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Sustainable Packaging Market Overview Trends, Active Key Players and Growth Projection Up to 2029
Sustainable Packaging Market
To Know More About The Report :https://www.maximizemarketresearch.com/market-report/sustainable-packaging-market/185625/
Report Scope and Research Methodology
The report unfolds the transformative role of sustainable packaging as the world intensifies its focus on eco-friendly solutions. With more than 50% of the global population residing in urban areas, the surge in waste production propels opportunities for sustainable packaging during the forecast period. The report employs a robust research methodology, combining qualitative and quantitative analyses to offer a comprehensive understanding of the market landscape.
Market Dynamics
The market dynamics underscore the global shift towards sustainable packaging solutions, fueled by heightened awareness among government authorities and end-users. The report outlines how packaging companies are increasingly embracing sustainability, driven by advancements in recycling and a thriving technology sector.
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Market Drivers and Opportunities
Urbanization and Waste Production: With over half the world living in urban areas and exhibiting higher rates of waste production, the demand for sustainable packaging solutions is on the rise. The report explores how this trend creates opportunities for sustainable packaging solutions.
Mergers and Acquisitions: Leading market players adopt mergers and acquisitions as key strategies to navigate the intense competition. Notable players such as Amcor Ltd., Sealed Air Corp., Mondi Group, Tetra Laval International, and WestRock Company are leveraging these strategies to fortify their market presence.
Investments and Technological Innovation: The report highlights instances of significant investments and technological innovation, such as Amcor's USD 3 million investment in PulPac, a Swedish company specializing in low-cost, high-performance fiber-based packaging.
Market Restraints and Challenges
Data Privacy and Safety Concerns: Despite the momentum towards sustainable packaging, enterprises are still hesitant due to concerns related to data privacy, safety issues, and cybersecurity associated with technology adoption.
Limited Material Availability: One of the key challenges faced by the sustainable packaging market is the limited availability of materials. Sustainable packaging often relies on biodegradable, compostable, or renewable resources, which may have limited supplies.
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Regional Insights
Strong Demand in South Korea: The report highlights the strong demand for sustainable packaging solutions in South Korea, propelled by the rapid growth of the e-commerce market, popularity of HMR (Home Meal Replacement) products, and the surge in single-person households.
Leadership of Europe: Europe emerges as a major contributor to sustainable packaging revenue, driven by increasing consumer demand for environmentally friendly solutions and government regulations promoting sustainability.
North America's Commitment to Sustainability: In North America, the mature packaging industry is witnessing a growing awareness of the need for sustainable packaging solutions, fueled by government regulations, consumer preferences, and corporate sustainability initiatives.
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 rising understanding of the need for sustainable packaging solutions is the increasing 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 move towards a more sustainable future. Paper and paperboard are sustainable packing materials that Amazon has promised to use for its shipments. The company has implemented several eco-friendly packaging programs, such as switching to paper-based cushioning materials in place of plastic ones and employing corrugated boxes with a high percentage of recycled content.
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 projected period. A lot of businesses are making rigid packaging goods with sustainable materials.
Coca-Cola has put in place a number of sustainable packaging measures, such as the use of plant-based polymers and recycled content, and has pledged to making all of its packaging 100% recyclable by 2025. For its Dasani water brand, the business has unveiled a sustainable plastic container composed entirely of recycled PET plastic. For rigid packaging applications, this is anticipated to accelerate the growth of the Sustainable Packaging market.
by End User
1. Pharmaceutical and Healthcare
2. Cosmetics and Personal Care
3. Food and Beverage
4. Other End Users
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Key Players :
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
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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