Global Sustainable Packaging Market Size is Estimated to Reach USD 476.28 billion by 2031, Growing at a CAGR of 7.70%: Straits Research

New York, United States, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Sustainable packaging is the creation and application of packaging that increases sustainability. It lessens the harmful environmental effects by using life cycle assessments and inventories to guide packaging decisions. Recent years have seen a significant rise in interest in sustainability, particularly among consumers. Due to the Circular Economy concept's rapid expansion, sustainable packaging has drawn much attention. Governments on every continent have responded in response to public concerns about packaging waste, particularly single-use packaging waste. Legislation is being implemented to lessen environmental destruction and improve waste management practices.

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Report Scope

Governmental Programs for Eco-Friendly Packaging Drives the Global Market

Plastic has been one of the most urgent issues among the various packaging materials for most countries. According to research published by the UN environment agency, almost 8.30 billion tons of plastic have been produced since the early 1950s. About 60% of the plastic is in a landfill or the environment. Additionally, each year the oceans receive up to 8 million tonnes of plastic. Government organizations enforce laws and implement recycling solutions in industrialized cities like New York and developing nations like India.

Businesses are improving construction techniques, and consumers make more informed purchase selections to ensure environmental protection. According to a recent report by Capgemini titled Sustainability and Changing Consumer Behavior, 79% of consumers change their buying patterns in reaction to social responsibility, inclusion, or environmental effect.

Packaging Reduction Creates Tremendous Opportunities

Businesses are reducing the packaging for typical goods like breakfast cereals, crackers, and soft drinks, among others, rather than boosting pricing due to rising raw material costs. It can be necessary to inform customers that they are receiving less merchandise for their money. With inflation predicted to reach its highest level of 5.4% in 2021, many commonplace items, from cereal maker General Mills to retail chains Costco and Walmart, have lately had their container sizes cut. Since more people are residing in cities and consumers are becoming more price-conscious, most prefer small, portable packaging. This makes them portable and takes the stress out of whether the items they utilize have a shelf life.

Key Highlights

• The global sustainable packaging market size was valued at USD 244.30 billion in 2022. It is projected to reach USD 476.28 billion by 2031, growing at a CAGR of 7.70% during the forecast period (2023-2031).
• Based on process, the global sustainable packaging market is bifurcated into reusable packaging, degradable packaging, and recycled packaging. The recycled packaging segment is the highest contributor to the market and is estimated to boost at a CAGR of 6.95% during the forecast period.
• The global sustainable packaging market is bifurcated based on material type into glass, plastic, metal, and paper. The paper segment is the highest contributor to the market and is estimated to grow at a CAGR of 7.25% during the forecast period.
• Based on the end-user industry, the global sustainable packaging market is bifurcated into pharmaceutical and healthcare, cosmetics and personal care, food and beverage, and other end-user industries. The food and beverage segment is the highest contributor to the market and is estimated to boost at a CAGR of 7.05% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 8.30% during the forecast period.

Regional Analysis 

Asia-Pacific is the region that contributes the most to total revenue and is anticipated to boost at a CAGR of 8.30% over the projection period. The biggest Chinese e-commerce platforms and express delivery services have actively worked to reduce the use of packaging materials. For instance, SF Express used packaging that could be recycled ten or so times on average when using recyclable cartons. The company has adopted more than 100,000 of these boxes in first-tier and a few second-tier domestic cities, mainly to replace paper boxes and plastic bags and reduce foam blocks and tape use. The company noted that its activities are in response to the need for the logistics industry to grow sustainably nationally.

North America is anticipated to develop at a CAGR of 6.95% and produce USD 118.08 billion during the projection period. It is expected that during the projection period, rising consumer awareness and enabling governmental regulations will boost demand for sustainable, biodegradable packaging in the United States. The Environmental Protection Agency estimates that up to 80 million metric tonnes of packaging, waste are produced in the United States each year. About half of all packaging waste in the US is produced by the food and beverage industry. According to the organization, most plastic waste is produced by food businesses like Nestle and Unilever. In response to pressure from the public and awareness of this issue, many of these companies have lately made commitments to reduce the environmental impact of their packaging.

Competitive Players

The global sustainable packaging companies are Amcor Limited, Westrock Company, TetraPak International SA, Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group SA, and Ball Corporation.

Market News

• In August 2021, Amcor added new sites to its worldwide network across Asia and Europe. The new facilities extend the global reach of Amcor's innovation network, which already consists of more modest locations worldwide and flagship locations in countries like Neenah, Wisconsin, and Manchester, Michigan, in the United States. Customers worldwide can access the company's extensive material science knowledge and packaging development skills thanks to the expanded network.
• In February 2021, Amore Pacific, a cosmetics firm, sought to eliminate excessive plastic use by focusing on the industry's environmental effects. The 4R strategy—recycling packaging material, cutting down on petroleum-based plastic, reusing plastic containers, and reserving empty containers—was the foundation for the company's environmentally friendly approach.

Global Sustainable Packaging Market: Segmentation

By Process

• Reusable Packaging
• Degradable Packaging
• Recycled Packaging

By Material Type

• Glass
• Plastic
• Metal
• Paper

By End-User Industry

• Pharmaceutical and Healthcare
• Cosmetics and Personal Care
• Food and Beverage
• Other End-user Industries

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/sustainable-packaging-market/segmentation

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