Growth of the market to UDS 117.4 billion in 2025
- Annual growth rate 5.6 percent
- The “biodegradable” segment will show the strongest growth between 2020 and 2025.
- The APAC region will account for the largest share of the market for sustainable plastic packaging in 2025.
- The largest end-use sector in 2019 was the food and beverage segment.
The forecasts of the market report underline the importance of sustainable plastic packaging. Without doubt, the future belongs to them.
An interesting question here is what constitutes “sustainable” plastic packaging. Is it recyclable? Is it reusable? Is it biodegradable?
Common to all approaches is that they all aim at the circular economy. What is sustainable is what is recyclable. Recyclability is not only an answer to the current pressure from regulators and consumers. Above all, it is also a huge growth opportunity for the industry based on sustainability.
We should take up this opportunity