The global Sustainable Packaging Market is estimated to be valued at US$ 262.07 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Sustainable packaging products such as reusable, recyclable and compostable packaging are gaining traction due to increasing environmental concerns. These packaging solutions help reduce the carbon footprint and plastic waste. With growing demand for eco-friendly solutions from end use industries like food & beverages, pharmaceuticals, personal care etc, the sustainable packaging market is expected to grow substantially in coming years.
Market key trends:
Sustainable packaging has become an important trend in the packaging industry driven by government regulations and consumer demand for eco-friendly products. Regulatory bodies across regions have implemented strict norms regarding single use plastic and non-recyclable packaging materials. For example, the European Union has banned various single use plastic items starting July 2022. Furthermore, majority of consumers today consider environment protection as a top priority when making purchase decisions. They are willing to pay premium for products packaged in reusable, recycled or compostable materials. Leading brands have responded to this shift by investign in sustainable packaging innovation and launching eco-conscious packaging formats. Rapid technological advancements are also enabling increased use of bio-based, recycled content in packaging production.
Segment Analysis
The Global Sustainable Packaging Market Size is segmented into material and application. Based on material, the paper & paperboard segment is dominating the market currently due to its cost effectiveness, renewability, and high recyclability. Paper & paperboard provides strength, printability, and moisture resistance, which make it suitable for various packaging applications in food & beverage, consumer goods, and industrial sectors.
Key Takeaways
The global sustainable packaging market is expected to witness high growth during the forecast period.
Regionally, North America is currently dominating the market driven by stringent government regulations around sustainability and waste reduction. However, Asia Pacific region is emerging as the fastest growing market for sustainable packaging due to rapid industrialization and growing environmental concerns in major economies like China and India.
Key players operating in the sustainable packaging market are Amcor plc, Sealed Air Corporation,Mondi, Rocktenn, Tetra Pak, DS Smith and Ball Corporation. Amcor plc holds a significant share in the global sustainable packaging market due to its wide geographical presence and diverse product portfolio made from materials like plastic, paper, flexible materials and glass.
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