Single-use plastic packaging is anticipated to be a $26 billion international industry in 2023, with quick market growth driven by elevated spending power across Asia Pacific, as per a new analysis.
It is expected that the market for throwaway plastics will expand by 6.1% in 2023 and is anticipated to be worth $47 billion in ten years. The findings have been laid out by Future Markets Insights, which is a Dubai-based intelligence and consulting firm. The durability and low cost of disposable plastics, as well as convenience and flexibility across numerous sectors, have led to expanded adoption across many sectors, with the fastest areas that have seen growth being food and beverage, e-commerce, and healthcare.
The progressing affluence when it comes to developing regions like Asia and the all-round presence of single-use plastic sachets so as to sell products in smaller quantities have been seen as the reasons for growth. The report also suggests that there are growing packaging facilities to supply expanding urban populations.
There is growth projected for the single-use packaging market despite the fact that there are an increasing number of bans on disposable plastics of some kind in major markets such as Taiwan, the US, the UK, the EU, and Hong Kong, as well as environmental impact awareness when it comes to plastic pollution across the region.
It is well to be noted that Asia Pacific holds the highest market share when it comes to single-use plastic packaging growth, mostly due to the food sector’s progressive usage of online deliveries to consumers in markets such as India and China. One of the key trends that could go on to shape the single-use plastic future is healthcare, as providers expand the usage of disposables to lessen cross-contamination as well as infection risk, considering the COVID-19 scenario.
The report also goes on to cite US medical device plastic firm Bemis as well as Zipz, which is a New Jersey-based firm specialising in wine glass making from PET, which apparently looks like classic glassware, as a few of the leading market players.
This report has emerged two months after Mideroo Foundation research went ahead with finding out that in the last few years, the worldwide production of single-use plastics has gone on to outstrip the recycled production of plastic by 15 times.
It is well to be noted that another 15 million tonnes more single-use plastic than what exists now is anticipated to be circulated by 2027 as fossil fuel firms move from oil and into petrochemicals, which happens to be the raw material so as to make plastic, in order to sustain the growth in revenues.
