The global sustainable plastic packaging market size is projected to grow from USD 89.0 billion in 2020 to USD 117.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast year. The growth of this market is attributed to the increasing regulations regarding the use of plastics, initiatives by governments and NGOs to promote sustainability in plastic packaging (e.g. – The Ellen McArthur Foundation), and the increasing awareness about the need and benefits of sustainability among the public, especially the youth.
The sustainable plastic packaging market has been dominated by large players, such as Amcor PLC (Australia), Sonoco Products Company (US), Sealed Air Corporation (US), Huhtamaki OYJ (Finland), and Berry Global Inc. (US). These players have adopted various growth strategies, such as acquisitions and new product developments to increase their market shares and enhance their product portfolios.
Acquisitions accounted for the largest share of all the strategic developments that took place in the sustainable plastic packaging market between January 2017 and March 2020. Key players, such as Amcor PLC, Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Berry Global Inc., Smurfit Kappa (Ireland), Mondi PLC (South Africa), and Constantia Flexibles (Austria), have adopted this strategy to strengthen their product portfolio, expand their market share, and to meet & exceed their customers’ expectations in the sustainable plastic packaging market.
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Amcor PLC (Australia) is a global packaging manufacturer that offers innovative and sustainable packaging solutions. Amcor was formerly known as Australian Paper Manufacturers and changed its name to Amcor Limited in May 1986. After the acquisition of Bemis Inc., the combined company is now called Amcor PLC.
The company is well known for its packaging innovation. It offers plastic, packaging film, metal, and glass packaging for several industries, such as beverage, food, medical, household, industrial goods, pharmaceuticals, and tobacco. The company caters to the aseptic packaging needs of the food, beverage, and pharma industries. A majority of Amcor’s packaging is already technically recyclable or reusable, and the company has been focusing on designing packaging that uses less materials for the past several years.
Sonoco Products Company (US) is a global provider of innovative and sustainable packaging solutions. The company changed its name to Sonoco Products Company from Southern Novelty Company in 1923. It serves a variety of industries, such as automotive, food & beverage, pharmaceuticals, and sporting goods. The business segments of the company include consumer packaging, display & packaging, paper & industrial converted products, and protective solutions.
The company provides plastic, rigid paper, and flexible packaging. Sonoco was selected into Fortune Magazine’s World’s Most Admired Companies list for 2020. Also, for the third year in a row, Sonoco also was listed first in the packaging/container industry in 2020. Sonoco was also ranked 48th on Barron’s 100 Most Sustainable Companies for 2019. In order to enhance sustainability in its packaging, the company created EnviroSense, which has a portfolio of a range of packaging materials, including cans made from 100% recycled paperboard, mono-material flexible pouches that are recyclable, rigid plastic packaging containing PCR content, and innovative packaging made from agricultural fibers.