Sustainable Packaging Market is expected to Observe Considerable Growth Opportunities to 2031

Sustainable Packaging Market to reach over USD 656.11 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Sustainable Packaging Market Size, Share & Trends Analysis Report By Material (Paper & Paperboard, Plastic, Metal, Glass), Process (Recycled, Reusable, Degradable), Function (Active, Molded Pulp, Alternate Fiber), Application (Food & Beverage, Healthcare, Others) & Layer (primary, secondary, and tertiary)- Market Outlook And Industry Analysis 2031"

The global Sustainable Packaging Market is estimated to reach over USD 656.11 billion by 2031, exhibiting a CAGR of 7.73% during the forecast period.

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Sustainable packaging is used in almost every industry, but it is most prevalent in the food and beverage, FMCG, retail trade, wholesale, and healthcare industries, to name a few. This new packaging concept has also introduced a new dimension for innovation, providing a plethora of opportunities for entrepreneurs to explore various untapped dimensions in this field. The consumption of sustainable packaging products in diverse end-use industries such as food and beverage, healthcare, cosmetics and personal care, and e-commerce drove market expansion. Flexible, rigid plastics and corrugated packaging are becoming more popular. Due to the increased hygiene awareness, the food packaging industry's need for sustainable packaging goods has remained strong. The growing demand for sustainable food packaging among consumer packaged goods industries is projected to fuel the preference for convenience foods. Green packaging has a number of advantages, including reduced reliance on fossil fuels, reduced use of natural resources, higher use of recyclable items, more energy-efficient production methods, and increased use of renewable resources.

List of Prominent Players in the Sustainable Packaging Market:
• Amcor Limited
• Ardagh Group S.A.
• BASF SE
• Bemis Company, Inc.
• Crown Holdings Incorporated
• DS Smith PLC
• Elopak AS
• Emerald Packaging
• Huhtamaki OYJ
• Mondi Group
• Nampak Ltd
• PlastiPak Holdings Inc
• Sealed Air Corporation
• Sgf packaging Co. Ltd
• Smurfit Kappa Group Plc.
• Sonoco Products Company
• Tetra Pak International S.A.
• Westrock Company

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Market Dynamics:
Drivers-
Environmentally friendly materials are utilized in green packagings, such as recyclable paper & plastics, bio-plastics, organic fabrics, plant-based biomaterial, and reconditioned products. These goods are simple to use and biodegradable in nature, allowing them to easily replace standard plastics while having a lower environmental impact. These materials are non-reactive to food and protect it against contamination and other environmental effects. The European Union considerably tightened current packaging and packaging waste requirements. By 2030, all plastic packaging must be recyclable, with 55 percent of it successfully recycled. Only roughly 30% of all plastic packaging is collected. This reason is driving up the market need for green food packaging.

Challenges:
The use of biodegradable compounds and compostable materials, in addition to recycling concerns, are among the many environmental challenges associated with packaging solutions. In 2017, the Institute of S Recycling Industries (ISRI) issued clarifications and new policy statements regarding the use of biodegradable additives in packaging. The research emphasised that the degradable compounds have not been thoroughly evaluated, and we do not know the extent of the environmental and human health risks they may pose.

Regional Trends:
Europe's sustainable packaging market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The growing need for environmentally friendly and cost-effective sustainable packaging materials is propelling the regional market. Furthermore, European-based companies such as Tetrapak, Mondi Plc, and others are increasing their R&D to promote the use and development of bioplastics, which will boost the regional market. Furthermore, the growing emphasis on sustainable packaging solutions by green packaging makers in China, India, Japan, and South Korea as a result of rising consumer environmental awareness is expected to enhance the regional market.

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Recent Developments:
• In July 2021, Mondi and converter FioriniInternational cooperated to create a novel paper packaging alternative for Antico PastificioUmbro, an Italian luxury pasta product maker. When applied to all pasta products, the new 100% recyclable packaging could reduce the amount of plastic used by up to 20 tonnes per year.

Segmentation of Sustainable Packaging Market-
By Material-
• Paper & paperboard
• Plastic
• Metal
• Glass
By Layer-
• Primary
• Secondary
• Tertiary
By Process
• Recycled content packaging
• Reusable packaging
• Degradable packaging
By Function
• Active packaging
• Molded pulp packaging
• Alternate fiber packaging
By Application
• Food & beverage packaging
• Healthcare packaging
• Personal care packaging
• Others (Electronic Appliances and Home Care Packaging)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.