The global sales of plant based packaging market are estimated to be worth USD 8.0 billion in 2021 and are anticipated to reach a value of USD 15.2 billion by 2031. Sales are projected to rise at a CAGR of 6.7% over the forecast period between 2021 and 2031. The revenue generated by plant based packaging market in 2020 was USD 7.5 billion.
The growth of the plant-based packaging market is due to growing demands in consumer markets for sustainable and environmentally benign packaging solutions. Companies are thus prompted to turn to biodegradable and compostable materials because of increasing awareness of environmental problems and a desire to reduce plastic waste.
Pressures from regulations and inducements toward the reduction of single-use plastics further accelerate the shift toward plant-based alternatives. Improvements in plant-based materials, such as those made from corn-starch or sugarcane, add functionality and appeal to these packaging solutions. Development in the greener consumer base and corporate sustainability programs further drives the market.
Global Plant Based Packaging Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 7.5 billion |
| Estimated Size, 2021 | USD 8.0 billion |
| Projected Size, 2031 | USD 15.2 billion |
| Value-based CAGR (2021 to 2031) | 6.7% |
Along with their low environmental effect, increased attention on sustainability, government emphasis on efficient package management, and rising consumer awareness combined with an expanding ban on plastic, plant-based packaging is finding increasing use in various applications.
Variety in packaging materials, types, and technologies helps the packaging industry provide innovative, safe, and sustainable packaging solutions for different products. Apart from sustainability, recyclability remains a key trend in the global packaging industry. The influence of environmental safety agencies on all sorts of packaging businesses continues to remain evident.
Plant based packaging is expected to grow in popularity as a result of its improved and unique preservation qualities. This might be owing to the use of bioplastics with value-added oxygen barriers. With the use of sophisticated technologies such as nanoparticle components and biopolymers, a new form of green plastic is expected to emerge on the market.
In terms of sales, the North American market is anticipated to take the lead in the global plant based packaging market. Leading companies in the USA plant-based packaging market are expected to provide new products that will increase the shelf life of goods while also protecting the components from the harmful impacts of their surroundings. Hence, propelling the demand for plant based packaging market in the USA and Canadian market.
The European plant based packaging market is estimated to grow at a moderate pace. Food packaging is necessary for product containment, preservation, and protection, as well as to prevent food spoilage, eliminate the possibility of adulteration, and show food in a hygienic and attractive way.
The plant based packaging market in Europe is expected to develop rapidly in the coming years, owing to a growing customer base that values the plant based packaging of consumer products, meals, and drinks.
Some key manufacturers operating the business in the plant based packaging market globally include
The key companies involved in the effort to adopt smart plant-based packaging
Coca-Cola employs sugarcane from Brazil but it's also exploring at using other plant-based resources.
In February 2021, Mondi Group increased its portfolio with the introduction of new and sustainable paper-based EverLiner products, i.e., EverLiner M R and EverLiner Labelite, made from recycled and lightweight materials. They provide greater long-term solutions in a variety of applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Plant Based Packaging Market
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