Sustainable Packaging Market To Reach US$ 227.32 Bn In 2023
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| Sustainable Packaging Market |
Market Overview:
Sustainable packaging refers to the use of eco-friendly materials and techniques for packaging products, reducing adverse environmental impacts. It offers various advantages such as minimizing waste, reducing carbon footprint, and promoting recycling and reusability. The need for sustainable packaging solutions is extensively associated with the rising consumer awareness regarding environmental conservation and the stringent regulations imposed by governments worldwide to reduce plastic waste.
Market Key Trends:
One key trend in the sustainable packaging market is the increasing adoption of bio-based packaging materials. Bio-based packaging materials are derived from renewable resources such as plants, corn, and sugarcane. These materials have gained significant popularity due to their reduced carbon footprint, compostability, and recyclability. Bio-based packaging not only reduces the environmental impact but also offers additional advantages such as reduced weight and enhanced product shelf life. The growing demand for sustainable and eco-friendly packaging materials across various industries, including food and beverages, personal care, healthcare, and e-commerce, is expected to drive the adoption of bio-based packaging materials in the coming years.
The global Sustainable Packaging Market Demand is estimated to be valued at US$ 227.32 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis:
The sustainable packaging market can be segmented based on material type, packaging type, and end-use industry. Based on material type, the dominating segment is expected to be paper and paperboard packaging. This is due to the increasing demand for eco-friendly packaging solutions and the rising awareness about the detrimental impact of plastic packaging on the environment. Paper and paperboard packaging is considered a sustainable alternative as it is biodegradable, recyclable, and renewable. It is widely used for packaging various products such as food & beverages, personal care & cosmetics, and pharmaceuticals.
In terms of packaging type, the dominant segment is projected to be the flexible packaging segment. Flexible packaging offers several advantages such as lightweight, durability, and flexibility, which make it suitable for a wide range of applications. It is extensively used in industries such as food & beverages, healthcare, and household products. The increasing demand for convenient and lightweight packaging solutions is expected to drive the growth of the flexible packaging segment.
Based on end-use industry, the food & beverages segment is expected to dominate the sustainable packaging market. The growing emphasis on food safety and sustainability has led to the adoption of eco-friendly packaging solutions in the food & beverages industry. Sustainable packaging helps in preserving the freshness and quality of food products while minimizing food waste. It also enhances the brand image of food and beverage companies as consumers are increasingly inclined towards brands that prioritize sustainability.
Key Takeaways:
The global sustainable packaging market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period of 2022-2030. This growth can be attributed to the increasing consumer awareness about environmental issues and the shift towards sustainable and eco-friendly packaging solutions. The demand for sustainable packaging is further fueled by stringent government regulations regarding plastic waste management and the need for reducing carbon emissions.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the sustainable packaging market. This can be attributed to the presence of stringent regulations and initiatives promoting sustainable packaging practices in the region. Additionally, the increasing consumer preference for sustainable and eco-friendly products is driving the demand for sustainable packaging solutions in North America.
Key players operating in the 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. These key players are focusing on product innovations, partnerships, and acquisitions to strengthen their market position and cater to the growing demand for sustainable packaging solutions worldwide.
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