The concept of single-use packaging has several advantages over multi-use packaging. One of these is its ability to reduce environmental waste and increase recycling rates. Single-use packaging can also be made from lightweight, biodegradable materials, such as paper. This packaging is not currently recyclable through public programs. The technology behind this process can help in creating new value propositions.
The global Single Use Packaging market is estimated to account for US$ 36.76 Mn in terms of value by the end of 2021.
Global Single Use Packaging Market: Drivers
Growing demand for single use packaging solution due to their ability to deliver high level of uselessness and convenience is driving growth of the market. Also, its lightweight and durable properties creating its demand across wide range of industries for packaging of products,
Global Single Use Packaging Market: Opportunities
Growing focus of key players to expand production capacity is projected to bring bright market opportunities. Moreover, growing consumerism is again expected to propel market growth in the future.
Global Single Use Packaging Market: Restraints
Ban on plastic and increasing focus of key players to develop natural alternative fiber-based packaging materials is expected to restrict the market growth.
Global Single Use Packaging Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic provided significant relief to the single-use packaging vendors. Although many countries were slowly banning these packaging and promoting reusable packaging, the outbreak changed the consumer and government's behaviour toward it. Due to the COVID-19 outbreak, the demand for sanitizers, soap, disinfecting wipes, and sprays increased exponentially. The majority of these products are packaged with single-use plastic. The orders were so huge globally that the manufacturers and packaging companies in the field even expanded their facilities, which most governments also supported.
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The global Single Use Packaging market was valued at US$ 36.76 Mn in 2021 and is forecast to reach a value of US$ 56.45 Mn by 2030 at a CAGR of 5.74% between 2022 and 2030.
Plastic segment held dominant position in the global Single Use Packaging market in 2021, accounting for 59.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Growing trend of online food delivery due to increasing penetration of internet is uplifting market growth. Expanding online food delivery service is creating demand for single-use packaging solution.
High convenience and printability are other major emerging factors augmenting market growth. Moreover, single-use packaging often has smaller environmental footprints. This is again propelling market growth.
Global Single Use Packaging Market: Competitive Landscape
Major players operating in the global single use packaging market are Ardagh Group SA, Amcor PLC, Winpak Limited, Dart Container Corporation, Snapsil Corporation, and Transcontinental Inc.
Global Single Use Packaging Market: Recent Developments