Burlingame, July 05, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Coherent Market Insights, Inc., the global sustainable packaging market is projected to reach a staggering value of US$ 410 billion by 2030. This forecast indicates significant growth potential, with the market expected to expand at a compound annual growth rate (CAGR) of 7.5% between 2023 and 2030. The market of sustainable packaging is projected to grow rapidly over the forecast period owing to growing consumer awareness and government initiatives aimed at encouraging eco-friendly practices. Moreover, governments of few countries like China, India, and the US have introduced bans on single-use plastic bags, while others enforced recycling regulations and extended producer responsibility schemes.
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Key Trends and Analysis of the Global Sustainable Packaging Market:
Growing trend of go green is augmenting demand for sustainable packaging solution. Many manufacturers are adopting green alternatives such as reducing the raw materials used in the packaging materials. For instance, few FMCG producers are experimenting with completely redesigning their products’ packaging and rethinking their supply chains to cut plastic-waste generation.
Global Sustainable Packaging Market - Drivers
Growing focus on reducing plastics due to rising environmental concerns is fostering sustainable packaging market growth
Governement of various countries are focusing on reducing plastics waste on the landfill due to growing environmental concerns. For instance, government of India, adopted a strategy with two pillars: enforcement of the ban on identified single-use plastic items, and implementation of extended producer responsibility on plastic packaging. The Guidelines on Extended Producer Responsibility (EPR) for Plastic Packaging were notified on 16th February 2022, which stipulated mandatory targets on EPR, recycling of plastic packaging waste, reuse of rigid plastic packaging, and use of recycled plastic content.
Sustainable Packaging Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2021: | US$ 227.32 Bn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 7.5% | 2030 Value Projection: | US$ 410 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Amcor Limited, Westrock Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group S.A, Ball Corporation, Crown Holdings, Inc., DS Smith Plc, Genpak LLC, and International Paper Company | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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New product launch due to ongoing advancement is expected to fuel market growth
In order to reduce the environmental impact, key players are introducing innovative packaging solutions. For instance, in March 2023, to reduce environmental impact, Electrolux Group launches recycled and paper-based packaging with 70% less ink. From this month (March), the new packaging is being used for Electrolux and AEG small appliances. The Expanded PolyStyrene (EPS)-free packaging is produced from paper-based material certified by the Forest Stewardship Council, with a four-color print that uses 70% less ink.
Global Sustainable Packaging Market - Restrain
Lack of manufacturing facilities and high price of raw materials to hamper market growth
Lack of manufacturing plant and high cost of raw materials used in manufacturing sustianble packaging are key factors expected to hinder the market growth.
Global Sustainable Packaging Market – Opportunities
Increasing use of paper or compostable alternatives in place of single-use plastics packaging containers is expected to offer profitable market opportunities
Many foodservice companies are replacing single-use plastic closures, straws, lids, cups, caps, and food trays with packaging products produced from compostable or paper alternatives. This initiatives is projected to serve significant growth opportunities over the forecast period. Also, growing focus on managing healthcare waste to reduce the risk of infections are expected to provide additional market opportunities.
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Global Sustainable Packaging Market - Key Developments
In March 2023, Melodea Ltd., an Israel-based supplier of sustainable coating products for consumer packaged goods, has introduced its latest packaging solution: VBseal provides resistance to water vapor, oils and aromas, along with heat-sealing capabilities. It is designed to replace single-use plastics in fresh food, fast food, cereal and confectionery packaging.
In February 2023 ProAmpac, a marketer in flexible packaging and material science, announces the launch of ProActive Recyclable Paper-1000, the newest addition to the ProActive Recyclable® series of products.
In September 2022, The Consumer Health Division of Bayer has launched a sustainable packaging Innovation Challenge in partnership with yet2, an open innovation services provider
Key Market Takeaways:
Global sustainable packaging market is expected to exhibit a CAGR of 7.5% during the forecast period, owing to the growing environmental concerns, increasing government initiatives to reduce landfill waste, and ongoing innovation in sustainable packaging solution.
On the basis of Process, recycled packaging is expected to dominate the global market over the forecast period owing to the rising environmental concerns worldwide. Moreover, many companies are focussing on reducing plastics materials in their packaging products.
On the basis of Material Type, paper segment is expected to hold a dominant position, owing to the fact that they are the fastest growing sustainable packaging solution.
On the basis of End User Industry, food and beverages segment is expected to hold a dominant position, owing to the increasing adoption of recycled plastics in food containers as they are environmentally friendly.
On the basis of region, North America is expected to hold a dominant position over the forecast period, owing to the favorable government policies to encourage the use of sustainable and biodegradable packaging solution.
Competitive Landscape:
Key players operating in the global sustainable packaging market include Amcor Limited, Westrock Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group S.A, Ball Corporation, Crown Holdings, Inc., DS Smith Plc, Genpak LLC, and International Paper Company
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Detailed Segmentation:
Global Sustainable Packaging Market By Process:
- Reusable Packaging
- Degradable Packaging
- Recycled Packaging
Global Sustainable Packaging Market By Material Type:
- Glass
- Plastic
- Metal
- Paper
Global Sustainable Packaging Market By End User Industry:
- Pharmaceutical and Healthcare
- Cosmetics and Personal Care
- Food and Beverage
- Other End user Industries
Global Sustainable Packaging Market, By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
Related Market Intelligence Reports:
Botanical Packaging Market, By Material (Paper-based packaging, Cardboard packaging, Biodegradable/compostable materials, Sustainable or recycled materials), By Packaging Type (Boxes, Tubes, Pouches, Bags, Jars, Bottles, Cartons), By Product Type (Herbal teas, Herbal supplements, Essential oils, Herbal cosmetics, Dried herbs and spices, Herbal extracts), By Application (Food and beverages, Pharmaceuticals, Cosmetics and personal care, Nutraceuticals, Aromatherapy ), By Labeling and By Branding (Custom labels, Brand-specific designs, Sustainable packaging certifications, Eco-friendly messaging), By Distribution Channel (Retail stores, E-commerce, Specialty stores, Pharmacies and health stores), By Size (Small packaging (samples, travel size), Standard packaging, Bulk packaging), By Sustainability Features (Recyclability, Compostability, Biodegradability, Renewable materials), By Packaging Functionality (Moisture resistance, Airtight/sealed packaging, UV protection, Child-resistant packaging), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
Packaging Design Services Market, By Service Type (Graphic Design Services, Structural Design Services, Packaging Material Selection Services, Branding and Identity Services, Prototype Development Services, Sustainability and Eco-friendly Design Services), By Packaging Type (Primary Packaging (e.g., bottles, cans, pouches), Secondary Packaging (e.g., cartons, boxes, labels), Tertiary Packaging (e.g., pallets, shrink wrap, shipping containers)), By Industry Vertical (Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals and Healthcare, Consumer Electronics, Automotive, Homecare and Cleaning Products, E-commerce, Others), By Design Approach (Customized Packaging Design, Standard Packaging Design, Innovative and Creative Design, Sustainable Packaging Design), By Target Market (Small and Medium Enterprises (SMEs), Large Enterprises, Startups), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
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