The global plastic packaging market is projected to exhibit a significant growth, at a CAGR of around 3.5%, during the forecast period. The market will project a growth with the trend towards sustainable packaging solutions. Plastics are referred to as an instrument that can lead to the development of sustainable packaging solutions. With the focus on manufacturing of reduced source, lightweight, and recycling, the plastic packaging is assisting in addressing the sustainability concerns across every industry, leading to the reduction of impact of plastics on environment. Through reducing environmental impact of plastics, the logistic cost can be saved to a certain extent.
Moreover, the demand for bioplastics is expected to project a noteworthy growth during the forecast period. The use of bio-plastic or biodegradable plastic is increasing, as they are made from renewable resources and enable to reduce CO2 emission. There are several types of plastic types that are produced through agricultural feedstock which includes sugar cane, corn, and sugar beet and has the property of bio-based and biodegradable plastics. The use of conventional plastic affects the environment, gives rise to greenhouse gas emission, and generation of non-degradable waste. Such transition towards the sustainable packaging will lead to the growth of the plastic packaging market.
According to the American Chemistry Council, over 94% of Americans can recycle plastic bottles and over 70% of Americans can recycle plastic bags and wraps at stores, and over 60% of Americans can recycle other rigid plastics. Therefore, the demand for recyclable plastics is rising trend for the sustainable packaging, which in turn, is driving the plastic packaging market across the globe. Moreover, there are a number of groups and organizations that are working towards the recycling of plastics. Henkel & The Plastic Bank is trying to overcome this barrier by monetizing plastic waste. The group has set up several locations, at where people can return plastic in exchange for some tokens, which can be used to buy phone credits, food, and more. Henkel manufactures its beauty care and home products from 100% recycled materials.
OMR Global Recently Published Report on: https://www.omrglobal.com/industry-reports/plastic-packaging-market
Global Plastic packaging Market-Segmentation
By Type
- Flexible Packaging
- Rigid Packaging
By Technology
- Recyclable
- Reusable
- Biodegradable
By Vertical
- Food & Beverages
- Personal Care
- Healthcare
- Others (Industrial)
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