Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global sustainable packaging market is estimated to flourish at a CAGR of 5.8% from 2023 to 2030. According to Transparency Market Research, sales of sustainable packaging are slated to total US$ 396.2 billion by the end of the aforementioned period of assessment.
A significant driver in the sustainable packaging market is the growing demand for packaging that can be used for multiple purposes. This trend towards multi-purpose packaging is being driven by concerns about waste and the desire to reduce the amount of single-use packaging in circulation.
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The demand for multi-purpose sustainable packaging is expected to grow as consumers become increasingly aware of the environmental impact of single-use packaging, requiring companies in the sustainable packaging market to develop more innovative and versatile packaging solutions.
A dollar opportunity in the sustainable packaging market is the development of packaging solutions for e-commerce. With the rapid growth of online shopping, there is a need for packaging that can protect products during shipping while also being sustainable and eco-friendly. This presents an opportunity for companies in the sustainable packaging market to develop innovative solutions that can help reduce the environmental impact of e-commerce packaging.
An emerging trend in the sustainable packaging market is the use of blockchain technology to enhance transparency and traceability in the supply chain. By using blockchain, companies can track the origin of packaging materials, monitor the production process, and ensure compliance with sustainability standards.
Key Findings of the Market Report
- The paper & paperboard segment accounted for the largest market share in 2020, followed by plastic.
- Food & beverages is the largest end-use segment for sustainable packaging, accounting for over 50% of the market share in 2020.
- The use of smart packaging technology, such as sensors and data analytics, is becoming more common in sustainable packaging.
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Sustainable Packaging Market Growth Drivers & Trends
- Sustainable packaging solutions can often be more cost-effective in the long run due to reduced waste, transportation costs, and other expenses. As a result, many companies are switching to sustainable packaging to save money and improve their bottom line.
- Advances in technology are driving innovation in sustainable packaging solutions, making it easier to produce eco-friendly materials and products.
- The concept of a circular economy, where waste is reduced, reused, and recycled, is driving the adoption of sustainable packaging solutions.
- The growth of e-commerce has led to an increase in packaging waste, as more products are shipped directly to consumers. This has driven the demand for more sustainable packaging options that are both protective and eco-friendly
Global Sustainable Packaging Market: Regional Profile
- North America is a prominent market for sustainable packaging, owing to the growth of the sustainable packaging market in North America is driven by increasing consumer awareness about environmental issues and the desire for more eco-friendly packaging options.
- Europe is projected to be the largest market for sustainable packaging, growing at a CAGR of 5.7% during the forecast period.
- The Asia-Pacific region is a rapidly growing market for sustainable packaging, owing to the growth of the sustainable packaging market in the region is driven by increasing urbanization, rising disposable incomes, and growing awareness about sustainability.
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Sustainable Packaging Market: Competitive Landscape
The sustainable packaging market is a rapidly growing industry that is gaining traction as consumers become increasingly conscious of their impact on the environment. The market is highly competitive, with numerous prominent players vying for market share. Some prominent manufacturers are as follows:
- Sonoco Products Company
- Amcor plc
- Gerresheimer AG
- Smurfit Kappa
- Ball Corporation
- Ardagh Group S.A.
- Crown Holding Inc.
- WestRock Company
- DS Smith
- Mondi
- International Paper
- Berry Global
- Printpack
- Sealed Air
- Stora Enso Oyj
- Georgia-Pacific
- Huhtamaki
- Genpak, LLC
- Billerud
- Albea SA
- HCP Packaging
Some important developments with regard to sustainable packaging are as follows:
- In April 2023, Amcor plc and Tyson Foods teamed up once again to launch a game-changing sustainable package for consumer products. As two of the biggest names in the industry, this partnership promises to deliver a first-of-its-kind solution that offers uncompromised performance while being eco-friendly. With a shared commitment to sustainability, this collaboration is set to revolutionize the way we package and consume goods.
Sustainable Packaging Market: Key Segments
By Material Type
- Paper & Paperboard
- Coated Unbleached
- Bleached Paperboard
- Molded Fiber Pulp
- Corrugated Board
- Plastic
- PLA
- PHB
- PBS
- Starch-based Plastic
- PHA
- Others (PLC)
- Metals (Aluminium)
- Others (Fabric, Glass)
By Packaging Type
- Trays
- Bags
- Boxes
- Bottles & Jars
- Films
- Pouches & Sachets
- Drums
- IBC
- Others
By End Use
- Food
- Bakery & Confectionery
- Dairy Products
- Meat & Poultry
- Others (Snacks, Dips, etc.)
- Beverages
- Alcoholic Beverages
- Non-Alcoholic Beverages
- Automobile & Electronics
- Chemicals
- Pharmaceuticals
- Agriculture
- Cosmetics & Personal Care
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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