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Written by amelia jems » Updated on: November 25th, 2024
The global sustainable packaging market size was valued at USD 310.00 billion in 2022. The market is projected to be worth USD 329.26 billion in 2023 and reach USD 518.33 billion by 2030, exhibiting a CAGR of 6.70% during the forecast period.
The global sustainable packaging market has witnessed significant growth in recent years as companies and consumers increasingly prioritize environmentally friendly and responsible packaging solutions. The demand for sustainable packaging is being driven by factors such as regulatory policies, consumer awareness, and corporate initiatives aimed at reducing carbon footprints and minimizing waste. This article delves into the key trends, market dynamics, and future prospects of the sustainable packaging industry.
Sustainable packaging involves creating and using eco-friendly materials for storing, shipping, wrapping, or displaying products, leading to improved sustainability. The rise in consumer awareness about environmental concerns and the demand for such packaging solutions are driving market growth.
This information was highlighted in a report by Fortune Business Insights™ titled, “Sustainable Packaging Market, 2023-2030.”
Sustainable packaging refers to the use of packaging materials and processes that have minimal environmental impact. It typically involves the use of renewable, recyclable, and biodegradable materials, along with innovative designs that optimize resource usage and reduce waste. The goal is to balance functionality with environmental responsibility.
List of Key Players Present in the Report:
Segments
Easy Recyclability Features of Paper & Paperboard Material Boost Paper & Paperboard Segment Growth
By material, the market is divided into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment leads the market due to its biodegradable and renewable nature, as well as its easy recyclability.
Benefits of Bags & Pouches to Drive Bags & Pouches Segment Growth
Based on product type, the market includes boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment holds the largest market share, driven by advantages such as lower transportation and shopping costs, along with their lightweight and compact design.
Growing Health-Conscious Consumers to Boost Food & Beverages Segment Expansion
By application, the market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, consumer goods, e-commerce, and others. The food & beverages segment dominates and is expected to see significant growth, attributed to the increasing number of health-conscious consumers and the growing health concerns among food & beverage producers.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides:
Drivers & Restraints
Increasing Demand for Compostable Packaging Solutions to Boost Market Expansion
The growing demand for environmentally friendly and compostable packaging solutions, driven by increasing consumer awareness of environmental issues, is fueling sustainable packaging market growth. Compostable packaging is crucial for reducing plastic pollution by keeping waste out of landfills and waterways.
However, high costs and limited availability of raw materials pose challenges, making it difficult for producers to plan production schedules and meet customer demands, which may impede market growth.
Regional Insights
Rising Government Regulations to Boost Market Expansion in North America
North America holds the largest share of the sustainable packaging market share. This growth is attributed to stringent government regulations, changing consumer preferences, the presence of major food packaging companies in the U.S., and sustainability initiatives.
Asia Pacific is the second largest region and is projected to experience significant growth during the forecast period. This growth is driven by increasing sales in the pharmaceutical industry and the abundant availability of raw materials in the region.
Information Source: https://www.fortunebusinessinsights.com/sustainable-packaging-market-108946
Competitive Landscape
Growing Key Players’ Focus on Customer Base Expansion to Drive Market Growth
The sustainable packaging market size includes major players such as Amcor Plc, Ardagh Group S.A., Ball Corporation, Crown Holdings Inc., and DS Smith, among others. These key players are increasingly focusing on expanding their customer base across different regions by innovating and enhancing their existing product ranges, which drives market growth.
Key Industry Development
In April 2023, Huhtamaki introduced a new sustainable flexible packaging innovation. This new offering includes sustainable flexible packaging in PP Retort, Paper, and PE. This innovation is transformational and addresses the rising demand from the company's consumers and customers for more sustainable packaging solutions.
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