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How Rapidly is the Plastic Alternative Packaging Market Forecasted to Grow Between 2024 and 2033?

In the past few years, there has been a quick expansion in the size of the plastic alternative packaging market. This market is projected to increase from $5.33 billion in 2023 to $6.25 billion in 2024, representing a compound annual growth rate (CAGR) of 17.4%. The surge in growth during the previous period is due to a rise in the demand for industrial packaging goods, growing worries about the environmental impact of plastics, and a greater preference for alternatives to plastic.

The size of the plastic alternative packaging market is projected to experience a significant increase in the next few years, with a value expected to reach $11.84 billion by 2028. This translates to a compound annual growth rate (CAGR) of 17.3%. This increase during the predicted period is due to factors such as technological advancements, increasing consciousness, government interventions and the enlarging availability of plastic alternative packaging. Noteworthy trends foreseen within this period include a concentration on establishing partnerships with research bodies and established firms, investment in mono material packaging solutions, recycling and repurposing industrial waste as innovative plastic alternative packaging materials, the application of artificial intelligence (AI), mergers and acquisitions among businesses and a shift towards eco-friendly bioplastics.

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What Factors Are Behind the Rapid Growth of the plastic alternative packaging Market?

The surge in the plastic alternative packaging market has been primarily propelled by increasing worries over environmental problems related to plastic materials. These plastic products, which contain potentially lethal pollutants, have detrimental impacts on human health, fauna and flora, and the broader environment. Clients are demonstrating a preference for eco-friendly packaging substitutes instead of plastic packaging. As per data gathered by the Office for National Statistics (ONS) Opinions and Lifestyle Survey (OPN), a UK-based national statistical organisation, in October 2021, 75% of UK adults conveyed their concern about climatic change in November 2021. This mounting preference for plastic substitutes has drawn attention from companies across the globe, subsequently catalysing the expansion of the plastic alternative packaging market.

What Are the Principal Segments of the Plastic Alternative Packaging Market?

1) By Type: Starch-Based Plastic, Cellulose Based Plastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Other Types

2) By Process: Bio-Based/Non-Biodegradable, Biodegradable

3) By Application: Food And Beverage, Personal Care, Health Care, Other Applications

What Emerging Patterns Are Redefining the Plastic Alternative Packaging Market?

Firms within the alternative plastic packaging sector are centered on mono-material packaging alternatives to provide a more sustainable circularity in polyolefins-based packaging solutions. The materials employed are single polymers, simplifying the recycling process as no disassembly is required prior to recycling. These substances remove the need for segregating materials and decrease the chances of contaminating the recycling chain, hence making the recyclability process more straightforward. Companies are employing newer polypropylene (PP) alternatives, which are feasible monomaterial replacements for multi-material plastics, that have advanced moisture barrier, thermal resistance, and excellent transparency to produce mono material packaging. Furthermore, in 2021, Dai Nippon Printing Co., Ltd., a renowned Japanese printing firm, developed a mono-material package that combines oxygen and water vapor barrier properties capable of tolerating heat sterilization, boasting superior recyclability, and making them suitable for contents with a long shelf life.

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Which Geographical Regions Are Shaping the Plastic Alternative Packaging Market Growth?

North America was the largest region in the plastic alternative packaging market in 2023. The regions covered in the plastic alternative packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Plastic Alternative Packaging Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the plastic alternative packaging market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Plastic Alternative Packaging Market Include

1. Plastic Alternative Packaging Market Executive Summary

2. Plastic Alternative Packaging Market Segments

3. Plastic Alternative Packaging Market Size And Template Market Growth Rate

4. Key Plastic Alternative Packaging Market Trends

5. Major Plastic Alternative Packaging Market Drivers

……

25. Key Mergers And Acquisitions In The Plastic Alternative Packaging Market

26. Top Plastic Alternative Packaging Companies

27. Plastic Alternative Packaging Market Opportunities And Strategies

28. Plastic Alternative Packaging Market, Conclusions And Recommendations

29. Appendix

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