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Report on Sustainable Packaging Market Segmentation and Analysis 2023
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Sustainable Packaging Market, By Packaging Type (Tubes, Bags & Pouches, Corrugated Box and others), By Material (Paper & Paperboard, Glass, Metal, Plastic), By Process (Degradable Packaging, Recycled Packaging, Reusable Packaging), By Application (Personal Care, food & Beverages, Pharmaceuticals and others) and Region - Forecast To 2023
Packaging materials are some of the most ubiquitous and easily recognizable items people use. Packaging includes plastic bottles, metal cans, corrugated cardboard boxes and many more materials. Production and disposal of these materials is crucial in making economic and environmentally conscious decisions. With the constantly aggravating global pollution and climate change, the need for a fast switch to sustainable materials, resources and technologies, is growing.
Packaged food & beverages, and personal care companies are demanding eco-friendly packaging materials that are also visually appealing to consumers. This has pushed vendors to introduce innovative products and the use new technologies in their manufacturing. They are looking for high-performing packaging options that permit them to retain low manufacturing costs. Despite growing consumer preference for sustainable packaging, designing with the aim to minimize environmental impact remains a real challenge. Additionally, numerous companies continue to compromise with their packaging. Encouraging the shift in packaging construction towards more lightweight or efficient materials, helps companies save money while decreasing the amount of waste generated.
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According to the study, demand for eco-friendly and sustainable packaging materials by consumers is on the rise. Hence, vendors are largely focusing on developing materials that can be recycled and have the traditional capabilities of resistance to friction, moisture, and heat. According to the report, one of the major drivers of the market is the demand for bio plastic packaging. Bio plastic packaging products are considered more sustainable than conventional plastic packaging products because they consume less energy and natural resources, generate lower carbon emissions, and are lightweight in nature. Moreover, growing consumer awareness and government regulations, are anticipated to propel the industry growth over the forecast period. However, fluctuating raw material prices and the high cost of production may hinder the industry’s growth over the forecast period.
Sustainable packaging is a form of packaging that utilizes manufacturing methods or materials that have a low impact on the environment. In addition, several players are also focused on developing niche products in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, and Asia Pacific. Sustainable packaging is developing as an important industry because of the problems faced due to pollution generated by packaging, especially in the developing countries. Major developments in sustainable packaging techniques in Asian countries are considered, and the present and forecast market size of the industry is provided.
Sustainable packaging involves the use of manufacturing methods and materials for packaging of goods that have a low impact on the environment and energy consumption. Green or sustainable packaging uses environment-sensitive methods, including energy efficiency, recyclable and biodegradable materials, and reusability. Retailers and consumer packaged goods companies have devoted more attention towards developing sustainable products, mainly in response to customers’ evolving expectations. By application, food and beverage is the largest application segment and is expected to continue dominating the market in the future. The material is gaining popularity among industries such as food & beverage, healthcare, and personal care, owing to the growing environment concerns and the increasing need for reducing the use of toxic materials. Global sustainable packaging market is anticipated to flourish at ~7% CAGR, over the forecast period.
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In terms of geographical distribution, the global sustainable packaging market is studied for five major regions namely, North America, Europe, Asia Pacific, and RoW. The Asia Pacific market is anticipated to be the fastest growing market over the forecast period, owing to the presence of the large consumer base and the increasing focus on the adoption of eco-friendly solutions, by the government. Moreover, growing demand for reusable and recyclable materials in developing economies, such as China and India, are expected to boost the industry growth over the forecast period. Moreover, strict governmental policies for the safety of environment coupled with availability of incentives and support from the government is one of the major factors behind the growth of sustainable packaging market. Further, innovative sustainable packaging products are also believed to flourish the growth of sustainable packaging market. However, high cost of raw materials used for making sustainable packaging such as bio-based monomers, liquid biofuels is expected to hinder the growth of the sustainable packaging market globally.
The key players of global sustainable packaging market includes Amcor Limited (Australia), Silgan Holdings Inc.( U.S.), Bemis Company Inc.( U.S.), Sonoco Products Company (U.S.), Mondi plc.( Austria), The Dow Chemical Company(U.S.), Stora Enso Oyj(Finland), BASF SE (Germany), Genpak, LLC(North Carolina), DS Smith Plc.( U.K.), and Smurfit Kappa Group Plc.(Dublin) and others.
The report for Global Sustainable Packaging Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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