(I-BusinessNews.Com, February 13, 2020 ) According to MarketsandMarkets, the water soluble packaging market is estimated to be valued at USD 2.8 billion in 2019 and is projected to reach USD 3.7 billion by 2025, recording a CAGR of 5.0%. The rapid growth in demand for biodegradable packaging materials and awareness toward environmental sustainability are the driving factors for water soluble packaging market.
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The qualities of plastics such as durability, which makes it the most attractive packaging material also suggests that it does not break down by any means and thus remains in the environment as a pollutant. In order to resolve such issues, the packaging companies and manufacturers are coming up with alternatives to overcome the use of plastics as a packaging material. Water soluble packaging is one such solution, which acts as one of the sustainable and convenient options for replacing non-biodegradable packaging materials.
Green products, be it foodstuffs or any other house cleaning or packaging material, the market is growing hand in hand because the popularity of going green is establishing its way in every sector and industry. Increasing environmental pollution due to non-biodegradable waste generated by the packaging materials has resulted in the deteriorated quality of the overall atmosphere, calling for solutions. Product innovation in packaging, such as development of water soluble packaging materials, is one of the initiatives that have the potential to serve the market with sustainability and replace plastic usage in packaging to some extent.
In terms of end-use applications, the demand for better crop yield in agriculture is increasing with the rise in population and this has resulted in a greater focus on improving crop yield across the globe. The various agrochemicals are being used, and safer as well as optimum dosage is required depending on the crop type. This will help in increasing the demand for water soluble film packaging as the optimal amount of chemicals can be packed, making it safe to use, as chemicals can directly be used without the removal of the packaging. The water being used for irrigation can be treated with chemicals to provide essential nutrients to crops.
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The Asia Pacific water soluble packaging market is projected to have higher growth potential in the coming years. A large consumer market and increasing disposable income in India and China are driving the growth of demand for high-quality water soluble packaging. Also, China is the hub for the manufacturing of water soluble films and has sufficient manufacturing plants to meet the demand for water soluble packaging. Moreover, rapid urbanization in countries such as India and China is expected to result in high growth of the water soluble packaging market in Southeast Asia during the forecast period.
Key players in this market include Lithey Inc. (India), Mondi Group (Austria), Sekisui Chemicals (Japan), Kuraray Co. Ltd. (Japan), Mitsubishi Chemical Holdings (Japan), Aicello Corporation (Japan), Aquapak Polymer Ltd (UK), Lactips (France), Cortec Corporation (US), Acedag Ltd. (UK), MSD Corporation (China), Prodotti Solutions (US), JRF Technology LLC (US), and Amtopak Inc. (US).
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