Plant-based Plastic Packaging MarketáPotential Growth, Attractive Valuation
Posted by Sakshi Mishra on March 14th, 2020
In the age of green chemistry, plant-based plastic packaging is one of the greatest milestones ever discovered. Nevertheless, many private companies and government agencies have been working on research and development to make plan-based plastics packaging more established. Plant-based plastic are made from agricultural waste, sugar cane, switch grass or grasses and corn. Moreover, manufacturers are using plant-based oil in plant-based plastic packaging for processing plastic instead of using petrochemicals in order to make it more environmental friendly. Plant-based plastic packaging helps to reduce greenhouse gases by up to 35% and takes up to 36% less energy to make as compared to conventional plastic packages. Several products are being launched in the global plant-based plastic packaging market. For instance, in April 2011, P&G (currently acquired by Coty Inc.) introduced its range of shampoos under the brand name Pantene rapped with plant-based plastic packaging. Coca Cola Company is another example of switching to plant-based plastic packing from traditional packaging. The company is focused to convert all the Coca Cola packaging made of plant-based by 2020 as per its green initiative plan. Nevertheless, AT&T uses packaging that contains 30% plant-based materials sourced from sugarcane ethanol. Also, partnerships ramp up in the global plant-based plastic packaging market to meet the increasing demand for plant-based plastics packaging from the end user industries. For instance, in August 2016, Canada-based Solegear Bioplastic Technologies Inc. and r-pac International, a leading global supplier of retail packaging introduced plant-based packaging for leading smartphone case.
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Plant-based plastic packaging costs six to seven times more than conventional plastics.
Plant-based Plastic Packaging – Market Segmentation:
On the basis of materials plant-based plastic packaging market is segmented into
Based on application plant-based plastic packaging market is segmented into
On the basis of end user compostable packaging materials market is segmented
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About the AuthorSakshi Mishra
Joined: July 22nd, 2019
Articles Posted: 530
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