The market size of the global Sustainable Films for Packaging market in the year 2021 is valued at 147.85 billion and is predicted to reach 278.41 billion by the year 2030 at 7.54% CAGR during the forecast period of 2022-30. The development and use of sustainable packaging films improve sustainability. This involves a wider use of life cycle inventory (LCI) and life cycle assessment (LCA) to guide package use, hence decreasing environmental impact and ecological footprint. Sustainable packaging films are likely to be the greatest option for reducing plastic waste. The market for sustainable packaging films is expected to grow rapidly in the next years due to the growing emphasis on the circular economy and the government's toughening policies to prohibit single-use plastics. Sustainable packaging is being adopted by various end-use businesses, including food and beverage, pharmaceutical, consumer electronics, personal care, and consumer goods. The food and beverage industry produces significant amounts of plastic waste and is the world's largest consumer of single-use plastic packaging. As a result, the food and beverage industry's role is to lead the trend toward sustainability, thereby boosting the market growth.
Furthermore, a growing emphasis on the circular economy and increased consumer and end-user awareness of its environmental benefits are expected to boost the growth of the sustainable film market for packaging. Moreover, The COVID-19 epidemic will disrupt supply chains, slowing the market's growth rate. The market's development rate will be hindered further by volatility in raw material costs and the high cost of sustainable films for packaging solutions. However, the lack of recycling technology and the high cost of raw materials are two main market limitations.
The Sustainable Films for Packaging market is segmented into Applications and Products. Based on Applications, the market is segmented into Food and Beverage, Pharmaceutical, Consumer Goods, Personal Care and Consumer Electronics. Based on the Products, the Sustainable Films for Packaging are segmented into Polypropylene (PP), Polyethylene (PE), Polyethylene Terephthalate (PET), Others (PLA and Cellulose).
Based on applications, the food and beverages segment is accounted as a major contributor to the Sustainable Films for Packaging market
The food and beverage category dominated the market over the forecast period. Rapid industrialization and urbanization have resulted in the rise of new food outlets where hygienic and sustainable films for packaging are required for food service. This factor has fueled the demand for sustainable films for packaging in the food industry. Non-biodegradable materials are harmful to one's health. As a result, using such materials for packaging has been restricted in the food and beverage industry to decrease the negative impact on individual health. Furthermore, increased environmental consciousness and conservation have produced a favorable climate for sustainable films for the packaging market.
The other (PLA and cellulose) segment witnessed growth at a rapid rate
The other (PLA and cellulose) category dominated the market. Because of their ease of disposal, degradability, and recyclability, polylactic acid (PLA) and cellulose are increasingly used as raw materials for food and beverage packaging goods. As a result, companies are adopting green packaging labels as a branding and client acquisition strategy, increasing demand for biodegradable films in food packaging and compostable bag applications.
The European Sustainable Films for Packaging market holds a significant revenue share in the region.
The European Sustainable Films for Packaging market is expected to register the highest market share in revenue in the near future, primarily because processed meats, sausages, fruits, and vegetables are increasingly packaged in sustainable materials. For those involved in the market, this has created many business prospects. Due to rising government activities in Europe for biodegradable packaging and environmentally friendly products, the need for sustainable packaging will rise throughout the projection period. In addition, Asia Pacific is projected to grow rapidly in the global Sustainable Films for the Packaging market. Government organizations in the APAC region are promoting the use of bioplastics for packaging in response to growing concerns about packaging waste. An ever-growing population base, rising raw material availability, expanding food processing operations, and rising individual disposable income are important elements impacting the market expansion.
Some major key players in the Sustainable Films for Packaging market are Amcor plc, Rani Group, Innovia Films, Mondi, Berry Global Inc., UFlex Limited, TORAY ADVANCED FILM CO., LTD., Pregis LLC, Constantia Flexibles, Sealed Air, Transcontinental Inc., ProAmpac, DUNMORE, Bleher, Folientechnik GmbH, ePac Holdings, LLC. and Cosmo Films