Sustainable Packaging Market Set to Surpass $400 Billion Mark by 2029 as Eco-Friendly Initiatives Gain Momentum
In a remarkable surge driven by increasing environmental awareness and a global shift toward sustainable practices, the Global Sustainable Packaging market has reached a substantial size of USD 281.42 billion in 2022, with projections indicating a growth to USD 406.66 billion by 2029. This robust expansion, at a CAGR of 5.4% during the forecast period, underscores the rising demand for eco-friendly packaging solutions worldwide.
Urbanization and Waste Production Drive Sustainable Packaging Opportunities
With over 50% of the world’s population residing in urban areas, the production rates of waste have soared, creating significant opportunities for sustainable packaging. Governments and end-users globally are now more attuned to the imperative of maintaining the planet’s ecological balance, fostering a surge in demand for sustainable packaging solutions.
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Sustainable Packaging Market Scope:
Sustainable Packaging market is rapidly growing during the forecast period so the MMR report is carved using history, consumer habits, & market volatility.
Sustainable Packaging market report delivers an in-depth analysis of the market structure along with estimations of the various segments & their sub-segments.
The report explores the Sustainable Packaging market segments by Type, Specialty, Application, End-Users and Region. As the Sustainable Packaging market is growing rapidly for that we integrated data from market participants & regions may consist of (North America, Asia Pacific, Europe, Middle East & Africa, and South America).
Research is conducted using tools that are used to analyze the threats and opportunities in the forecasted period by SWOT and PORTER’S five forces to understand the underlying factors affecting the industry.
Sustainable Packaging Market Segmentation:
by Material Type
1. Paper and Paperboard
2. Plastics
1. Biodegradable
2. Bio-based
3. Aluminum
4.Others
In 2022, the paper and paperboard segment had the highest revenue share of 21.2%, determined by Material Type. An encouraging trend that indicates a growing understanding of the need for sustainable packaging solutions is the high demand for sustainable paper and paperboard materials for the import and export of packaging products. It is anticipated to increase in the upcoming years as a step towards a more sustainable future.
by Packaging Type
1. Rigid Packaging
2. Flexible Packaging
According to packaging type, the segment with rigid packaging held a significant market share of approximately 18.2% in 2022 and is anticipated to continue doing so throughout the forecast period. A lot of businesses are making rigid packaging products with sustainable materials.
by End User
1. Pharmaceutical and Healthcare
2. Cosmetics and Personal Care
3. Food and Beverage
4. Other End Users
The food and beverage segment held a notable market share of approximately 56.3% in 2022, and it is anticipated to continue growing throughout the forecast period, according to the End User. Many businesses are using recycled plastics in their packaging, either by developing new packaging solutions that are made completely of recycled materials or by adding recycled content to their current packaging. The food and beverage industry is also seeing an increase in the use of reusable packaging. Reusable packaging options, like refillable receptacles or packaging that can be sent back to the manufacturer for further use, are being investigated by certain businesses.
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Sustainable Packaging Market Major Players are:
1. Sonoco Products Company
2. Amcor pie
3. Gerresheimer AG
4. Smurfit Kappa
5. Ball Corporation
6. BASF SE
7. Ardagh Group S.A.
8. Crown Holding,Inc.
9. WestRock Company
10. DS Smith
11. Mondi
12. International Paper
13. Berry Global
14. Printpack
15. Sealed Air
16. Stora Enso Oyj
17. Georgia-Pacific
18. Huhtamaki
19. Genpak,LLC
20. Tetra Pak InternationalS.A.
21. Billerud
22. Albea S.A.
23. HCP Packaging
Regional Analysis:
Competitive analysis of the regional market gives insides to newcomers about the competition present in the market with their revenue, technological advancements, developments, mergers and acquisitions, alliances and marketing tactics.
The regional market size was estimated precisely using a bottom-up approach to collect microelements that affect market growth. Sustainable Packaging market report consists of macro analysis which helps users to understand the key points & overall aspects of the industry, this report is carved using historical data, consumer habits, & market volatility, competition, and others.
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Key Questions answered in the Sustainable Packaging Market Report are:
- What is Sustainable Packaging Market?
- What is the forecast period of the Sustainable Packaging Market?
- What is the competitive scenario of the Sustainable Packaging market?
- Which region held the largest market share in the Sustainable Packaging Market?
- What are the opportunities for the Sustainable Packaging Market?
- What factors are affecting the Sustainable Packaging market growth?
- Who are the key players of the Sustainable Packaging market?
- Which company held the largest share in the Sustainable Packaging market?
- What will be the CAGR of the Sustainable Packaging market during the forecast period?
- What key trends are likely to emerge in the Sustainable Packaging market in the coming years?
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