Plant-based Food Packaging Market Report 2024

Where is the largest and fastest growing market for plant-based food packaging? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more. The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The plant-based food packaging market size has grown rapidly in recent years. It will grow from $5.64 billion in 2023 to $6.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth observed during the historic period can be attributed to several factors, rising awareness of environmental issues, growing demand for sustainable products, heightened consumer preference for eco-friendly packaging materials, increased concerns about plastic waste, and a higher demand for flexible packaging solutions.

The plant-based food packaging market size is expected to see rapid growth in the next few years. It will grow to $10.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The anticipated growth during the forecast period can be attributed to several factors, increasing consumer preference for sustainability, a higher demand for recyclable and biodegradable products, rising interest in bio-friendly packaging, growing concerns about packaging waste in oceans and landfills, and greater adoption of eco-friendly packaging solutions. Key trends expected to emerge include a rise in the use of green packaging, strong demand for paper and paperboard packaging, the adoption of smart packaging with freshness monitoring technology, the implementation of sustainable packaging practices, and a greater use of biodegradable and compostable packaging.

The increasing popularity of online shopping is projected to drive the growth of the plant-based food packaging market. Online shopping involves purchasing goods and services via the Internet, which allows consumers to shop from home and avoids the need to visit physical stores. This convenience of browsing, comparing, and buying products quickly appeals to many shoppers. As more consumers seek eco-friendly options, retailers are turning to plant-based packaging to offer customization and differentiate their brands. For example, in May 2024, the United States Census Bureau reported an 8.5% increase in e-commerce estimates for the first quarter of 2024 compared to the same period in 2023, while total retail sales grew by 2.8%. This rise in online shopping is fueling the demand for plant-based food packaging.

Key players in the plant-based food packaging market are advancing sustainable packaging practices to provide biodegradable alternatives to traditional plastics, aiming to reduce waste and environmental impact. These practices involve designing, producing, and disposing of packaging in ways that minimize the ecological footprint, using eco-friendly materials, and supporting a circular economy. For example, in March 2024, Donovan Bros Ltd., a UK-based sustainable packaging provider, introduced mushroom-based packaging. This biodegradable solution combines agricultural waste with mycelium to create strong, compostable packaging suitable for various food products, offering a unique 'unboxing' experience.

In March 2022, Inno-Pak, a US-based food packaging company, acquired Stalk Market for an undisclosed amount. This acquisition enhances Inno-Pak's commitment to sustainable packaging solutions and expands its sustainability offerings across North, Central, and South America, addressing the growing demand for eco-friendly packaging. Stalk Market is known for its plant-based compostable products for food service.

Major companies operating in the plant-based food packaging market are Amcor plc, WestRock Company, International Paper, Tetra Pak International S.A., DuPont, Stora Enso, Sealed Air, Huhtamaki, Mondi Group, Cascades Inc., Glatfelter Corporation, Genpak, Nordic Paper, Danimer Scientific, Good Natured Products Inc., Vegware, Sulapac Oy, Be Green Packaging, BioPak, TIPA LTD, WorldCentric.com, Sabert Corporation, Ecologic.

Europe was the largest region in the plant-based food packaging market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the plant-based food packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the plant-based food packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Plant-based food packaging is crafted from renewable and biodegradable materials such as cornstarch, sugarcane, or mushroom mycelium, aimed at reducing environmental impact. It offers an eco-friendly alternative to traditional plastic packaging, helping to cut down on waste and carbon emissions. This type of packaging is used for various food products to promote sustainability and appeal to environmentally conscious consumers.

The primary types of plant-based food packaging include paper-based, biodegradable and compostable packaging, and recyclable plastic packaging. Paper-based packaging is made mainly from paper and its derivatives and is valued for its sustainability, as it can be recycled multiple times and is biodegradable. Materials used in different packaging formats include bioplastics, mycelium, bagasse, starch-based substances, and paper. These materials are employed in various packaging types such as flexible packaging, stand-up pouches, flat bottom bags, flow wraps, rigid packaging, trays, containers, and bottles.

The plant-based food packaging market research report is one of a series of new reports that provides plant-based food packaging market statistics, including the plant-based food packaging industry's global market size, regional shares, competitors with the plant-based food packaging market share, detailed plant-based food packaging market segments, market trends, and opportunities, and any further data you may need to thrive in the plant-based food packaging industry. These plant-based food packaging market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The plant-based food packaging consists of sales of biodegradable bags, compostable containers, plant-based plastics, and paper and cardboard packaging. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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