Over the next decade, the plantable packaging market is expected to witness tremendous growth, projected to be worth US$120.0 million by 2023 and soaring to US$340.0 million by 2033, with an impressive compound annual growth rate (CAGR) of 11.0%.
The main advantage of plantable packaging lies in its eco-friendliness, making it the ideal choice for environmentally conscious consumers seeking sustainable solutions. Comprised of natural and biodegradable components, plantable packaging aligns perfectly with the growing demand for environmentally friendly alternatives.
Governments worldwide are implementing policies to reduce plastic waste and promote sustainable packaging, creating opportunities for plantable packaging manufacturers to cater to the rising demand for eco-friendly substitutes.
An intriguing value proposition sets plantable packaging apart, as it not only serves as a packaging material but also allows for plant growth. This unique feature enables businesses to differentiate themselves in a competitive market and attract customers seeking innovative and sustainable solutions.
However, stakeholders should be mindful of certain factors before entering the market. While the plantable packaging market is experiencing growth, its size remains relatively modest compared to other packaging materials, which may affect short-term return on investment.
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Despite this, investing in the plantable packaging industry offers significant opportunities for growth and sustainability. The potential for customization and innovation in plantable packaging makes it an appealing avenue for development within the packaging sector.
In 2022, boxes and cartons accounted for 33.9% of the packaging market share, with plantable boxes and cartons gaining popularity in the food and beverage, cosmetics, and fashion industries. These boxes can be planted to grow herbs, spices, flowers, or other beneficial plants, offering eco-friendly and sustainable packaging options.
Within the market, the food and beverage industry held a substantial share of 52.1% in 2022. Plantable packaging serves as an effective marketing tool for companies looking to showcase their commitment to sustainability and attract environmentally conscious consumers.
North America currently dominates the market with a significant share of 26.3%. Home to the Sustainable Packaging Coalition (SPC), the region provides companies with resources and tools to adopt sustainable packaging solutions like plantable packaging. Major retailers such as Walmart and Target are also exploring eco-friendly packaging alternatives.
In Europe, the plantable packaging industry captured a strong share of 32.0% in 2022. The EU Circular Economy Action Plan and legislation in various European countries aim to reduce plastic waste and promote sustainable packaging options. European companies like GreenBottle in the UK specialize in plantable packaging solutions.
India is demonstrating promising growth in the plantable packaging market, projected to achieve a trajectory of 7.9%. The government’s Green Good Deeds campaign and initiatives by businesses like Sow and Grow in Mumbai are encouraging the use of eco-friendly packaging materials like plantable packaging.
Competitive Landscape:
The market is fragmented, with several big companies as well as some global and regional small-and-medium-sized firms operating globally. Many businesses compete based on the quality of their products and the production technology they use. Major firms are engaging in mergers and acquisitions, infrastructure development, expanding manufacturing facilities, investing in R&D facilities, and looking for possibilities to integrate vertically across the value chain.
- Amcor will produce an eco-friendly chocolate pack in South America in 2021. The recyclable plastic packaging for powdered chocolate was created and manufactured by the firm. The package cut its carbon footprint by 53% compared to the prior packaging.
- Amcor created a groundbreaking packaging solution for healthcare packaging in April 2021. The latest addition to the recyclable healthcare packaging product portfolio is the new AmSky blister system.
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Key Benefits for Plantable Packaging Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- It outlines the current trends and future scenario of the market from 2023 to 2033 to understand the prevailing opportunities and potential investment pockets.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
Key Players:
Amcor Limited, 3M Company, Bemis Company, Inc., Chevron Phillips Chemical Company LLC, and Honeywell International Inc.
Key Segments Covered:
By Material:
- Cardboard
- Bioplastic
- Mushroom
- Agave
By Packaging Formats:
- Bags & Pouches
- Trays
- Boxes & Cartons
- Wraps & Sheets
- Others
By End-User:
- Food and Beverages
- Pharmaceutical
- Personal Care and Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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