Global Plastic-Free Pack Market Poised for Growth, Expected to Reach US$ 12.5 Billion by 2034 | FMI

The global plastic-free pack market is set to experience robust growth, driven by increasing investments in sustainability, stringent government regulations on plastic use, and rising consumer awareness about environmental safety. According to recent forecasts, the market is projected to grow at a compound annual growth rate (CAGR) of 4.2%, expanding from US$ 8.3 billion in 2024 to US$ 12.5 billion by 2034.

Core Concepts in the Plastic-Free Pack Industry

• Progression Rate through 2034: The plastic-free pack market is projected to advance at a CAGR of 4.2% through 2034.
• Market Size by 2034: The market size of the plastic-free pack market is expected to reach US$ 12.5 billion by 2034.
• Market Size by 2024: The plastic-free pack market will reach US$ 8.3 billion in 2024.
• Packaging Format: In 2024, the boxes & cartons segment is expected to hold the largest market share in the plastic-free pack market, accounting for 36.2% of the market space.
• Material Segment: Also in 2024, the paperboard segment is expected to dominate the plastic-free pack market, holding 54.3% of the market space.

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Key Market Highlights

• Corporate Sustainability Initiatives: Large-scale businesses and key players are significantly investing in sustainable developments, spurred by strict government regulations aimed at reducing plastic usage. Cosmetic and beauty brands, in particular, are adopting plastic-free products, reflecting a major market trend.
• Phasing Out Single-Use Plastics: Major organizations like Starbucks and Burger King are leading initiatives to phase out single-use plastic cups, driving demand for plastic-free packaging solutions across various industries.
• Innovations in Food Packaging: Innovations in the food industry are focusing on replacing traditional plastic containers with alternatives like edible food containers. These innovations underscore the shift towards plastic-free products and represent a significant trend in the global market.

Market Growth Comparison: 2019-2023 vs. 2024-2034

The historical period (2019-2023) witnessed a modest CAGR of 3%, with the market size increasing from US$6.8 billion to US$7.9 billion. Stringent regulations on plastic use, including thickness and reusability, were the primary driver during this period. Product innovations like edible containers and reusable cans further fueled market growth.

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Regional Market Trends

• Luxury Goods: The preference for premium packaging in the alcohol and perfume industries is also contributing to the rise of plastic-free packaging production.
• Plastic Bag Bans: Bans on plastic bags in various countries have created a surge in demand for alternative packaging solutions, further propelling the market forward.

Spotlight on Regional Leaders

• United States: The U.S. market is expected to exhibit a CAGR of 2.7% through 2034. Corporate America’s commitment to environmental responsibility, including pledges to reduce plastic use, is driving the demand for sustainable packaging solutions.
• Spain: Spain’s focus on coastal preservation through legal measures like the Shores Act is leading to a reduction in plastic containers and packaging. This is fostering the growth of the Spanish plastic-free packaging market, with a projected CAGR of 3.3% – the highest in Europe.