The Global Sustainable Packaging Market is estimated to be valued at US$ 262.7 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sustainable packaging involves the development and use of packaging products and systems that minimize environmental impacts throughout all life cycle stages including production, distribution, utilization and post-use stages. Biodegradable packaging such as those made from paper are gaining traction due to rising environmental concerns.
Market key trends:
One of the key trends in the sustainable packaging market is growing demand for biodegradable materials from the food and beverage industry. Packaging materials derived from plants are seeing increased adoption especially for food packaging applications as they are compostable and break down into water, carbon dioxide and biomass after disposal. For instance, bioplastics derived from corn starch are widely replacing petroleum-based plastics for bags, bottles and food service ware. Their decomposition does not cause harmful environmental emissions.
Segment Analysis
The sustainable packaging market is segmented based on material type, packaging type, layer, process, end use industry and geography. Based on material type, paper & paperboard is the dominating segment accounting for over 40% of the global sustainable packaging market share in 2022. Paper & paperboard offers various advantages over other materials such as enhanced recyclability, renewability, affordability and reduced environmental footprint which has boosted its adoption across industries.
Key Takeaways
The Global Sustainable Packaging Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing environmental consciousness amongst consumers and stringent regulations regarding usage of conventional plastics.
The Asia Pacific region is expected to dominate the global sustainable packaging market during the forecast period. This is attributed to booming e-commerce industry, evolving consumption patterns and rapidly growing FMCG sector in the region. Countries including China, India and Japan are expected to be the major contributors to the regional market growth.
Key players operating in the sustainable packaging market are Amcor Limited, Westrock Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group S.A, Ball Corporation, Crown Holdings, Inc., DS Smith Plc, Genpak LLC, and International Paper Company. These players are focusing on new product development, mergers & acquisitions and geographical expansion to gain significantly large market share.
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