New York (US), April 25, 2023 (GLOBE NEWSWIRE) -- Sustainable Packaging Market Overview
The MRFR analysis reports predict that the “Sustainable Packaging Market Research Report By Packaging Type, Material, Process and Region - Forecast Till 2030” The sustainable packaging market was estimated at USD 336.7 billion in 2021. The market for sustainable packaging is anticipated to increase from USD 371.4 billion in 2022 to USD 737.6 billion in 2030, with a compound annual growth rate (CAGR) of 10.30% from 2022 to 2030. The main factors boosting the market growth for sustainable packaging are increased environmental concerns brought on by packaging waste in landfills, severe limits on the use of single-use plastics, and increasing consumer awareness of sustainable packaging.
Due to growing consumer awareness of the drawbacks of using single-use, non-biodegradable plastic products for food packaging, the market for sustainable food packaging is growing. The environment suffers from the extensive usage of single-use, non-biodegradable plastic packaging materials.
In a landfill, plastic takes hundreds of years to decompose. It will continue to degrade the environment throughout the course of that time, eventually putting the lives of people, animals, and plants in peril. For instance, according to a report by the World Economic Forum, at 52% and 56%, respectively, Austria and Germany are the global leaders in recycled garbage. Additionally, Wales and other countries have strong standards for recycling. Wales wants to have zero waste by the year 2050, whereas the EU is considering establishing a 2030 target of at least 65%. Therefore, it is projected that over the coming years, rising consumer awareness of the dangers of utilising plastic materials for food packaging will drive the market CAGR.
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List of the Key Companies in the sustainable packaging market includes
- Amcor Limited
- Ardagh Group S.A.
- Ball Corporation
- Crown Holdings Incorporated
- DS Smith PLC
- Elopak AS
- Emerald Packaging
- Mondi Group
- Nampak Ltd
- PlastiPak Holdings Inc
- Sealed Air Corporation
- Sonoco Products Company
- Sgf packaging Co. Ltd
- Tetra Pak International S.A.
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 737.6 Billion |
| CAGR | 10.30% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Packaging Type, Material, Process and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing consumer awareness of sustainable packaging |
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Furthermore, because governments all over the world are aware of the concerns associated to environmental issues, a number of programmes and policies have been put in place to help producers of sustainable packaging. Favourable government policies that grant package manufacturers subsidies, particularly in industrialised countries, present market participants with alluring chances to boost their current output levels. Therefore, the market for sustainable packaging is growing mostly as a result of increased government initiatives to reduce the volume of plastic waste thrown in landfills. The Industrial Strategy Challenge Fund for the Smart Sustainable Plastic Packaging Initiative launched by the U.K. government aims to significantly cut plastic waste by 2025.
A total of £60 million (USD 80.51 million) has been invested on initiatives to position the United Kingdom as a global leader in intelligent and sustainable plastic packaging.
Additionally, because they are recyclable, compostable, and biodegradable, packaging made of plants is growing in popularity in the cosmetics business. Manufacturer of cosmetics and personal care products L'Oréal Group is dedicated to using environmentally friendly packaging materials. Packaging options for personal care items are being progressively made by manufacturers. In order to test its Lenor liquid fabric conditioner brand in 'first-generation' paper-based bottles in the Netherlands, Procter & Gamble Fabric and Home Care teamed up with machining maker Paboco in November 2022. As a result, it is anticipated that rising market value will be driven by increased investment in environmentally friendly packaging.
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Leaders in the consumer goods sector, like Unilever and P&G, are advancing towards environmentally friendly packaging alternatives. For instance, Hindustan Unilever has committed to use sustainable packaging by 2025. The initiative of the top competitors in the market is expected to drive the market's growth. As a result, it contributes to the expansion of the market for sustainable packaging.
Segmentation
The market for sustainable packaging is divided into segments based on type, material, method, and region.
The sustainable packaging market is divided into three types: corrugated boxes, bags & pouches, and tubes.
The sustainable packaging market is divided into four categories based on material: paper & paperboard, glass, metal, and plastic.
Degradable packaging, recycled packaging, and reusable packaging are the market segments according to process.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World.
In 2021, the Asia Pacific market for sustainable packaging was valued at USD 145.5 billion, and during the study period, a CAGR of 43.20% is anticipated. This dominance is related to the expanding government initiatives and regulations that encourage businesses to use eco-friendly packaging. China, the world's largest manufacturer, is present in the area and has changed packaging methods and materials to be more environmentally friendly.
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The market for sustainable packaging in North America holds the second-largest share due to the active efforts made by the local governments.
The region's need is fueled by consumer demand for eco-friendly goods and packaging, which is encouraged by government initiatives. For instance, to encourage recycling across the country, the Canadian government has established a number of infrastructures and has severely prohibited the use of polystyrene cups and containers. This has helped to cut down on the amount of solid waste disposed of nationwide. Additionally, the North American sustainable packaging markets with the highest market shares were those of the United States and Canada, respectively.
From 2022 to 2030, the European market for sustainable packaging is anticipated to expand at a significant CAGR. Due to stringent government restrictions on single-use plastics and an increase in environmental consciousness, there is a larger need for sustainable packaging throughout Europe. The government's initiatives to promote eco-friendly packaging options are crucial to the market's growth. Additionally, the sustainable packaging market in the United Kingdom had the biggest market share, while the sustainable packaging market in France had the quickest rate of expansion in the continent of Europe.
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