The global sustainable packaging market was valued at USD 310.00 billion in 2022. It is projected to reach USD 329.26 billion in 2023 and USD 518.33 billion by 2030, with a compound annual growth rate (CAGR) of 6.70% over the forecast period.
Sustainable packaging involves creating and using eco-friendly materials for storing, shipping, wrapping, or displaying products, enhancing sustainability. The market's growth is driven by increasing consumer awareness of environmental concerns and the rising demand for such packaging solutions.
This information is from a report by Fortune Business Insights™ 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)
Easy Recyclability Features of Paper & Paperboard Material Boost Paper & Paperboard Segment Growth
The market is segmented by material into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment is the market leader due to its biodegradable, renewable nature, and easy recyclability.
Benefits of Bags & Pouches to Drive Bags & Pouches Segment Growth
By product type, the market is categorized into boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment holds the largest market share, driven by benefits such as lower transportation and shipping costs, along with their lightweight and compact design.
Growing Health-Conscious Consumers to Boost Food & Beverages Segment Expansion
Based on application, the market is divided into food & beverages, personal care & cosmetics, pharmaceuticals, consumer goods, e-commerce, and others. The food & beverages segment dominates the market and is expected to grow significantly, driven by the increasing number of health-conscious consumers and the growing health concerns among food & beverage producers.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report includes:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive 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 to Boost Market Expansion
The growing demand for environmentally friendly and compostable packaging solutions, driven by increasing consumer awareness of environmental issues, is fueling sustainable packaging market growth. Compostable packaging is crucial for reducing plastic pollution by keeping waste out of landfills and waterways.
However, high costs and limited availability of raw materials pose challenges, making it difficult for producers to plan production schedules and meet customer demands, which may impede market growth.
Regional Insights
Rising Government Regulations to Boost Market Expansion in North America
North America holds the largest share of the sustainable packaging market share. This growth is attributed to 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 projected to experience significant growth during the forecast period. This growth is driven by increasing sales in the pharmaceutical industry and the abundant availability of raw materials in the region.
Information Source: https://www.fortunebusinessinsights.com/sustainable-packaging-market-108946
Growing Key Players’ Focus on Customer Base Expansion to Drive Market Growth
The sustainable packaging market includes major players such as Amcor Plc, Ardagh Group S.A., Ball Corporation, Crown Holdings Inc., and DS Smith, among others. These key players are increasingly focusing on expanding their customer base across different regions by innovating and enhancing their existing product ranges, which drives market growth.
Huhtamaki's New Sustainable Flexible Packaging Innovation
In April 2023, Huhtamaki introduced a new sustainable flexible packaging innovation. This new offering includes sustainable flexible packaging in PP Retort, Paper, and PE. This innovation is transformational and addresses the rising demand from the company's consumers and customers for more sustainable packaging solutions.