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$17,486.4 Millions Global Plastic Alternative Packaging Market Values, Share, Growth and Comparison by Region 2030

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According to a report by Altus Market Research titled, “Plastic Alternative Packaging Global Market Analysis 2022-2031 by Type(Starch-Based Plastic; Cellulose Based Plastics; Polylactic Acid (PLA),(PHA)); Process(Bio-Based/Non-Biodegradable; Biodegradable); Application(Food; Personal Care; Health Care)“, 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.

Growth in the historic period resulted from increased demand for industrial packaging products, environmental concerns over plastics and rising inclination towards alternatives to plastics. Factors that negatively affected growth in the historic period were high costs, easy availability and low cost of conventional plastics, alternative products and the coronavirus pandemic. Going forward, technological advances, rising awareness, government initiatives and an increase in availability of plastic alternative packaging will drive market growth. Factors that could hinder the growth of the plastic alternative packaging market revenue in the future include inability to replicate traditional plastics, reduction in free trade, bioplastics may still end up causing pollution, extra land for agriculture required by bioplastics and shift towards packaging free products.

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.

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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.

Market Growth by Segments:

The plastic alternative packaging market share is segmented by type into starch-based plastic, cellulose-based plastics, polylactic acid (PLA), polyhydroxyalkanoates (PHA) and other types. The other types market was the largest segment by type, accounting for 27.9% of the total market in 2021. The cellulose-based plastics market is expected to be the fastest-growing segment in plastic alternative packaging market type, going forward at a CAGR of 15.8% during 2021-2026 period.

The plastic alternative packaging market trends is segmented by process into bio-based/non-biodegradable biodegradable. The biodegradable market was the largest segment by process accounting for 76.3% of the total market in 2021. The biodegradable market is expected to be the fastest-growing segment in plastic alternative packaging market by application, going forward at a CAGR of 15.63% during 2021-2026 period.

Market Growth by Applications:

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.

Market Growth by Region:

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.

Future Investment Opportunities:

The top opportunities in the plastic alternative packaging market analysis segmented by type will arise in the other types segment, which will gain $1,144.6 million of global annual sales by 2026. The top opportunities by process will arise in the biodegradable segment, which will gain $3,158.1 million of global annual sales by 2026. The top opportunities in the plastic alternative packaging market segmented by application will arise in the food and beverage segment, which will gain $1,548.8 million of global annual sales by 2026. The plastic alternative packaging market size will gain the most in China at $8,895.9 million.

Market: Trend-based Strategies

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.

Growth Strategies by Altus Market Research for Companies in the Market:

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.