PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364696
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1364696
Sustainable Packaging Market size was valued at USD 317,021.8 Million in 2022, expanding at a CAGR of 7.9% from 2023 to 2030.
Sustainable packaging is any type of eco-friendly material used to wrap, store, ship or shelve products. Compostable packaging is becoming more popular as a type of sustainable packaging. It keeps food in the same way that traditional packaging does, with the same characteristics and toughness, but it entirely degrades in the ground into beneficial organic compost. Governments all across the world are striving for environmentally friendly corporate practices and have already implemented incentives to encourage new packaging solutions and zero waste. Sustainable packaging is the future of the food industry (and many others), therefore businesses would be advised to start building the groundwork for the transition to green packaging.
The development and implementation of biodegradable packaging is an essential factor for the sustainable packaging market. As consumers, companies, and governments become more aware of the environmental impact of traditional plastics and non-biodegradable materials, the desire for more environmentally friendly solutions has increased. According to a recent consumer study, sustainability is a valuable purchase criterion for 60% of consumers globally, with the U.S. boasting a percentage a little above the global average at 61%. additionally, As of January 2023, the percentage for consumers that are demanding sustainable packaging has risen to 81%, another huge jump towards eliminating plastic waste. Furthermore, Innovation, and technological advancements, leading to better and more efficient biodegradable materials are expected to provide growth opportunity for the market. Moreover, Lack of Composting Infrastructure may hamper the growth of market.
The Global Sustainable Packaging Market is segmented on the basis of Packaging Process, Material, End-User, and Region.
The market is divided into three categories based on the packaging process: Rigid packaging and flexible packaging. The rigid packaging segment dominates the market. Rigid packaging is referred to as packaging that retains its shape and form even when empty. Glass bottles, metal cans, and several types of plastic containers are common examples. When linked together, sustainable rigid packaging strives to provide rigid packaging with substantial protection and stability while minimizing environmental effects.
The market is divided into two categories based on Material: Paper and paperboard, Glass, Metal, and Plastic. Paper and paperboard dominate the market. Paper and paperboard are among the most recycled materials in the world. Many parts of the world have well-established infrastructure for collecting, sorting, and recycling these items.
The market is divided into two categories based on Users: Food and Beverages, Personal care, Healthcare and pharmaceuticals, and Others. The Food and Beverages sector dominates the market and is likely to maintain its dominance during the forecast period. The food and beverage sector's sustainable packaging market is especially important because it generates a large volume of single-use packaging. Sustainable packaging for food and beverages attempts to protect items, assure safety and freshness, and reduce environmental effects.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Europe is expected to dominate the growth of Sustainable Packaging Market, owing to demand for sustainable packaging solutions. European consumers are becoming more environmentally profound. This trend is generating demand for things with environmentally friendly packaging. A recent report from Drapers shows a dramatic increase for UK Consumers demand for sustainable packaging. 64% more likely to buy from retailers that provide sustainable packaging. With 50% of the consumers willing to pay more for sustainable packaging and delivery, according to According to Protega Global Ltd. Furthermore, about 50% of US consumers and 82% of consumers across Europe, North America, and South America are willing to pay more for sustainable packaging, conferring to Sustainable Packaging Statistics.
The sustainable packaging industry is characterized by increased competition among market competitors, primarily due to rising consumer, business, and regulatory demand. The sustainable packaging market has received substantial attention in recent years as a result of increased environmental concerns, consumer awareness, and tough legislation aimed at decreasing waste and promoting recyclable and ecologically friendly packaging options. Many countries have enacted laws that encourage or require the use of environmentally friendly packaging. The European Union, for example, has established aggressive recycling goals and controls for single-use plastics. New entrants are emerging with innovative solutions. For instance, April 20, 2022, Amcor, a global leader in developing and producing responsible packaging solutions, nowadays announced the addition of new, more sustainable High Shield laminates to its pharmaceutical packaging portfolio.
On June 12, 2023, Crown Holdings, Inc. has published its 2022 Sustainability Report to share progress against its Twentyby30 sustainability strategy and related achievements during fiscal year 2022. Crown's comprehensive Twentyby30 program includes 20 measurable sustainability goals to be completed by or before the end of 2030, set against a 2019 baseline.
The scope of this report covers the market by its major segments, which include as follows: