Sustainable Packaging Market - How the Market has witnessed Substantial Growth in recent years?

Initiatives taken by sustainable packaging manufacturers to use environmental friendly packaging materials and technology in packaging products, has been supported by various organizations as well as governments. Sustainable packaging manufacturers are looking towards developing biodegradable plastics that will reduce carbon footprint. With a growing demand for a sustainability driven world, packaging experts and consumer products companies are focusing on "green packaging".

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Rampant Plastic Packaging Waste Prompts at Emergency of Adopting Sustainable Packaging Solutions

"More than 200 million tons waste created by plastics cause major landfill issues". This is majorly reduced by the use of sustainable packaging. Changing lifestyle has created the demand for packaging, consumers started investing more on packed food & beverages. The global demand for packaging has increased substantially in the last couple of decades, and packaging manufacturers have now been focusing on the use of biodegradable plastics as opposed to conventional plastics. This global push has led to the growth in demand for sustainable packaging solutions.

Manufacturers in Asia Pacific region are concerned about the rising packaging waste. High consumption rate of plastic packaging products has created millions of tons of waste. Policy makers are playing a major role in creating a sustainable environment. So, governments in the APAC region are emphasizing on biodegradable and bio plastics for packaging. Government organizations actively support and promote the use of bioplastics.

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Globally, on the basis of packaging type, sustainable packaging market is segmented into trays, bags, boxes, bottles & jars, films, pouches & sachets, drum and IBC and others. By material type, global sustainable packaging market is segmented into paper & paperboard, plastic, metal (Aluminum) and others. Paper & Paperboard segment is further sub segmented into coated & unbleached, bleached paperboard, molded fiber pulp, corrugated board.

Plastic segment is further sub segmented into PLA, PHB, PBS, Starch Based plastics, PHA, Others (PCL). Paper & paperboard segment is expected to dominate the market throughout the forecast period with an estimated market share of 55.1% in 2018, during the forecast period. Plastic segment is estimated to register a CAGR of 5.0% during the forecast period. PLA segment is expected to create incremental $ opportunity of US$ 10.2 Bn during the forecast period. Metal (Aluminium) segment is estimated to register a value of US$ 33.3 Bn in 2018 and is expected to reach 52.1 Bn by the end of the forecast period (2028). 'Others' segment is projected to register a CAGR of 4.6% during the forecast period.

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