The global sustainable packaging market is expected to be valued at USD 310 billion in 2022, grow to USD 329.26 billion in 2023, and reach USD 518.33 billion by 2030, at a compound annual growth rate (CAGR) of 6.70% during the forecast period. Sustainable packaging refers to the design and use of eco-friendly materials for the storage, delivery, packaging, and display of products, thus increasing environmental sustainability. Market growth is driven by increasing consumer awareness of environmental issues and growing demand for sustainable packaging solutions. This information is outlined in the Fortune Business Insights™ report "Sustainable Packaging Market, 2023-2030."
List of major players featured in the report :
Amcor (Switzerland)
Ardagh Group SA (Luxembourg)
Ball Corporation (USA)
Crown Holdings (USA)
DS Smith (UK)
Sealed Air Corporation (USA)
Mondi Group (UK)
Sonoco Products (USA)
Tetra Pak International SA (Switzerland)
WestRock (USA)
Smurfit Kappa (Ireland)
Huhtamaki (Finland)
International Paper (USA)
Berry Global (USA)
Gerresheimer AG (Germany)
segment
Ease of recycling paper and board materials will drive growth in the paper and board segment
Based on material, the market is segmented into paper & board, glass, plastic, metal, and others. The paper & board segment leads the market owing to its biodegradability, renewable nature, and ease of recycling.
Advantages of Bags & Pouches Driving the Growth of the Bags & Pouches Segment
Based on product type, the market includes boxes and cartons, bags and pouches, bottles and cans, films and wraps, trays, mailers, etc. The bags and pouches segment holds the largest market share owing to advantages such as low transportation and shopping costs, lightweight and compact design.
Rising health-conscious consumers drive expansion of food and beverage sector
Based on application, the market is segmented into food & beverage, personal care & cosmetics, pharmaceutical, consumer goods, e-commerce, and others. The food & beverage sector is dominant and is expected to witness significant growth owing to the increasing number of health-conscious consumers and growing health awareness among food & beverage manufacturers.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Scope
The report states:
Key growth drivers, restraints, opportunities and potential challenges in the market.
Comprehensive insights into regional development.
A list of the major players in the industry.
The main strategies adopted by market participants.
The latest industry developments, including product launches, partnerships, mergers and acquisitions.
Driver and restraints
Increasing demand for compostable packaging solutions drives market expansion
Rising consumer awareness of environmental issues is driving the demand for eco-friendly and compostable packaging solutions, fueling the growth of the sustainable packaging market. Compostable packaging is essential for reducing plastic pollution by keeping waste out of landfills and waterways.
However, high cost and limited availability of raw materials may pose challenges, making it difficult for producers to plan production schedules and meet customer demand, hindering market growth.
Regional Insights
Tightening government regulations drive market expansion in North America
North America holds the largest share of the sustainable packaging market share. This growth can be attributed to strict government regulations, changing consumer preferences, presence of major food packaging companies in the U.S., and sustainability initiatives.
Asia Pacific is the second largest region and is expected to grow significantly during the forecast period. This growth is driven by the increasing sales of the pharmaceutical industry and the abundance of raw materials in the region.
Source: https://www.fortunebusinessinsights.com/sustainable-packaging-market-108946
Competitive Environment
Key players focus on expanding customer base to drive market growth
The sustainable packaging market size includes major players such as Amcor Plc, Ardagh Group SA, Ball Corporation, Crown Holdings Inc., and DS Smith. These major companies are increasingly focusing on expanding their customer base across various geographies by innovating and enhancing their existing product lines, which is driving the market growth.
Development of major industries
In April 2023, Huhtamaki introduced new sustainable flexible packaging innovations. The new products include PP retort, paper and PE sustainable flexible packaging. The innovations are transformative and address the growing demand from the company's consumers and customers for more sustainable packaging solutions.