Market for sustainable plastic packaging to reach US$122 billion by 2029
BCC Research, a US-based market research company, published a latest study on the global market for sustainable plastic packaging. The company forecasted that the market will grow from US$81.6 billion in 2023 to US$122.4 billion by the end of 2029, at a CAGR (Compound Annual Growth Rate) of 7.2%.
BCC Research published a latest study on the sustainable plastic packaging global market.
The global sustainable plastic packaging market is analyzed by segmenting it based on packaging type and end user. End user group is segmented into food and beverage, industrial and chemical, healthcare, personal and home care, and others.
The market is divided into three primary packaging types: recycled packaging, reusable packaging, and bioplastic packaging. Recycled packaging is further categorized into rPET, rPE, rPP, rPS, rPVC and rPLA. Bioplastic packaging is segmented into biodegradable and non-biodegradable options.
BCC Research analyzed four key factors that facilitate the growth of sustainable plastic packaging market. These include increasing consumer preference for bioplastic, growing use of bio-based flexible materials for primary packaging, increasing demand on post-consumer recycled plastic packaging, and growth in reusable packaging to achieve efficiency and environmental goals.
Among the advanced recycling technology, one of the most promising development is chemical recycling. It has the potential to recover over 50 million tons of plastic packaging waste that was previously considered non-recyclable.
