The global sustainable packaging market 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 involves the creation and utilization of eco-friendly materials for the storage, shipping, wrapping, or display of products, contributing to enhanced sustainability. The market growth is fueled by increased consumer awareness of environmental issues and the rising demand for such packaging solutions.
This information was detailed in a report by Fortune Business Insights™ titled “Sustainable Packaging Market, 2023-2030.”
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)
Easy Recyclability Features of Paper & Paperboard Material Boost Segment Growth
The market is segmented by material into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment leads due to its biodegradable and renewable nature and easy recyclability.
Benefits of Bags & Pouches Drive Segment Growth
By product type, the market includes boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment holds the largest market share due to benefits like lower transportation and shopping costs, along with their lightweight and compact design.
Growing Health-Conscious Consumers Boost Food & Beverages Segment Expansion
The market is segmented by application into food & beverages, personal care & cosmetics, pharmaceuticals, consumer goods, e-commerce, and others. The food & beverages segment dominates and is expected to grow significantly, driven by an increasing number of health-conscious consumers and rising health concerns among food & beverage producers.
The market is analyzed geographically across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides:
Key growth drivers, restraining factors, opportunities, and potential challenges.
In-depth insights into regional developments.
A list of major industry players.
Key strategies adopted by market players.
The latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Increasing Demand for Compostable Packaging Solutions Fuels Market Growth
The demand for environmentally friendly and compostable packaging solutions is increasing, driven by heightened consumer awareness of environmental issues, which in turn is propelling the sustainable packaging market. Compostable packaging is essential for reducing plastic pollution by keeping waste out of landfills and waterways.
However, high costs and limited availability of raw materials present challenges, making it difficult for producers to plan production schedules and meet customer demands, which may hinder market growth.
Rising Government Regulations Propel Market Expansion in North America
North America holds the largest share of the sustainable packaging market, driven by stringent government regulations, changing consumer preferences, the presence of major food packaging companies in the U.S., and sustainability initiatives.
Asia Pacific is the second largest region and is expected to experience significant growth during the forecast period, driven by increasing sales in the pharmaceutical industry and the abundant availability of raw materials.
Information Source: https://www.fortunebusinessinsights.com/sustainable-packaging-market-108946
Expanding Customer Base of Key Players Drives Market Growth
The sustainable packaging market features major companies such as Amcor Plc, Ardagh Group S.A., Ball Corporation, Crown Holdings Inc., and DS Smith, among others. These key players are focusing on expanding their customer base across various regions by innovating and enhancing their existing product lines, contributing to market growth.
In April 2023, Huhtamaki launched a new sustainable flexible packaging innovation. This new offering includes sustainable flexible packaging in PP Retort, Paper, and PE. This innovation is transformative, meeting the increasing demand from consumers and customers for more sustainable packaging solutions.