Westford, USA, Aug. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global Sustainable Packaging Market will attain a value of $530.61 Billion by 2030, with a CAGR of 10.30% during the forecast period (2024-2031). The global sustainable packaging industry is witnessing a significant increase and transformation due to rise in consumer awareness and demand for eco-friendly and sustainable packaging solutions. Market research indicates that there is a shift toward packaging materials and techniques that are more ecologically friendly and promote a circular economy. Sustainable packaging aims to reduce waste, use renewable resources, and lower carbon emissions. Businesses are using innovative packaging materials including bioplastics, recycled materials, and biodegradable packaging to satisfy sustainability requirements. Strict government regulations and initiatives that promote sustainable practices are contributing to the market's expansion.
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Browse in-depth TOC on the " Sustainable Packaging Market "
- Pages - 157
- Tables - 34
- Figures – 74
Sustainable Packaging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2022 | $290.95 Billion |
| Estimated Value by 2030 | $530.61 Billion |
| Growth Rate | Poised to grow at a CAGR of 7.8% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Type, Packaging Format, Process, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Sustainable packaging solutions to reduce waste |
| Key Market Opportunities | Innovation and Creativity |
| Key Market Drivers | Rise in consumer demand for eco-friendly products |
Paper-based Packaging Segment Dominated the Sustainable Packaging Market due to its Renewable Nature
Within the sustainable packaging type sector, paper-based packaging is the dominant segment. Paper-based packaging materials, such as corrugated boxes, paper bags, and cartons, are widely utilized due to their renewable nature, recyclability, and low environmental effect. They are preferred by many industries due to their versatility, affordability, and ability to provide adequate protection for a variety of objects.
Bioplastics Segment is the Fastest-growing Segment Due to its Sustainable Nature
The fastest-growing segment of the sustainable packaging type market is bioplastics. Bioplastics are created from renewable resources such as plants, they have a lower carbon impact than traditional plastics. They are more environmentally friendly and recyclable while having properties that are similar to those of conventional polymers. Due to growing consumer demand for eco-friendly packaging solutions and an increasing focus on reducing plastic waste, bioplastics are becoming more and more common in the sustainable packaging market.
Europe is the Dominant Region Within the Sustainable Packaging Market, Owing to Sustainable Packaging Initiatives
When it comes to the global market for sustainable packaging, Europe is a leader. With stringent regulations and initiatives promoting environmentally friendly packaging choices, Europe has been setting the standard for sustainability initiatives. Many sectors in the region have adopted sustainable packaging solutions due to customer demand for eco-friendly products and business sustainability goals. Some European countries, such as Germany, France, and the Netherlands, have strict waste management and recycling legislation in place that encourages the use of recyclable and biodegradable packaging materials. The dominance of sustainable packaging in Europe is a result of a strong circular economy strategy and R&D expenditures for innovative packaging solutions.
Asia-Pacific is the Fastest-Growing Region Due to Rapid Economic Growth
One of the parts of the global sustainable packaging industry that is expanding the fastest is the Asia-Pacific region. Due to their rapid economic growth, rise in urbanization, and expansion of middle classes, countries such as China, India, and Japan are witnessing an increase in demand for sustainable packaging solutions. The region's adoption of sustainable packaging is being propelled by an increase in consumer awareness of environmental issues, governmental demands, and a rise in consumer tastes toward eco-friendly products. In addition, government initiatives and legislation that promote sustainable practices are driving a quicker rate of growth for the Asia-Pacific sustainable packaging market.
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Sustainable Packaging Market Insights
Drivers:
- Consumer demand
- Environmental awareness and regulations
- Corporate initiatives toward sustainable packaging
Restraints:
- High manufacturing costs
- Performance and functional limitations
- Infrastructure and technology challenges
Leading Players Operating Within the Sustainable Packaging Market
The following are the Top Sustainable Packaging Companies
- Amcor
- Sidel
- Stora Enso Oyj
- DS Smith Plc
- Mondi Group
- Tetra Pak
- Ball Corporation
- Evergreen Packaging
- Ardagh Group
- WestRock Company
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Key Questions Covered in the Sustainable Packaging Market
- What are the factors driving the market growth?
- Which region has dominated the sustainable packaging market?
- What is the estimated growth rate of the sustainable packaging market by 2031?
This report provides the following insights:
- Analysis of key drivers (rise in consumer demand and increase in sustainable initiatives), restraints (high initial costs), opportunities (innovation and creativity), and challenges (infrastructure and technology challenges) influencing the growth of the sustainable packaging market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the sustainable packaging market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the sustainable packaging market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Green Technology And Sustainability Market
Pharmaceutical Packaging Market
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