Sustainable Films for Packaging Market - A Global and Regional Analysis: Focus on Material, Applications, and Region - Analysis and Forecast, 2022-2031
Global Sustainable Films for Packaging Market Overview
The global sustainable films for packaging market 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 global sustainable films for packaging market 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 for packaging market 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 for packaging market. 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
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