Sustainable Packaging Market to Register a Moderate CAGR By 2023
This new concept of packaging has also brought in a new dimensions for innovations giving a whole lot of opportunities for the entrepreneurs to explore various untapped dimensions in this field. The key drivers for this industry are rise in environmental consciousness among the consumers. Non-biodegradable plastic has proved detrimental towards the health of the environment, by causing various ill effects such as soil pollution, landfill, and loss in soil fertility. This has impacted on the recent social scenario.
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Stringent laws implemented by most of the nations over the use of plastic bags & carriers. Countries like South Africa, Uganda, Somalia, Rwanda Botswana, Kenya & Ethiopia all have implemented total ban over the usage of plastic bags. The increase in consumer demand for use of green packaging for organic foods is also a key driver in the sector.
Various companies across the world such as Hovis has launched bread packed using renewable polyethylene. Gillette razors, Dixie Egg Company, Wolfgang Puck Coffee, etc. has come up with amazing packaging formats. These packaging style, which would not only be eco-friendly, but also would grab eyes of the customer. The key restraints for this industry could be over capacity. Owing to its cheaper price, non-bio degradable plastic bags are still considered to be the best and the most desired packaging material globally. Hence packaging companies are not able to match the selling volume with their production capacity.
Raw materials such as Bio-based monomers, liquid biofuels, cellulosic and recyclable fiber, bio-polymers used in films, additives, and barriers are much expensive. This in turn increases the cost to consumers. The most latest trends for this industry are the preference of light weighted packaging material over bulky ones, increase in the recycling of bio waste and innovative and improved packaging processes. The sustainable packaging industry provides a wide door of opportunities for the suppliers as well as for the manufacturers. The suppliers of can provide raw material to the new players in the market who have invested in the sustainable packaging industry such as Dell. Dell has start shipping its products in packaging with fungus material combined mushroom & wheat straw.
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• Molded Pulp
• Alternate Fiber
• Food & Beverages
• Health care
• Personal care
• Asia Pacific
• North America
• Latin America
• The Middle East & Africa
It is expected that the biggest growth in sustainable packaging industry would be in the Asia Pacific market, largely driven by India & China. This is due to the increase in health awareness among the middle class population which has the maximum share in the total population of these nations and also due to the growth that these economies are experiencing presently.
There are a multiple number of players in the sustainable packaging industry. Among them the big names are: Bemis Ltd, Mondi PLC, Amcor Ltd, West rock company, Tetra laval international, Sealed Air corporation, Smurfit Kappa Group, BASF SE, Sonocco products etc.
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