“Rising demand for eco-friendly packaged products will boost the market”
The global water-soluble packaging market is growing competently, expected to grow at a CAGR of 4.8% during the estimated period from 2023 to 2030, starting from US$ 3.0 Bn in 2021.
The plastic used for packaging products is a considered as loss for the economy only after a single-use. According to the report of World Economic Forum 2016, 95% of the plastic used in packaging material, values for about $80-$120 billion annually is considered as waste for an economy only after one-time use. The report also suggests that nearly 8 tons of plastic are being discharged into the oceans. The aforesaid reasons will drive the water-soluble packaging market during the forecasted period. Moreover, efforts are taken by various companies to reduce plastic waste used in packaging also contributes to the growth of the market. For instance, Unilever has implemented The Unilever Sustainable Living Plan (USLP). USLP aims to reduce environmental impact by half. Procter & Gamble declared sustainability through a 30% reduction in plastic packaging in fabric care products.
The rising inclination of consumers towards recycled products is boosting the market. For instance, according to a research study and news during 2018 49% of the UK consumers preferred products made from recycled plastic and 72% preferred products that are packaged with recycled plastic.
“Reduction of waste generation among industries worldwide will spark market growth”
The application segment is subdivided into industrial, residential and others. Industrial segment records to hold an utmost position in 2021. Industries are focusing to reduce plastic consumption to make the manufacturing process sustainable. Various initiatives by the government to reduce the consumption of plastic is a prominent factor driving the growth of the industrial segment. Various food industries started using edible and soluble packaging for their products. According to the report of World Economic Forum 2016, 8 million plastic is disposed into oceans every year, to elucidate the above problem detergent industries also commenced using water-soluble packaging.
“The growing government initiatives worldwide will boost the industrial segment”
The industrial segment will grow with the fastest CAGR owing to increasing government initiatives such as, in January 2019, a broadcasting company Sky has joined UK government. This collaboration aims to provide funds to start-ups that are devoting the plastic crisis. Moreover, government initiatives to ban single-use plastic is one of the key factor propelling the growth of the market. For instance, in March 2018, the government of Maharashtra (India) declared a ban on the use of plastic.
“Dominance is led by the development of new products.”
In 2021, North America led the water-soluble packaging market, increase awareness of the people towards the ill effects of plastic and environmental sustainability. Moreover, involvement of government to reduce plastic waste is pushing manufacturers to produce and use soluble plastic which one of the key factors driving the market. For instance, in May 2019, California government passed an act for reduction of plastic waste in the region. The California Circular Economy and Plastic Pollution Reduction Act, Act aims to reduce 75% of the waste generated from the single-use packaging products by 2030.
Major manufacturers in the North America region are developing new water-soluble plastic packaging and expanding their reach globally. The aforesaid reasons also contributing the growth of the market within the region.
List of Companies Covered:
Key Industry Developments:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Water Soluble Packaging market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
| |
Solubility
| |
Raw Material
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
