The global sustainable packaging market size is expected to reach around US$ 255 Bn by 2026 and is anticipated to grow at a CAGR of around 7% in terms of revenue during the forecasting period 2019 to 2026.
Sustainable packaging is product design and use resulting in increased sustainability. Packaging is generally expected to be a major part of the manufacturing, logistics and consumer industries. Growing problems associated with waste generation, industrial pollution, unproductive asset and material use are expected to be the main problem for sustainable growth in the long term. Sustainable solutions to these problems have formed the main goal of communities, organizations and enterprises.
The report provides analysis of global sustainable packaging market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Increasing public awareness of environmental concerns has led to increased demand for sustainable packaging and processing operations. Sustainability programs have made significant progress, pushing companies to reduce the source material by downgrading, producing thinner and lighter packaging, thus reducing waste. Non-biodegradable plastic has been shown to be harmful to environmental health by causing various adverse effects such as water contamination, waste, and soil fertility degradation. The recent social situation has been influenced by this. Strict laws on the use of plastic bags & carriers enforced by most countries. Another key driver in the industry is the increase in consumer demand for the use of green packaging for organic food. Bread loaded with recycled polyethylene has been introduced by numerous companies around the world such as Hovis. In addition, the strict rules and regulations implemented for environmental security by various governments around the world are now mandating sustainable packaging. Nonetheless, high recycling rates, lack of awareness of the value of sustainable packaging and weak recycling facilities are some important factors that hamper the growth of the industry. The key approaches embraced by key market leaders in the green packaging sector are brand development and growth of R&D.
North America held the second largest share in the global sustainable packaging market in 2018. Factors such as rising awareness of people towards the environmental issues and high per capita income drive the market.
Europe held the principle market share in 2018 and projected to grow at a good CAGR amid the forecast phase. Two converse trends continue to play a key role in the sustainable packaging industry, namely online media and the need for super convenient and self-indulgent goods. The cocooning / homing movement also allows an increasing number of people to socialize at home rather than go out, as demonstrated by the ongoing success of large packs, such as cookies, sweet and savory treats and still light food.
Led by China, Asia Pacific is anticipated to grow at a significant growth rate during the projected time period. In China, sustainable packaged consumer goods are shaped by shifting market conditions and changes in consumer demand and behavior. New technologies and sub cultural features are commonly used on packaging inside drinks, making the beverage more appealing to young audiences. Lifted by a wave of growing awareness of health and the environment, clear and specific product ingredient lists are becoming popular in packaged food. Furthermore, in India, although the country has a well-established recycling climate, the penetration of sustainable packaging concepts is severely poor. Recent initiatives like Swach Bharath would drive the sustainable packaging market during the forecast period.
The sustainable packaging market held a considerable market share in Latin America in 2018 and is anticipated to grow at a steady rate amid the forecast period. Some of Latin America's major countries crises, such as the post-crisis Brazil economy, have had hopes of growth since the start of 2018. Nevertheless, no such general turnaround has yet been seen, while some companies reported faster growth in 2018, others were struggling to turn a declining trend around. Sustainable packaging volume sales in all fast-moving consumer goods continue to grow even in the face of such strong market volatility: alcoholic and non-alcoholic beverages, packaged food, cosmetics and personal care, etc. help to boost the market.
The market research study on “Sustainable Packaging Market (Sustainable Packaging Market (By Product: Recycled, Degradable, Re-usable; By Material: Paper, Metal, Plastic, Glass; Application: Health care, Food & Beverages, Personal care) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global sustainable packaging market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global sustainable packaging market, its product, material, application, and major geographic regions. The report covers global sustainable packaging market size, and segment markets by product, material, application, and geography along with the information on companies operating in the market. The sustainable packaging market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global sustainable packaging market is segmented as below:
Sustainable Packaging Market By Product
Sustainable Packaging Market By Material
Sustainable Packaging Market By Application
Sustainable Packaging Market By Geography
Major players include in this report are Smurfit Kappa Group PLC, Amcor Limited, Gerresheimer AG, Sonoco Products Company, Ardagh Group S.A, Crown Holdings, Inc., Ball Corporation, The Mondi Group plc, WestRock LLC, DS Smith Plc, International Paper Company, and others.
Sustainable packaging is product design and use resulting in increased sustainability.
According to Acumen Research and Consulting, the sustainable packaging market value is anticipated to be worth around US$ 255 billion in 2026.
The sustainable packaging market is anticipated to grow over 7% CAGR during the forecast period 2019 to 2026.
Europe held maximum share in 2018 for sustainable packaging market.
Asia Pacific is projected to grow at a fast pace during forecast period in the sustainable packaging market.
Factors such as rising awareness of people towards the environmental issues and high per capita income drive the north america market.
Smurfit Kappa Group PLC, Amcor Limited, Gerresheimer AG, Sonoco Products Company, Ardagh Group S.A, and Crown Holdings, Inc. are the top players operating in the sustainable packaging market.