Market Overview
Pune, India, 4th January 2023: 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.
Sustainable packaging is the utilization of sustainable packaging materials to wrap, shelve, store, or ship products, which mainly results in enhanced sustainability. The changing lifestyle trends and rising disposable income of consumers led to the increase in the demand for packaged food & beverages, driving the market expansion.
Fortune Business Insights™ mentioned this in a report titled, “Sustainable Packaging Market, 2023-2030.”
Source: https://www.fortunebusinessinsights.com/sustainable-packaging-market- 108946
Segments
Cost-Effectiveness of Paper & Paperboard Material to Drive Paper & Paperboard Segment Expansion
Based on material, the market is segmented into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment is dominating the market. paper and paperboard material is important to eliminate the carbon footprint and is also cost-effective, aiding segment growth.
Growing Utilization to Propel Bags & Pouches Segment Growth
By product type, the market is divided into boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment is dominating the market. The segment's growth is attributed to the rising utilization of bags and pouches by several end-use industries due to the benefits, such as lightweight and compact and decreased transportation and shipping costs.
Increasing Demand for Sustainable Packaging Solutions to Boost Food & Beverages Segment Growth
Based on application, the market is classified into food & beverages, personal care & cosmetics, pharmaceuticals, consumer goods, e-commerce, and others. The food & beverages segment is expected to witness significant growth during the projected period and currently dominates the market. The increasing demand for sustainable packaging solutions, such as tray boxes in restaurants, food outlets, and takeaway services.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the sustainable packaging market. It offers comprehensive insights into regional developments , a list of major industry players, key strategies adopted by market players, and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Increased Demand for Recycled Plastic Packaging to Boost Market Growth
The increasing demand for recycled plastic packaging by manufacturers and consumers is driving the sustainable packaging market growth. Recycled plastic packaging is more environmentally friendly than regular plastic packaging. The increasing utilization of lightweight recycled plastic packaging, including R-PET that decreases transportation costs propels market expansion.
Switching packaging from traditional to eco-friendly packaging can be expensive for many companies, especially small-scale companies, which may impede market growth.
Regional Insights
Well-established Paper & Paperboard Recycling Infrastructure to Propel Market Growth in North America
North America holds a dominating part in the sustainable packaging market share. The growth is attributed to the well-established paper & paperboard recycling infrastructure in the region. Changing consumer preferences, presence of key market players, and strict government regulations to further propel the market growth in the region.
Asia Pacific is estimated to witness a sustainable growth during the forecast period and is the second-leading region of the market. The growth is attributed to the growing food & beverage industries and the increasing development and use of packaging, which is highly recyclable, generating important opportunities for market growth in the region.
Competitive Landscape
Rising Key Players' Focus on Advanced Packaging Solutions Delivery to Boost Market Expansion
The sustainable packaging market consists of major market players, such as Amcor Plc, Ardagh Group SA, Ball Corporation, Crown Holdings Inc., DS Smith, and others. The increasing focus of these key players on providing advanced packaging solutions is propelling market growth.
Key Industry Development
February 2023 – ProAmpac, a leading flexible packaging & material science company, launched ProActive Recyclable Paper-1000. The ProActive Recyclable Paper-1000 is the addition newest to the company's ProActive Recyclable series of products. All these products are heat-sealable with directional tear and moisture barrier properties.
List of Key Players Present in the Report:
• Amcor Plc (Switzerland)
• Ardagh Group SA (Luxembourg)
• Ball Corporation (US)
• Crown Holdings Inc. (US)
• DS Smith (UK)
• Sealed Air Corporation (US)
• Mondi Group (UK)
• Sonoco Products Company (US)
• Tetra Pak International SA (Switzerland)
• WestRock Company (US)
• Smurfit Kappa (Ireland)
• Huhtamaki Oyj (Finland)
• International Paper (US)
• Berry Global (US)
• Gerresheimer AG (Germany) )