The global sales of plant based packaging are expected to grow at 6.7% in 2021. However, the overall ten-year compound annual growth rate (CAGR) remains positive during 2021-2031.
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.
Plant Based Packaging have Emerged as the Most Ecologically Friendly Option, hence anticipating the Demand in the Market
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.
US and Canada Demand Outlook for Plant Based Packaging 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 US 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 in the US and Canadian market.
Europe Demand Outlook for Plant Based Packaging 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.
Plant Based Packaging Market: Key Players
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.
These insights are based on a report Plant Based Packaging Market by Future Market Insights.