Press release
Sustainable Packaging Market on the Rise: Expected Demand of USD 737.6 Billion by 2030
Sustainable Packaging Market
Sustainable Packaging Market Size was valued at USD 336.7 billion in 2021. The sustainable packaging industry is projected to grow from USD 371.4 billion in 2022 to USD 737.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.30% during the forecast period (2024 - 2030).
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List of the Key Companies in the sustainable packaging market includes
Amcor Limited
Ardagh Group S.A.
Ball Corporation
Crown Holdings Incorporated
DS Smith PLC
Elopak AS
Emerald Packaging
Mondi Group
Nampak Ltd
PlastiPak Holdings Inc
Sealed Air Corporation
Sonoco Products Company
Sgf packaging Co. Ltd
Tetra Pak International S.A.
Market Drivers
Environmental Awareness
One of the primary drivers of the sustainable packaging market is the growing environmental awareness among consumers. The increasing visibility of issues such as plastic pollution, climate change, and resource depletion has led to a shift in consumer preferences. More individuals are now seeking products with packaging that is biodegradable, recyclable, or made from renewable resources. This shift in consumer behavior is compelling companies to adopt sustainable packaging solutions to meet demand and maintain brand loyalty.
Regulatory Pressures
Governments and regulatory bodies worldwide are implementing stringent regulations aimed at reducing packaging waste and promoting recycling. For instance, the European Union's Circular Economy Action Plan and the Plastic Waste Reduction and Recycling Act in the United States are pushing companies to rethink their packaging strategies. Compliance with these regulations not only helps companies avoid penalties but also enhances their corporate social responsibility (CSR) profiles.
Corporate Sustainability Goals
Many companies have set ambitious sustainability goals as part of their CSR initiatives. These goals often include commitments to reduce plastic usage, increase the use of recycled materials, and achieve zero-waste packaging. Major corporations like Unilever, Coca-Cola, and Nestlé have announced significant investments in sustainable packaging technologies, signaling a broader industry shift towards sustainability.
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Sustainable Packaging Market Segmentation
Sustainable Packaging Packaging Type Outlook
Tubes
Bags & Pouches
Corrugated Box
Sustainable Packaging Material Outlook
Material
Paper & Paperboard
Glass
Metal
Plastic
Sustainable Packaging Process Outlook
Degradable Packaging
Recycled Packaging
Reusable Packaging
Sustainable Packaging Regional Outlook
North America
Europe
Asia-PacifiC
Middle East
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Developments in the Sustainable Packaging Industry
June 2022: Carlsberg Group
Carlsberg Group, a leading brewery, introduced a new fiber bottle featuring a plant-based PEF polymer liner, advancing the Sustainable Packaging Market. Similarly, Mondi, a global leader in sustainable packaging, launched EcoVantage Paper-a high-strength, printable paper made from recycled fibers. The growing adoption of recyclable and eco-friendly materials continues to drive market growth.
August 2023: Sonoco Products Company
Sonoco Products Company, a prominent packaging manufacturer, unveiled two new sustainable packaging solutions, EnviroFlex Paper Pre-Qualifications, specifically designed to support the How2RecycleR Labeling program.
December 2022: BASF & StePac
BASF and StePac introduced an innovative sustainable packaging solution aimed at extending the shelf life of fresh produce. This initiative strikes a balance between creating eco-friendly plastic packaging and preserving the longevity of fresh goods.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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