Sustainable Films for Packaging Market is expected to reach $276.2 billion by 2031 - BIS Reports

The global Sustainable Films Market for Packaging was estimated at $140.0 billion in 2021 and is expected to reach $276.2 billion by 2031, growing at a CAGR of 7.0% during the forecast period 2022-2031. The growth in the sustainable films market for packaging is expected to be driven by an increasing focus on the circular economy and the growing awareness of its environmental benefits among end users and consumers. However, the lack of recycling technology and the high cost of raw materials are some key restraining factors for the market.

Market Lifecycle Stage

The global sustainable films market for packaging is in a growing phase. New trends, such as the development of bioplastics, are further expected to provide opportunities for the market to grow in the coming years.

Industrial Impact

With an increased worldwide focus on the circular economy, the shift toward eco-friendly industrial practices is increasing, thereby creating demand for sustainable products. The shift is more prominent in the food and beverages industry in regions such as Europe and North America.

Impact of COVID-19

The COVID-19 pandemic had a huge impact on the global sustainable films market for packaging. It altered the market in both positive as well as negative ways. During the COVID–19 pandemic, sectors that help meet necessities, such as providing food and supplies to consumers securely, were increasingly disrupted.

Market Segmentation

Segmentation 1: by Application

•    Food and Beverage

•    Pharmaceutical 

•    Consumer Goods

•    Personal Care

•    Consumer Electronics

Among different sustainable films used for packaging in end-use applications, the food and beverage segment is expected to be the largest application during the forecast period 2022-2031.

Segmentation 2: by Material Type

•     Polypropylene (PP)

•     Polyethylene (PE)

•     Polyethylene Terephthalate (PET)

•     Others (PLA and Cellulose)

Among different types of materials, the polyethylene segment led the market in 2021 and is estimated to lead the market during the forecast period 2022-2031 as well.

Segmentation 3: by Region

•    North America - U.S., Canada, and Mexico

•    South America - Brazil, Argentina, Chile, and Rest-of-South America

•    Europe - Germany, France, Spain, Italy, and Rest-of-Europe

•    U.K.

•    Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan

•    China

•    Middle East and Africa - U.A.E., Saudi Arabia, South Africa, Egypt, and Rest-of-Middle East and Africa

Europe led the sustainable films maret for packaging in 2021 and is anticipated to uphold its dominance throughout the forecast period.

Recent Developments in Sustainable Films Market for Packaging

•    In February 2022, Sealed Air increased its recyclable barrier display film portfolio to improve recyclability across European food supply chains. The company launched two new low-density polyethylene (LDPE) mechanical recycling and chemical recycling compatible Cryovac Brand Eco BDF films, namely, Eco BDF20M and Eco rBDF20M.

•    In April 2022, ProAmpac announced the launch of its latest ProActive Recyclable R-2000S, which is made up of recyclable polyethylene material.

•    In June 2021, Amcor plc launched AmPrima PE Plus ultra-clear and heat resistance films. The AmPrima PE Plus product uses raw materials which are ready for recycling processes and manufacturing. These films are easy-to-recycle and are effective at reducing carbon footprints. 

•    In November 2021, Rani Plast made significant additional investments to boost production capacity for recycled packaging film. Furthermore, the new lines would cut production waste, increase packaging film quality, and allow the company to employ other raw materials, such as recycled plastic granules.

Demand – Drivers and Limitations

Following are the demand drivers for the global sustainable films market for packaging:

•    Growing Government and Industrial Initiatives to Reduce Plastic Waste

•    Increasing Demand for Mono-Material Plastic Packaging 

The market is expected to face some limitations too due to the following challenges:

•    Lack of Technological Advancement around Recycling

•    High Cost and Inadequate Production of Bio-Based Raw Materials

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How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of materials available for sustainable films for packaging and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different sustainable films for packaging applications in industries such as food and beverages, pharmaceutical, personal care, consumer goods, and consumer electronics.

Growth/Marketing Strategy: Business expansion, partnership, collaboration, and joint venture are some key strategies adopted by key players operating in the space. For instance, in February 2022, Sealed Air increased its recyclable barrier display film portfolio to improve recyclability across European food supply chains. The company launched two new low-density polyethylene (LDPE) mechanical recycling and chemical recycling compatible Cryovac Brand Eco BDF films, namely, Eco BDF20M and Eco rBDF20M.

Competitive Strategy: Key players in the global sustainable films market for packaging analysed and profiled in the study involve sustainable packaging film providers. Moreover, a detailed competitive benchmarking of the players operating in the global sustainable films market for packaging has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Analyst View

According to Pooja Tanna, Lead Analyst, BIS Research, "Sustainable films for packaging are expected to be the best option for reducing plastic waste. With the increasing focus on the circular economy and the rising government regulations to reduce single-use plastics, the growth in the sustainable films market for packaging is expected to be robust during the coming years.”

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