PUBLISHER: Grand View Research | PRODUCT CODE: 1493431
PUBLISHER: Grand View Research | PRODUCT CODE: 1493431
The global sustainable packaging market size is anticipated to reach USD 448.53 billion by 2030, growing at a CAGR of 7.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market has experienced significant growth in recent years, driven by several key factors that reflect evolving consumer preferences, regulatory pressures, and corporate sustainability initiatives. One of the primary drivers contributing to the market growth is increasing awareness and concern about environmental issues, particularly regarding plastic pollution and its impact on ecosystems.
Moreover, government regulations and policies aimed at reducing the use of single-use plastics and promoting sustainable packaging solutions are further propelling growth of the sustainable packaging industry. For instance, many countries have implemented bans or restrictions on plastic bags, straws, and other single-use plastic items, incentivizing companies to adopt eco-friendly packaging alternatives. Legislation such as Extended Producer Responsibility (EPR) schemes also holds manufacturers accountable for the end-of-life management of their packaging, encouraging the adoption of more sustainable practices.
Sustainable and eco-friendly packaging options have gained traction in the packaging market as environmental consciousness has become a significant factor in consumer decision-making. Hence, companies are striving to meet this demand and focusing on offering sustainable packaging solutions. For instance, in November 2023, Huhtamaki North America launched a new line of sustainable molded fiber-based cartons for use by egg producers in the U.S. These cartons are produced using 100% recycled material and serve as an alternative to conventionally used polystyrene foam in the egg market. The new product line is part of Huhtamaki's commitment to sustainable packaging and its goal of making all its packaging recyclable and compostable by 2030.
Several industries have embraced sustainable packaging practices, showcasing the market's versatility and potential for growth. For example, the food and beverage industry has witnessed a surge in demand for eco-friendly packaging solutions, with brands transitioning to compostable food packaging, recyclable beverage containers, and biodegradable pouches. Similarly, the beauty and personal care industry has seen a shift toward sustainable packaging materials, with companies introducing refillable containers, biodegradable packaging inserts, and packaging made from recycled materials, thus benefiting the market for sustainable packaging.