Sustainable Packaging Market Soars at US$ 490.5 Billion by 2034: Adoption of Sustainable Packaging Solutions Rising with Advancements in Material Science | Future Market Insights, Inc.

It is anticipated that the sustainable packaging sector in North America will command nearly a quarter of the global market share in 2024. The United States currently leads the market and is foreseen to maintain its dominance throughout the forecast period, with a projected growth rate of 4.1% CAGR until 2034.

NEWARK, Del, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The sustainable packaging market value is expected to be US$ 285.3 billion in 2024. The industry is expected to witness steady growth over the next ten years, rising at a CAGR of 5.8%. By the end of this forecast period, the demand for sustainable packaging materials and solutions is forecasted to be US$ 490.5 billion.

Sales of sustainable packaging solutions are being driven by increasing consumer demand for eco-friendly products, rising awareness about the harmful effects of plastic packaging, and stringent government regulations. The industry also saw a surge in innovation and research activities aimed at developing new sustainable materials and packaging solutions in the last decade.

The market is anticipated to be primarily driven by factors such as the development of new sustainable materials and packaging solutions, the increasing adoption of circular economy principles, and the growing popularity of eco-friendly packaging among e-commerce sellers.

Get Exclusive Sample Copy of the Report:

Key Takeaways from the Sustainable Packaging Market Study Report

  • The adoption of sustainable or eco-friendly packaging solutions is likely to surge at a 4.1% CAGR through 2034.
  • Germany is the leading supplier of sustainable packaging materials in Europe and is likely to grow at a 4% CAGR by 2034.
  • A higher consumption of eco-packaging materials in the United Kingdom is likely to drive the regional industry at 5.4% from 2024 to 2034.
  • China dominates Asia in the production of recyclable packaging products and is poised to thrive at 7.1% CAGR through 2034.
  • India is emerging as a promising market with an estimated CAGR of 7.6% from 2024 to 2034.
  • Based on the material type, the use of paper and paperboard packaging is rising and is estimated to capture 38.2% of global sales in 2024.
  • Sales of sustainable bags are higher than other packaging types and are estimated to contribute to a 25.4% revenue share in 2024.

“Public research institutions and privately owned companies are engaging in research and development activities driven by the continued growth in demand for green packaging solutions across various industries. So, the coming decade is expected to witness a surge in the adoption of bio-plastics, paper-based packaging, and reusable packaging solutions,says Ismail Sutaria, Principal Consultant in Furutre Market Insights.

Buy this Exclusive Report:

Competitive Landscape

The competition in the sustainable packaging industry is intense as many global as well as regional industries cropped up after the pandemic. However, a few leading players with higher capital for more innovations in sustainable packaging are anticipated to hold a considerable share of the global revenue.

 Recent Developments by the Sustainable Packaging Industry Players

  • In March 2023, Electrolux Group introduced a packaging material made of paper and recycled materials to lessen its impact on the environment. This paper-based material is Forest Stewardship Council-certified and is used in the Expanded PolyStyrene (EPS)-free packaging and has a four-color print that requires 70% less ink.

  • In April 2023, Huhtamaki announced the launch of sustainable flexible packaging technology to provide a unique combination of best-in-class protection, full recyclability, and affordability. Huhtamaki, a leading global packaging solutions provider, claims to have redefined packaging by using science to develop ground-breaking mono-material technology.

Report Scope

Estimated Market Size (2024)US$ 285.3 billion
Projected Market Size (2034)US$ 490.5 billion
Anticipated Growth Rate (2024 to 2034)5.8 % 
Forecast Period2024 to 2034
Historical Data Available for2019 to 2023
Market AnalysisUS$ million or billion for Value and Units for Volume
Key Regions CoveredNorth America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania
Key Countries CoveredUnited States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
Key Segments CoveredBy Material Type, By Packaging Type, By Distribution Channel, By End Use Verticals, and By Region
Key Companies Profiled
  • Amcor Plc
  • Stora Enso Oyj.
  • Berry Global Inc.
  • Huhtamaki Oyj.
  • WestRock LLC
  • DS Smith Plc
  • The Mondi Group plc
  • International Paper Company
  • Detmold Group
  • Sealed Air Corporation
  • Dart Container Corporation
  • Duni AB
  • Vegware Ltd.
  • Pactiv LLC
  • RKW Group
  • Novolex Holdings, Inc.

Request Report Methodology:

Market Segmentations:

By Material Type:

  • Paper & Paperboard
    • Coated Unbleached
    • Bleached Paperboard
    • Molded Fiber Pulp
    • Kraft Paper
    • Corrugated Board/Boxboard
  • Plastic
    • Poly Lactic Acid (PLA)
    • Polybutylene Succinate (PBS)
    • Polyhydroxyalkanoates (PHAs)
    • Starch based Plastics
    • Other Plastics (PVA, PVOH, PBAT, etc.)
  • Metal
    • Steel
    • Aluminium
  • Glass
  • Fabric
  • Wood
  • Other Materials

By Packaging Type:

  • Bags & Sacks
  • Trays & Clamshells
  • Cartons & Boxes
  • Cans
  • Bottles & Jars
  • Films & Wraps
  • Pouches & Sachets
  • Drums
  • IBC
  • Vials & Ampoules
  • Tapes & Labels
  • Others (Jerry Cans, Bowls, Cutlery, etc.)

By Distribution Channel:

  • Manufacturer (Direct Sales)
  • Distributors
  • Retailers

By End Use:

  • Food
    • Bakery & Confectionery
    • Dairy
    • Fresh Produce
    • Snack Food
    • Other Processed Food
  • Beverages
    • Non-alcoholic
    • Alcoholic
  • Cosmetics & Personal Care
  • Chemical
  • Healthcare
  • Agriculture
  • Other Industrial

By Region:

  • North America Market
  • Latin America Market
  • Europe Market
  • East Asia Market
  • South Asia and Pacific Market
  • Middle East and Africa (MEA) Market

Authored By

Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power. 

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics. 

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.

Explore Related Reports of Packaging:

The sustainable pharmaceutical packaging market is poised for significant growth, with an anticipated valuation of US$ 410 billion by the year 2034. Projections suggest a robust Compound Annual Growth Rate (CAGR) of 15.6% until 2034. As of 2024, the market size stands at US$ 96 billion.

The sustainable plastic packaging market is estimated to reach a valuation of US$ 106.4 billion by the year 2024. Over the following decade, from 2024 to 2034, the market is anticipated to progress steadily, registering a moderate Compound Annual Growth Rate (CAGR) of 5.9%. By the year 2034, the sustainable plastic packaging industry is forecasted to exceed a valuation of US$ 189.0 billion.

In 2022, the sustainable labels market is poised for significant growth, projected to achieve a valuation of US$ 15.6 Billion. Over the forecast period spanning from 2022 to 2032, this market is expected to witness steady expansion at a compound annual growth rate (CAGR) of 5.7%. By the year 2032, the sustainable labels sector is anticipated to reach a substantial milestone, with an estimated market value of US$ 27.2 Billion.

Based on research conducted by Future Market Insights, the global biodegradable packaging market is anticipated to witness robust growth, with an estimated valuation of US$ 448.2 Billion in 2022. Over the forecast period from 2022 to 2032, this market is expected to experience steady expansion at a compound annual growth rate (CAGR) of 6.1%. By the year 2032

Based on industry analysis, the global biodegradable food packaging market is poised for substantial growth, with a projected market value of US$ 216.35 billion anticipated by 2023. Over the forecast period spanning from 2023 to 2033, this market is expected to demonstrate steady expansion, showcasing a compound annual growth rate (CAGR) of 5.08%. By the conclusion of the forecast period in 2033, the sector is forecasted to attain a valuation of US$ 355 billion, highlighting significant opportunities for market players and stakeholders.

According to market analysis, the global eco-friendly paper plates market is poised for substantial growth, with an anticipated valuation of US$ 1.17 billion by the year 2023. Over the forecast period spanning from 2023 to 2033, this market is expected to witness consistent expansion, boasting a compound annual growth rate (CAGR) of 4.50%. By the end of the forecast period in 2033, the industry is projected to achieve a valuation of US$ 1.82 billion, indicating promising growth opportunities for industry participants and stakeholders.

It is projected that by the year 2032, the industry will sustain a steady expansion trajectory, with a compound annual growth rate (CAGR) of 5.8%. As indicated by Future Market Insights (FMI), the eco-friendly inks market is anticipated to witness significant growth, with revenue expected to increase from US$ 4.3 billion in 2022 to US$ 7.5 billion by 2032.

According to market forecasts, the eco-friendly straws market is poised for consistent expansion, with a steady compound annual growth rate (CAGR) of 7.5% expected during the forecast period. Projections indicate that the market is likely to reach a valuation of US$ 10.71 billion in 2023, with further growth anticipated thereafter. By the year 2033, the market is forecasted to surpass this value, with an expected valuation exceeding US$ 22.07 billion.

According to market projections, the biodegradable paper and plastic packaging market is poised for substantial growth, with an estimated value of US$ 14.0 billion anticipated in 2024. Over the forecast period from 2024 to 2034, this market is expected to experience significant expansion, with a compound annual growth rate (CAGR) of 10.1%. By the year 2034, the market is forecasted to reach a valuation of US$ 36.8 billion.

According to recent data, the worldwide demand for eco-friendly tea packaging reached approximately US$ 6.2 billion in 2021. This figure is expected to ascend steadily at a compound annual growth rate (CAGR) of 4.5%, reaching an estimated value of US$ 10.0 billion by the year 2032.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries:
LinkedInTwitterBlogs | YouTube