Plastics are an integral part of the modern world. Moreover, plastics are one of the most widely used materials on earth. Even though this may seem like a positive trend at first glance, the rapid increase in demand has led to an alarming rise in plastic waste production. In fact, it’s estimated that if no new measures are taken to reduce plastic waste, there could be as much as 25 billion tons of plastic in the world’s oceans by 2050. These are just some of the reasons why alternative plastic packaging is quickly becoming the new standard in the packaging industry.
Currently, the demand for plastic-free packaging is growing, forcing manufacturers to search for viable alternatives. However, finding a substitute for plastic that is safe and cost-effective has been challenging.
This article will discuss some of the most common alternative packaging solutions being adopted by manufacturers and retailers alike. From collapsible and reusable packaging to biodegradable and plant-based substitutes – these are all great alternatives that help reduce plastic waste while making a product stand out on shelves without hurting its functionality or aesthetics.
The global plastic alternative packaging market size reached a value of nearly $3,876.8 million in 2021, having increased at a compound annual growth rate (CAGR) of 10.3% since 2016. The market is expected to grow from $3,876.8 million in 2021 to $8,007.9 million in 2026 at a rate of 15.6%. The market is then expected to grow at a CAGR of 16.9% from 2026 and reach $17,486.4 million in 2031.
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The plastic alternative packaging market revenue is segmented by application into food and beverage, personal care, health care and other applications. The food and beverage market was the largest segment by application, accounting for 36.6% of the total market in 2021. The other applications segment is expected to be the fastest-growing segment in plastic alternative packaging market segmented by application, going forward at a CAGR of 16.6% during 2021-2026 period.
North America was the largest region in the plastic alternative packaging market growth, accounting for 34.9% of the global market in 2021. It was followed by Western Europe, Asia-Pacific and the other regions. Going forward, the fastest growing regions in the plastic alternative packaging market will be North America and the Asia-Pacific, where growth will be at CAGRs of 16.7% and 16.2% respectively from 2021-2026.
The global plastic alternative packaging market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the market made up to 32.53% of the total market in 2021. Major players in the market include BASF, Tetra Pak International SA, Amcor plc, Sealed Air, Evergreen Packaging (Pactiv Evergreen Inc), International Paper Company, Rengo Co. Ltd, Mondi Group PLC, Futamura Group and Plastic Suppliers Inc.
Market-trend-based strategies for the plastic alternative packaging market include focus on establishing collaborations with research institutions and established companies, focus on investment in mono material packaging solutions, focus on leveraging industrial wastes to upcycle and create innovative plastic alternative packaging materials, focus on use of artificial intelligence (AI), focus on mergers and acquisitions and focus on use of environment-friendly BioPlastics.
Player-adopted strategies in the plastic alternative packaging market include expanding operational and business presence in plastic alterative packaging through strategic partnerships, accelerating transition to more environmentally friendly packaging lines through strategic acquisitions and expanding its business operations through launch of new products.
To take advantage of the opportunities, Altus Market Research recommends the plastic alternative packaging companies to focus on mono material packaging, focus on upcycled packaging materials, use artificial intelligence, increase investments in environment-friendly bioplastics, expand in emerging markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to participate in events and conferences and focus on fast-growing end-use industries.
