The Global Sustainable Packaging Market Size is valued at 366.66 billion in 2023 and is predicted to reach 666.82 billion by the year 2031 at a 7.81% CAGR during the forecast period for 2024-2031.
Sustainable packaging is the production and usage of packaging that improves sustainability. It makes greater use of life cycle assessments and inventories to inform packaging decisions and reduce environmental impact. Growing consumer awareness of sustainable packaging and strict bans on the use of single-use plastics are expected to drive industry growth.
The business is expected to increase steadily due to the expanding food and beverage industry, which increasingly uses packaging made from biodegradable and recyclable materials. Single-use plastic straws, lids, closures, caps, cups, and food trays are being replaced by products made of paper or compostable alternatives in the food service industry. Product demand in the food service industry will continue to rise as consumer preferences shift towards convenience and packaged foods.
However, the healthcare packaging market has experienced huge hurdles surrounding sustainable packaging, which increased post-COVID-19. This is due to the numerous constraint’s businesses experience during packaging product manufacturing.
Recent Developments:
- In July 2021, Mondi and converter FioriniInternational cooperated to create a novel paper packaging alternative for Antico PastificioUmbro, an Italian luxury pasta product maker. When applied to all pasta products, the new 100% recyclable packaging could reduce the amount of plastic used by up to 20 tonnes per year.
Competitive Landscape:
Some of the sustainable packaging market players are:
- Amcor Limited
- Ardagh Group S.A.
- Ball Corporation
- BASF SE
- Bemis Company, Inc.
- Crown Holdings Incorporated
- DS Smith PLC
- Elopak AS
- Emerald Packaging
- Huhtamaki OYJ
- Mondi Group
- Nampak Ltd
- PlastiPak Holdings Inc
- Sealed Air Corporation
- Sgf packaging Co. Ltd
- Smurfit Kappa Group Plc.
- Sonoco Products Company
- Tetra Pak International S.A.
- Westrock Company
Market Segmentation:
The sustainable packaging market is segmented on material, function, process, layer, application, and region. Based on material, the market is segmented into paper & paperboard, plastic, metal, and glass. The function segment includes active packaging, molded pulp packaging, and alternate fiber packaging. By process, the market is segmented into recycled content packaging, reusable packaging, and degradable packaging. The layer segment includes primary, secondary, and tertiary. By application, the market is categorized into food & beverage packaging, healthcare packaging, personal care packaging, and others (electronic appliances and home care packaging).
Based On Process, The Reusable Packaging Segment Is A Major Contributor To The Sustainable Packaging Market
The reusable packaging category will hold a considerable share of the global sustainable packaging market in 2024. Plastics are also incredibly cost-effective, which has made them a popular material choice, particularly in emerging economies where product pricing is a significant consideration. Due to the increasing popularity of flexible pouches in many end-use sectors, the plastics segment is predicted to rise rapidly throughout the forecast period.
The Food & Beverage Packaging Segment Has Witnessed Growth At A Rapid Rate
The food & beverage packaging segment is projected to grow rapidly in the global sustainable packaging market. Several restaurants, quick food chains, packaged food firms, and informal dining venues are embracing molded pulp and compostable packaging, which is expected to drive the food and beverages industry. Plastic pouches and bags are expected to remain a popular form of packaging during the forecast period due to their ability to retain the freshness of food goods and extend product shelf life.
In The Region, Europe Sustainable Packaging Market Holds A Significant Revenue Share
Europe's sustainable packaging market is expected to register the highest market share in revenue in the near future. This can be attributed to the strict laws set by the European Union and other European countries concerning single-use plastics. The European Directive created the concept of a circular economy, along with sustainability principles and goals.
Companies in Europe have begun to follow the circular economy roadmap by embracing recyclable, recycled, and biodegradable products. Asia Pacific placed second in terms of value, as the area sees an increase in government legislation and programs encouraging firms to use green packaging. China, the world's giant industrial powerhouse, is modifying its packaging habits and materials to be more environmentally friendly. Because of the massive number of products exported out of China, this decision will have a significant impact on regional market growth.
Sustainable Packaging Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 366.16 Bn |
|
Revenue forecast in 2031 |
USD 666.82 Bn |
|
Growth rate CAGR |
CAGR of 7.81% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (Tons), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Packaging Type, Printing Technology, Embellishing Type, And Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Amcor Limited, Bemis Company, Inc., Tetra Laval International S.A., Mondi Plc., Westrock Company, BASF SE, Sonoco Products Company, Smurfit Kappa Group Plc., Sealed Air Corporation, and Huhtamaki OYJ. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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