The global single-use plastics packaging market is projected to be valued at US$ 26 Billion in 2023 and is anticipated to expand at a CAGR of 6.1%. Owing to the advances in packaging the market is likely to surpass a valuation of US$ 47 billion through 2033.
Other factors supporting the single-use plastics packaging market growth are –
· Increasing spending power in developing regions
· Increasing requirement for speedy yet safe delivery of products in bulk.
· The increased number of packaging facilities to meet the needs of expanding urban populations
Asia Pacific is dominating the market share of the global single-use plastics packaging market
The demand for single-use plastic packaging has increased owing to the ability to deliver the product with a high level of convenience and usefulness. This factor is likely to boost sales opportunities in the single-use plastic packaging market during the forecast period of 2023-2033. Besides this, the sales of single-use plastic packaging increase, as the products are lightweight and durable.
One of the key drivers for the growth of single-use plastic packaging is the food & beverage industry. The commonly used single-use plastics in the food industry are plastic bags, straws, and water bottles.
Asia Pacific accounts for the highest market share in the global single-use plastics packaging market growth of the market is attributed to the presence of a well-developed food industry in the region and the growing popularity of online food delivery in many countries in the region drives the single-use plastics packaging market during the forecast period. The rapid growth of E-commerce in developing economies like India and China fuels market growth.
FMI research indicates that single-use plastic packaging solutions show great potential for not only durability but improving outcomes for buyers in different areas. The single-use plastics packaging should meet the objectives like:
· Cost-effective packaging
· Lightweight makes the product easy during transportation
· Small environmental footprint
· Prevent infection spread
Some of the leading manufacturers and players operating in single use plastics packaging market are Bemis Company, Zipz Inc, Transcontinental Inc, Ardagh Group S.A. among others.
The market for single-use plastics packaging is highly competitive with many companies vying for market share. These companies have a strong presence and apply various strategies to gain an advantage such as emphasizing product quality and pricing. Market players are focusing on the development of new-age and sustainable packaging solutions to generate maximum revenue in packaging industry.
For instance – Zipz provides single-serve, portable packaging solutions for wine, beer, and spirits. Its portable packaging can be used for the single-serve wine and ready to drink (RTD) cocktail category. Combining innovation Zipz Packaging created an elegant, portable wine glass made from high-quality PET plastic that looks and feels like classic glassware, with a re-screwable top that pulls double duty as a highly protective coaster.
The startups operating in the single-use plastics packaging market are concentrating on sustainability and innovation and trying to increase production capacity.
For instance, US-based startup PHAXTEC produces sustainable PHA-based materials. This startup combines material science and biotechnology and creates recyclable and compostable alternatives to traditional plastics and also uses biogas in its production process, for improving the sustainability of its materials. The startup’s solutions find applications in single-use packaging, paper coatings, and fabrics, among others
Another trend likely to shape the future of the single-use plastics packaging market is the growing use of single-use plastics in the packaging of medicinal products to protect them from the risk of contamination and damage. Demand for single-use plastic packaging comes from many other industries as single-use plastic packaging reduces cross contaminations and infections. This will augment the market growth during the forecast period.
The market is expected to see a number of mergers, acquisitions and collaborations among the key, market players as companies are trying to increase their market share and diversity of product portfolios. The overall future of single use plastics packaging looks promising with a steady growth rate projected in the coming years.
Growth in packaging for the food & beverage industry owing to urbanization and busy lifestyles has led to the demand for single-use plastic packaging. Transparency, strength, flexibility, easy availability and low cost have led to the adoption of single-use plastic packaging across various industries.
In addition, single-use plastic packaging does not degrade in extreme environments and can survive changes in temperature which makes it an excellent packaging material for transportation and shipment. Single-use plastic packaging protects the product from contamination and prevents water, grease and dirt from damaging the product.
High convenience and printability are expected to propel the demand for single-use plastic packaging. Single-use plastic packaging often has smaller environmental footprints. Many industries demand single-use plastic packaging to prevent cross- contamination and infection. This is likely to augment the market growth of single-use plastic packaging.
Single-Use Plastic Packaging Market: Dynamics
One of the key drivers for the growth of single-use plastic packaging is pharmaceutical industry growth. Single-use plastic packaging is used heavily for the packaging of medical supplies, syringes, medicines and instruments. Pharmaceutical products pass through various levels of the supply chain before reaching the end-user.
Therefore, single-use plastic packaging helps to reduce the risk of contamination which safeguards the interests of the end-users. Moreover, E-commerce growth has led to brand owners choosing lightweight and flexible packaging as it allows for optimum storage during shipment of the packages.
Rising growth of e-commerce especially in emerging economies such as India and China is likely to fuel the market demand for single-use plastic packaging. Changing lifestyles and urbanization have led to the growth in food & beverage, healthcare, home care, personal care and emerging e-commerce which is anticipated to boost the market demand for single-use plastic packaging.
Convenience and cost savings enhance the profit margin for the brand-owners makes its usage widely accepted.
Waste and disposal management are growing concerns associated with single-use plastic packaging. Improper disposal leads to environmental hazards and increases plastic pollution. This is likely to hinder the growth of single-use plastic packaging market.
Single-Use Plastic Packaging Market: Regional Outlook
Asia Pacific is likely to dominate the single-use plastic packaging market owing to rapidly growing industries in emerging economies such as India, China and South Korea. Asia Pacific region has high demand and high manufacturing capacity due to the large population.
The large Consumer base for various industries such as food & beverage, health care, home care and personal care is anticipated to fuel the demand for single-use plastic packaging. Ban of single-use plastics in Europe and North America is expected to hinder the growth of single-use plastic packaging market.
