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 refers to development and utilization of sustainable packaging materials to store, ship, wrap, or shelve products that results in enhanced sustainability. The increasing awareness related to environmental issues among consumers and the growing need for such packaging solutions to boost market growth.
Fortune Business Insights™ mentioned this in a report titled, “Sustainable Packaging Market, 2023-2030.”
List of Key Players Present in the Report:
Amcor Plc (Switzerland)
Ardagh Group S.A. (Luxembourg)
Ball Corporation (U.S.)
Crown Holdings Inc. (U.S.)
DS Smith (U.K.)
Sealed Air Corporation (U.S.)
Mondi Group (U.K.)
Sonoco Products Company (U.S.)
Tetra Pak International S.A. (Switzerland)
WestRock Company (U.S.)
Smurfit Kappa (Ireland)
Huhtamaki Oyj (Finland)
International Paper (U.S.)
Berry Global (U.S.)
Gerresheimer AG (Germany)
Segments
Easy Recyclability Features of Paper & Paperboard Material Boosts Paper & Paperboard Segment Growth
By material, the market is classified into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment dominates the market. The paper & paperboard material is a biodegradable and renewable packaging solution as it can be recycled easily.
Benefits of Bags & Pouches to Drive Bags & Pouches Segment Growth
Based on product type, the market is classified into boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment dominates the market owing to the benefits offered by bags and pouches, such as transportation and shopping costs and lightweight and compactness.
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 is dominating the market and is expected to grow significantly during the forecast period. The segment’s growth is attributed to the increasing health-conscious consumers and increasing consumer health concerns among the food & beverage producers.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Increasing Demand for Compostable Packaging Solutions to Boost Market Expansion
The increasing demand for environmentally friendly and compostable packaging solutions owing to the consumers’ increasing awareness regarding the environmental issues driving the sustainable packaging market growth. Compostable packaging solutions are important as they diminish a large portion of plastic pollution by driving it away from landfills and waterways.
However, the high costs and limited availability of raw materials that result in producers facing difficulty in planning their production schedules and fulfilling customers’ demands, may impede market growth.
Regional Insights
Rising Government Regulations to Boost Market Expansion in North America
North America dominates the sustainable packaging market share. The market’s growth is attributed to increasing government regulations, changing consumer preferences, the presence of top food packaging companies in the U.S., and the sustainability initiatives that propel market growth.
Asia Pacific is the second leading dominating region and is estimated to experience large growth during the forecast period. The growth is attributed to rising sales of pharmaceutical industries and the large availability of raw materials in the region, which drives market growth.
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 comprises key players, such as Amcor Plc, Ardagh Group S.A., Ball Corporation, Crown Holdings Inc., DS Smith, and others. The increasing focus of these key players on their customer base expansion across regions by innovating their existing product range drives the market growth.
Key Industry Development
April 2023 – Huhtamaki announced the introduction of a new sustainable flexible packaging innovation. The innovative and sustainable flexible packaging of the company, in PP Retort, Paper, and PE, is transformational and fulfils the increasing demand of the company’s consumers and customers.