The water-soluble packaging market is estimated to be valued at USD 2.8 billion in 2019 and is projected to reach USD 3.7 billion by 2025, recording a CAGR of 5.0% during the forecast period. The increasing demand for sustainable and green packaging drives the market growth for water-soluble packaging.
The qualities of plastics such as durability, which makes it the most attractive packaging material also suggests that it does not break down by any means and thus remains in the environment as a pollutant. In order to resolve such issues, the packaging companies and manufacturers are coming up with alternatives to overcome the use of plastics as a packaging material. Water soluble packaging is one such solution, which acts as one of the sustainable and convenient options for replacing non-biodegradable packaging materials.
Green products, be it foodstuffs or any other house cleaning or packaging material, the market is growing hand in hand because the popularity of going green is establishing its way in every sector and industry. Increasing environmental pollution due to non-biodegradable waste generated by the packaging materials has resulted in the deteriorated quality of overall atmosphere, calling for solutions. Product innovation in packaging, such as development of water soluble packaging materials, is one of the initiatives that have the potential to serve the market with sustainability and replace plastic usage in packaging to some extent.
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North America is projected to account for the largest market share during the forecast period
In 2018, North America accounted for the largest market share in the water soluble packaging market. This is attributed to the high adoption of water soluble packaging in various industries. The problem of plastics waste generation is intensifying by the day. According to EPA, in the US, 70% of the plastics end up in landfills, and this is because of the popular “throw-away” culture. However, the growing awareness among the people regarding the need for reduction of single-use plastics usage, coupled with government interventions to ban their use, drives the market for water soluble packaging in the North American region.
Key players in this market include Lithey Inc. (India), Mondi Group (Austria), Sekisui Chemicals (Japan), Kuraray Co. Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Aicello Corporation (Japan), Aquapak Polymer Ltd (UK), Lactips (France), Cortec Corporation (US), Acedag Ltd. (UK), MSD Corporation (China), Prodotti Solutions (US), JRF Technology LLC (US), and Amtopak Inc. (US).
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- In October 2019, hot water soluble laundry bags, made by Aquapak Polymer Ltd. (UK) have been launched by Australian distributor, DB Packaging. The development aims at widening the range of water soluble packaging product lines offered by the company.
- In October 2019, Aquapak Polymer Ltd. (UK) launched Garment packaging bags made from Aquapak polymer, which will be launched by the Finisterre garment company. The company aims to replace traditional packaging with soluble packaging.
- In June 2018, Mondi Group (Austria) acquired Powerflute Group, a division of Nordic Packaging and Container Holdings, in order to strengthen its innovative packaging business in Europe.
- In March 2018, Kuraray Co. Ltd. (Japan) established a water soluble film manufacturing facility in Indiana, US. The development would help the company to strengthen its manufacturing capacities.