Rampant Plastic Pollution Worldwide to Rice Adoption
The extensive and rampant utilization of plastics around the globe has heightened the problem of pollution and it is slated to intensify in the next few decades. According to a model developed by researchers from the University of Leeds, University of Oxford, SYSTEMIQ, and The Pew Charitable Trusts, over 1.3 billion tons of waste will be dumped into the oceans and on land between 2016 and 2040. Presently, the study finds that roughly 30 million tons of plastic is dumped on land, 50 million tons is burnt, and 11 million tons ends up in seas. Furthermore, plastic burning is expected to lead to massive increases in air pollution. For example, a recent Research by the Center for Environmental Law found that the current rate of polymer incineration is approximately equivalent to the emissions released by 189 coal-fired plants. With governments tightening the screws on production and consumption to curtail pollution, the growth of this industry is likely to dampen in the coming years.
Asia Pacific to Present Attractive Business Opportunities to Plastic Manufacturers
Asia Pacific is anticipated to dominate the plastics industry share during the forecast period owing to exponential growth in polymer consumption in the region’s developing economies. In China, polymer production is rapidly expanding as a result of wide availability raw materials, while promising growth in India’s consumer goods industry is attracting large investments in the domestic polymer industry. In 2019, the region’s industry size stood at USD 226.8 billion.
The North America industry is also expected to display excellent owing to extensive adoption of polymer in the pharmaceutical, healthcare, and automotive industries. The prospects for the industry in Europe also appear promising as major automotive industry giants in the region have been commonly using polymers for manufacturing vehicles.
The global plastics industry size is projected to reach USD 579.19 billion by 2027, exhibiting a CAGR of 4.2% during the forecast period. Skyrocketing demand for personal protective equipment (PPE) such as facemasks and gloves amid the COVID-19 will emerge as a major growth accelerator for this industry, PPE products are mostly made from plastic as the material is easy to use for mass manufacturing. The coronavirus pandemic has led to an unprecedented spike in demand for PPE from the healthcare industry as frontline workers are constantly exposed to COVID patients and need adequate protection. According to the World Health Organization (WHO), approximately 89 million medical masks and 76 million disposable gloves are required every month to battle the virus. In March 2020, the WHO, citing these estimations, urged companies to increase their manufacturing capacity by 40%. The pandemic, therefore, is generating lucrative opportunities for this industry.
As per the Research, the global industry value stood at USD 450.88 billion in 2019. The main highlights of the Research include:
Key Companies to Broaden Horizons through Novel Product Developments
With a view to broaden business horizons, key players in this industry are focusing on developing innovative products and solutions. These innovations are enabling companies to carve a niche space in the polymer industry and gradually advance sustainability in this industry, which will further boost the plastics industry growth.
- August 2020: Oman-based Duqm Refinery and Petrochemical Industries Company handpicked LyondellBasell’s high-density polyethylene (HDPE) and polypropylene (PP) technologies for a new facility. At this facility, the company will employ LyondellBasell’s Hostalen ACP and Spheripol PP processes for producing HDPE and PP resins.
- August 2020:BASF’s announced that its plastics waste blockchain project in Canada called “reciChain”, which was launched in February 2020, is gaining ground. The project involves leveraging blockchain technology to prolong plastics’ life-cycles, enhance resource efficiency, and incentivize plastic recycling.
List of Key Players Covered in this Industry Research:
Beaulieu International Group (Belgium) Borealis AG (Austria) Repsol (Spain) Braskem (Brazil) Formosa Plastic Group (Taiwan) Ducor Petrochemicals (Netherlands) China Petroleum & Chemical Corporation (China) ExxonMobil Chemical (U.S.) MOL Group (Hungary) Borouge (UAE) BASF SE (Germany) Total S.A. (France) Reliance Industries Limited (India) SABIC (Saudi Arabia) INEOS (UK) LyondellBasell Industries N.V. (Netherlands)
Rising Inclination towards Healthy Food to Add Impetus on Healthy Snacks Industry
The world economy is facing a major downfall owing to the current coronavirus pandemic. Most businesses are at temporary halt and the others who are operating in the four walls of their homes are barely able to manage meagre revenue. The healthcare sector is facing major crisis owing to the increasing number of positive coronavirus cases and lack of beds and medical aid to offer treatment. The governments of various nations are investing massively on the research and development of an antidote to fight back the covid-19 pandemic and we soon hope to overcome this situation.
The increasing prevalence of chronic and acute diseases among people irrespective of age is a key factor propelling the adoption of healthy food. This stands as a major factor boosting the global healthy snacks Industry growth. In addition to this, the rising evolution of the food industry and the advent of various food and snacks varieties such as flavors, shapes, sizes, and nutritional value is also adding impetus to the Industry. Besides this, the advancement in food processing and preservation technology will also aid in the expansion of the Industry.
However, factors such as processing-related challenges, moisture retention as a result of sugar and fat reduction, and low shelf life of snacks highly rich in fruit and vegetable content may pose major challenges to the Industry growth. Nevertheless, the growing popularity of functional and convenience foods and the increasing adoption of on-the-go and ready-to-eat snacking, coupled with the increasing awareness among health conscious consumers are expected to create lucrative growth opportunities for the Industry in the coming years.
The global Healthy Snacks Industry is anticipated to rise remarkably on account of the increasing health consciousness among consumers and the rising prevalence of quality lifestyle. Healthy Snacks is a quick and affordable way of sufficing to the nutritional needs of the body. As per a recently published Research the value of this Industry is expected to rise from USD 78.13 billion earned in 2019 to USD 108.11 billion by the end of 2027. The Industry is likely to exhibit a CAGR of 4.2% during the forecast period set between 2020 and 2027.
Nut-based Snacks segment to Cover Largest Share Owing to their High Protein Content
Based on segmentation by product type, the Industry for healthy snacks is holding major shares from the nut-based snacks segment. This is owing to the high protein content present in nuts, as well as other high nutrient content such as antioxidants and fibre.
Europe Emerged Dominant Owing to Increasing Popularity of On-the-go Nutrition
Geographically, Europe covered the largest healthy snacks Industry share with a revenue of 31.06 billion earned in 2019. The growth of this region is attributed to the presence of a majority of health conscious people with hectic schedules and busy lifestyles. The advent of on-the-go nutrition and functional food products has propelled the need for healthy snacks, thereby augmenting the regional Industry.
On the other side, the Industry in Asia Pacific is likely to showcase the fastest growth in the coming years on account of the rising disposable incomes of people, increasing adoption of healthy lifestyle, and the growing popularity of food products that promote wellbeing, known as ‘better-for-you’ products.
PepsiCo., Inc. is Holding Leading Position Owing to New Product Launches
As of 2019, PepsiCo., Inc. is the leading player of this Industry. Most of the players functioning in the Industry for healthy snacks are engaged in the manufacturing of new snacks with unique flavors and ingredients so as to attract more revenue and gain a competitive edge in the Industry. The other players are focusing on collaborative strategies such as joint ventures, contracts and agreements, partnerships, and others to gain a competitive edge in the Industry during the forecast period.
Some of the Key Players of the Healthy Snacks Industry include:
Hormel Foods Corporation (Minnesota, U.S.) Nestle S.A. (Vevey, Switzerland) Calbee, Inc. (Tokyo, Japan) Tyson Foods, Inc. (Arkansan, U.S.) Mondelēz International (Illinois, U.S.) B & G Foods, Inc. (New Jersey, U.S.) Unilever PLC (London, United Kingdom) PepsiCo, Inc. (New York, U.S.) Kellogg Company (Michigan, U.S.) Danone S.A. (Paris, France) Others