Over the following ten years, there will likely be tremendous increase in the plantable packaging market. It is anticipated to be worth US$120.0 million by 2023 and US$340.0 million by 2033, with a compound annual growth rate (CAGR) of 11.0%.
The eco-friendliness of plantable packaging is one of its main benefits. It is the perfect option for environmentally aware consumers looking for sustainable solutions because it is made from natural and biodegradable components.
Governments all over the world are putting policies in place to lessen plastic waste and encourage sustainable packaging, opening doors for manufacturers of plantable packaging to fulfil the rising demand for eco-friendly substitutes.
Plantable packaging offers a unique value proposition to clients as it not only serves as a packaging material but also allows for plant growth. This distinctive feature can help businesses differentiate themselves in a competitive market and attract customers seeking innovative solutions.
However, stakeholders should be aware of a few factors before entering the market. The plantable packaging market size is still relatively modest compared to other packaging materials, which may limit short-term return on investment.
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Investing in the plantable packaging industry presents significant opportunities for growth and sustainability. The ability to customize and innovate in plantable packaging makes it an appealing avenue for development in 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.
The food and beverage industry held a market share of 52.1% in 2022, and 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 holds a significant market share of 26.3% and is home to the Sustainable Packaging Coalition (SPC), which provides companies with tools and resources to adopt sustainable packaging solutions like plantable packaging. Major retailers such as Walmart and Target are also exploring eco-friendly packaging alternatives.
Europe captured a strong market share of 32.0% in the plantable packaging industry in 2022. The EU Circular Economy Action Plan and legislation in various European countries aim to reduce plastic waste and promote sustainable packaging options. Some European companies specialize in plantable packaging solutions, such as GreenBottle in the UK.
India is demonstrating promising growth in the plantable packaging market with a projected 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.
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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.
Key Players:
Amcor Limited, 3M Company, Bemis Company, Inc., Chevron Phillips Chemical Company LLC, and Honeywell International Inc.
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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)
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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