NEWARK, Del, March 20, 2023 (GLOBE NEWSWIRE) -- The sustainable packaging market is expected to reach US$ 266.4 billion in 2023, growing at a CAGR of 7.2% during the forecast period. The market is projected to continue its upward trajectory, reaching US$ 533.9 billion by 2033.
One of the major drivers of the sustainable packaging industry is the growing consumer preference for environmentally sustainable packaging solutions. Consumers are increasingly aware of the environmental impact of packaging materials and are demanding sustainable alternatives. This has led to an increase in the adoption of biodegradable, compostable, and recyclable packaging solutions. Additionally, government regulations aimed at reducing carbon emissions and promoting sustainable packaging practices are further propelling market growth.
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However, the high costs associated with sustainable packaging materials and the lack of infrastructure for waste management are some of the factors restraining market growth. The high costs of sustainable packaging materials, such as bioplastics, can pose a challenge for manufacturers, who may be reluctant to invest in them due to their higher cost compared to traditional packaging materials. Additionally, the lack of proper waste management infrastructure in many countries can hinder the adoption of sustainable packaging solutions.
Opportunities in the sustainable packaging industry include the development of innovative and cost-effective packaging solutions that meet environmental standards. The demand for sustainable packaging solutions in emerging markets, such as Asia-Pacific, presents a significant growth opportunity for manufacturers. Furthermore, the increasing trend towards e-commerce is creating new opportunities for sustainable packaging solutions, as companies are looking for ways to reduce their environmental footprint and meet the demands of environmentally conscious consumers.
Key Takeaways from the Sustainable Packaging Market:
- Paper and paperboard have emerged as the dominating segment, accounting for nearly 37% of the market in 2023.
- Bags & sacks are predicted to dominate the sustainable packaging industry in 2023, with a market share of approximately 25%.
- Manufacturers' (sales) distribution channels are expected to have a 55% market share in the sustainable packaging industry by 2023.
- In 2023, the food and beverage industry is predicted to have a 45% market share in the sustainable packaging industry.
- The sustainable packaging industry in North America is estimated to account for 25.7% of the market by 2023.
- In 2023, the East Asian sustainable packaging industry is estimated to account for 18.5% of the total.
- In 2023, the South Asia & Pacific sustainable packaging industry is estimated to account for 12.6% of the total.
- In 2023, the sustainable packaging industry in Western Europe is estimated to account for 16.4% of the total.
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How Sustainable Packaging Industry Players Compete for the Top Spot in the Market
The sustainable packaging industry has become increasingly competitive in recent years, with companies striving to differentiate themselves and capture market share. Many players in the industry are innovating to stay ahead of the competition and take advantage of emerging opportunities.
One trend that has emerged is the use of innovative materials, such as bioplastics and plant-based materials, that offer eco-friendly alternatives to traditional packaging materials. Companies such as Tetra Pak and Amcor have been at the forefront of this trend, developing sustainable packaging solutions that are both recyclable and biodegradable.
Another area of focus for many players in the industry has been the development of smart packaging solutions. This includes packaging that incorporates technology such as sensors, QR codes, and RFID tags to enable real-time tracking of products and ensure freshness and quality. Companies such as Sealed Air and Smurfit Kappa have been investing heavily in this area, to provide more value to their customers and improve overall supply chain efficiency.
Finally, many companies in the sustainable packaging industry are focusing on reducing their carbon footprint and promoting sustainable practices throughout their supply chains. This includes initiatives such as the use of renewable energy sources, waste reduction programs, and sustainable sourcing of raw materials. Companies such as Ball Corporation and Crown Holdings have been leading the way in this regard, working towards a more sustainable future for the packaging industry.
Key Players in the Sustainable Packaging Industry are 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
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Key Segments Covered in the Market Report
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
- Others (PVA, PVOH, PBAT, etc.)
- Metal
- Steel
- Aluminium
- Glass
- Fabric
- Wood
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
Table of Content
1. Executive Summary | Sustainable Packaging Market
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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