Amcor PLC (Australia) and Sonoco Products Company (US) are the Key Players in the Sustainable Plastic Packaging Market
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.
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.
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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.
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.
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In terms of value and volume, the
biodegradable segment is estimated to be the fastest-growing process in the
sustainable plastic packaging market between 2020 and 2025.
Biodegradable plastic decomposes
naturally in the environment. This is achieved when microorganisms in the
environment metabolize and break down the structure of biodegradable plastic.
It is less harmful to the environment than traditional plastics. Biodegradable
plastics can be composed of bioplastics manufactured from renewable raw
materials. Innovation plays a key role in the biodegradable plastic packaging
market. Several companies are investing in R&D in search of new packaging
materials that are beneficial in use and non-toxic to the environment.
The food & beverage segment is
estimated to be the largest end-use sector in the sustainable plastic packaging
market in 2019.
The food & beverage industry is a
major one in the sustainable packaging market. The primary function of food
& beverage packaging is to reduce food loss and increase the shelf-life of
food products. The 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 packaging market in the food &
beverage sector.
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630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
sales@marketsandmarkets.com
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