PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258830
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258830
According to Stratistics MRC, the Global Sustainable Packaging Market is accounted for $102.3 billion in 2022 and is expected to reach $175.5 billion by 2028 growing at a CAGR of 9.4% during the forecast period. Sustainable packaging has the least amount of negative impact on the natural environment. Sustainable packaging materials emit the least amount of pollution during manufacture, production, shipping, disposal, or recycling. Sustainable packaging is the development and use of packaging materials that are more environmentally friendly. The influence of a packaging material on the natural environment when compared to other materials defines its sustainability.
According to the survey, 2025 is predicted to be a watershed year for environmentally friendly packaging. Over 40% anticipate using innovative products and sustainable techniques during the next five years.
Packaging acts as a bridge between users and logistics organisations, and effective and sustainable packaging is essential for environmentally friendly logistics. Packaging demands more consideration when it comes to enhancing overall logistical efficiency. Sustainable packaging is an alternative to traditional wasteful packaging such as plastics. This policy seeks to lower logistics costs while while ensuring product safety and promoting sustainability. The Confederation of Indian Industry, as well as different user industries such as food and drinks, e-commerce, and 3PLs/4PLs, participated in this consultation. Renewable packaging, compostable poly mailers (bioplastics), recycled kraft shopping bags or filler, biodegradable packing tape and labels, recycled corrugated cardboard boxes and other packaging materials that create less trash are examples of these options. These objectives are multifaceted, encompassing many social, economic, and environmental factors which helps in enhancing the market growth.
A global shortage of PLA is increasing the demand for eco-friendly alternatives to conventional plastic disposables. Natural catastrophes such as floods, tornadoes, and earthquakes have an impact on the availability of raw materials for bioplastic and biodegradable packaging solutions because these raw materials are often generated from fruits, vegetables, and agricultural commodities. Furthermore, the bioplastic market is small and specialised. Bioplastics have lower mechanical strength than their petrochemical-based competitors, and production costs are also impeding market growth.
Some foodservice organisations are switching from single-use plastic straws, closures, lids, caps, cups, and food trays to paper or compostable alternatives. Over the forecast term, this programme is likely to generate significant growth prospects. To advance their green ambitions, companies such as Unilever and Procter & Gamble have begun to include post-consumer recycled plastics in their packaging solutions. Such initiatives are expected to give major players with possible growth prospects in the near future.
Sustainable packaging is, naturally, more expensive than conventional packaging. This is because of the resources involved and how they are sourced (both virgin and used materials), but also because of the less-established supply chains, production methods, and poorer economies of scale. Moreover, Optimising Material Performance for Goods Protection when utilised for packaging extends beyond meeting customer expectations to the problem of food waste and/or product damage. Packaging's function is to protect the items contained within it, and there can be no compromises here thereby hindering the growth of the market.
The COVID-19 epidemic had a minor impact on the sustainable packaging sector. Several vaccine and other medical productions have resulted in a strong demand for sustainable packaging options. As lockdowns were reduced in some cities, demand for takeaway and food delivery soared, as did awareness of the necessity of eco-friendly packaging. The manufacturing of sustainable packaging items was halted due to the rigorous lockdown. But, after the lockdown was lifted, the market experienced substantial growth. The manufacturing of sustainable packaging items was halted due to the rigorous lockdown. But, after the lockdown was lifted, the market experienced substantial growth.
The Paper segment is estimated to have a lucrative growth, due to high-value and environmentally benign material. Paper benefits from being bio-based, biodegradable, and recyclable. This is owing to increased government initiatives to educate customers about the advantages of paper packaging and eco-friendly products, which is likely to support the growth of the sustainable packaging market. Paper benefits from being bio-based, biodegradable, and recyclable. Paper is utilised in a wide range of flexible packaging applications, including candy, pet food, and dry food. Paper-based flexible packaging is gaining favour among the general public after years of declining demand thus driving the market.
The Degradable Packaging segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its construction by entirely of bio-based or plant-based materials, but this is not the case. The molecular structure and strength of a material's polymer chain, rather than its source, determine its biodegradability. To biodegrade, the polymer structure of the substance must be able to disintegrate, or break down, into tiny fragments that microorganisms can safely ingest. This means that both bio-based and fossil-based polymers can be used to create biodegradable packaging thus propelling the market growth.
Asia Pacific is projected to hold the largest market share during the forecast period owing to the largest Chinese e-commerce sites and express delivery services have actively reduced their use of packaging materials. SF Express, for example, employed recyclable packaging boxes that can be recycled an average of ten times. The firm has adopted more than 100,000 such boxes in first-tier and numerous second-tier domestic cities, mostly to replace paper boxes and plastic bags and reduce the use of foam blocks and tape. The company also stated that their actions are in response to the country's demand for long-term growth in the logistics sector. The rise of the Indian middle class, the rapid expansion of organised merchants, the expansion of exports, and India's emerging e-commerce industry are all anticipated to aid future development.
Europe is projected to have the highest CAGR over the forecast period, owing to the strong efforts made by regional authorities, the North American sustainable packaging market accounts for the second-largest market share. Customers' desire for environmentally friendly products and green packaging, aided by government programmes, drives demand in the region. For example, to limit the amount of solid trash disposed of, the Canadian government has created many recycling infrastructures throughout the country and has severely banned the usage of polystyrene cups and containers. Furthermore, the sustainable packaging market in the United States had the biggest market share, while the sustainable packaging market in Canada was the fastest-growing market in the North American area.
Some of the key players profiled in the Sustainable Packaging Market include: Amcor plc, Smurfit Kappa, Gerresheimer AG, Sonoco Products Company, Ardagh Group S.A., WestRock Company, Crown Holding, Inc., Sealed Air, Mondi, Berry Global, International Paper, Genpak, LLC, DS Smith PLC, Printpack, Ball Corporation, Tetra Pak International S.A., International Paper Company, Albea S.A. and Huhtamaki OYJ
In April 2023, Sonoco Expands Sustainable Packaging with EnviroFlex® Paper Pre-qualification for How2Recycle® Labeling, This pre-qualification comes as a result of Sonoco's ongoing efforts to develop innovative, sustainable packaging solutions.
In March 2023, Sonoco Partners with GreenGasUSA to Reduce Emissions and Provide Renewable Energy in addition to the anaerobic treatment, a cover on the lagoon had been capturing the gases and routing them to a flare for destruction.
In Feb 2023, Gerresheimer and Corning announce joint venture to meet growing demand for Velocity® Vials, accelerating the delivery of lifesaving treatments, addressing the need for a high-quality and cost-effective injectable drug filling process.
In Nov 2022, Gerresheimer AG and Stevanato Group announce Collaboration on the Development of an innovative Ready-To-Use Vial Platform for the Pharmaceutical Industry, This collaboration is projected to help customers gain efficiencies, improve the quality standard, increase speed to market, reduce total cost of ownership (TCO) and help mitigate supply chain risk.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.