Water Dissolvable Packaging Market size was estimated at $2,940 Million in 2019 and is expected to reach $4,136.9 Million by 2027, growing at a CAGR of 5% during the forecast period of 2020 to 2027.
Water dissolvable package, as the name suggests, is a kind of packaging that gets dissolved in water. These are thin films that are used to create packaging material, and it gets dissolved when in touch with water. These are incredibly lightweight and hence make it easy to carry products in them. Products such as jelly fluid or detergents are popularly sold in these water dissolvable packages so that it gets easily dissolved in water without coming to any human skin contact. Growth trend and factors Water dissolvable packaging is a relative innovation in the market. The estimated market value for the product in 2019 was around USD 2.8 billion. It is expected that by the year 2025, the valuation may reach USD 3.7 billion with a CAGR of 5.0%. The regular awareness programs regarding the drawbacks of using plastic packaging and its impact on the environment is a growth factor. In industries that work with harmful chemicals and ingredients, the demand for such water dissolvable packaging is at its peak. This is majorly due to the health hazards, and safety concerns of the workers as using these packaging reduces the chances of skin contact. The manufacturing process becomes cost-friendly with its use because the chances of spilling and wastage are reduced to a considerable extent. The government in numerous countries are taking the initiative to ban single-use plastic and instead use such water dissolvable packaging, which is a massive boost to the growth in demand. Some of the key market players include – Kuraray Co. Ltd, Aquapak Polymer Ltd, Mondi Group and Cortec Corporation.
By 2027, the water dissolvable packaging is estimated to have reached the $4295.57 million mark. The increasing demand for water dissolvable packaging in food and beverages, pharmaceuticals, healthcare and chemical industries is the major factor driving growth in this market. North America holds the largest share of this market currently, with growth expected to cut across the globe as new facilities in these industries continue to emerge. Among the major players in the water dissolvable packaging include Changzhou Kelin PVA Water Soluble Films Co. Ltd, Amtopack Inc., Cortec Corporation, Jiangmen Cinch Packaging Materials Co. Ltd, Mitsubishi Chemical Corporation, Harke Group Mondi Group, Kuraray Co. Ltd, Sekisui Chemical Co. Ltd, and SmartSolve.