The Business Research Company’s Plastic Alternative Packaging Global Market Report 2021: COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, July 13, 2021 /EINPresswire.com/ — Growing environmental concerns associated with plastic usage is a major driver for the growth of the plastic alternative packaging market. Plastic products consist of deadly pollutants and cause harmful effects on humans, animals, and the environment. Customers are interested in eco-friendly packaging options to find the replacement of plastic packaging, thus driving the global bioplastics market, biodegradable plastic market among others. According to the World Economic Forum’s report published in October 2019, approximately 13 million tons of plastic waste leaks into our oceans every year, causing unimaginable damage to biodiversity, marine life, and human health. Most plastics are non-biodegradable, attributing to the material versatility. Rising inclination towards alternatives to plastics has attracted businesses worldwide, which contributes to the growth of the plastic alternative and sustainable packaging market.
The global plastic alternative packaging market is expected to grow from $61.23 billion in 2020 to $71.08 billion in 2021 at a compound annual growth rate (CAGR) of 16.10%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $95.04 billion in 2025 at a CAGR of 7.63%.
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North America accounts for the largest region in the plastic alternative packaging market. The other regions covered in the global market report are Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.
The major players covered in the green packaging market are Amcor Limited, Tetra Pak, Sealed Air Corporation, Plastic Suppliers Inc., Kruger Inc., Mondi, International Paper Company, Smurfit Kappa Group PLC, DS Smith PLC, Klabin SA, Rengo Co. Ltd, Bemis Company Inc.
Mergers and acquisitions among competitors in the market help grow their reach and product portfolio. In June 2019, Amcor plc., an Australia-based company engaged in producing packaging for food, beverage, pharmaceutical, medical, home and personal care, and other products acquired Bemis company Inc. for $6.8 billion. Bemis Company, Inc. is a US-based manufacturer of flexible packaging products and pressure-sensitive materials. The acquisition of Bemis Company, Inc. brings new scale, skills, and footprint that will grow Amcor’s industry-leading value plan to create a global consumer packaging giant.
The plastic alternative packaging market covered in this report is segmented by type into starch-based plastic, cellulose-based plastics, polylactic acid (PLA), polyhydroxyalkanoates (PHA), others; by process into recyclable, reusable, biodegradable; by application into food and beverage, personal care, health care, others.
Plastic Alternative Packaging Global Market Report 2021: COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides plastic alternative packaging market overview, forecast plastic alternative packaging market size and growth for the whole market, plastic alternative packaging market segments, and geographies, plastic alternative packaging market trends, plastic alternative packaging market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire