Demand for Global Sustainable Packaging Market Size & Share Worth USD 358.3 Billion by 2028, Exhibit a CAGR of 5.10% Growth | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, May 11, 2022 /PRNewswire/ -- As per Zion Market Research study, The Sustainable Packaging Market was worth around USD 265.9 Billion in 2021 and is estimated to grow to about USD 358.3 Billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.10 percent over the forecast period. The report analyzes the digital remittance market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Sustainable Packaging Market Reports:
- As per the analysis shared by our research analyst, the Sustainable Packaging Market is expected to grow annually at a CAGR of around 5.10 % (2022-2028).
- Through the primary research, it was established that the Sustainable Packaging Market was valued approximately USD 265.9 Billion in 2021 and is projected to reach to roughly USD 358.3 Billion by 2028.
- Asia Pacific is attributed to the growing government regulations and initiatives that are encouraging manufacturers to opt for green packaging.
- North America is expected to show considerable growth in the market due to the aggressive efforts put forth by the governments in the region.
- The government of Canada has established numerous recycling infrastructures to facilitate recycling in the country and has imposed a major ban on the use of polystyrene containers and cups, intending to lower the disposal of solid waste.
Zion Market Research published the latest report titled as "Sustainable Packaging Market By Application (Food & Beverages, Personal Care, Healthcare, and Others.). By Packaging Type (Recycled Content Packaging (Paper, Plastic, Metal, Glass, Others), Reusable Packaging (Drum, Plastic Container, Others), Degradable Packaging) and By Geography – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Sustainable Packaging Market: Overview
The Sustainable Packaging Market was worth around USD 265.9 billion in 2021 and is estimated to grow to about USD 358.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.10 percent over the forecast period. The report analyzes the private hospital market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the private hospital market.
Sustainable packaging is the use of packaging materials and solutions that are biodegradable and readily recycled and reused. Sustainable packaging materials are harmless to the environment which means that they are safe for the environment. Sustainable packaging methods also have a positive impact on the environment. The growing consumer awareness regarding sustainable packaging, the strict bans regarding the usage of single-use plastics, rising environmental concerns caused by the packaging waste that ends up in landfills are some of the major factors that will drive the growth of the market in the forecast period. Furthermore, rising research and development capabilities, rising need for flexible packaging materials and solutions, and rising technical breakthroughs in packaging equipment and technology are some of the other factors that will push market expansion in the future years. The business is expected to increase steadily in the future years as a result of the expanding food and beverage industry, which is increasingly adopting packaging produced from biodegradable and recyclable materials. Single-use plastic straws, lids, closures, caps, cups, and food trays are being replaced by goods made of paper or biodegradable alternatives in the food service business. Moreover, stringent regulations imposed by the government on the use of non-biodegradable packaging solutions, increased proliferation of the e-commerce industry, and rising availability of space-saving packaging solutions will contribute to the growth of the market in the approaching years.
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Industry Dynamics:
Sustainable Packaging Market: Growth Dynamics
Drivers: Increasing Demand for Sustainable Food Packaging to Drive Market Growth.
The factors like environmentally friendly materials such as bioplastics, recyclable paper & plastics, plant-based biomaterial, organic fabrics, refurbished products, easy to use and biodegradable in nature, less environmental effect, non-reactive with food, and keeping food safe from contamination and other environmental repercussions, there is a significant demand in the market for green food packaging. The growing need for sustainable food packaging among consumer packaged goods industries is projected to fuel the trend for convenience foods. Recent advances in sustainable packaging, such as edible packaging of materials with a major focus on reduced carbon footprint and waste reduction, are economically enticing to both producers and customers, fueling future market growth. Food technology has been an enabler and motivator for customers to gravitate toward convenience foods since these technologies can quickly supply comfort food, which have also been significant in supporting the expansion of the convenience food industry, which is projected to favour the growth of the global green packaging market over the forecast period.
Restraints: Concerns about the environment are putting a damper on the demand for sustainable packaging solutions.
There are various environmental challenges with packaging solutions, such as the use of biodegradable additives and compostable materials, as well as recycling concerns. The Institute of Scrap Recycling Industries, or ISRI, presented a series of clarifications and new policy statements on the use of biodegradable additives in the packaging in 2017. The paper emphasized that the degradable chemicals have not been fully evaluated, and we do not know the degree of the harm they potentially represent to the environment and human health. To make people feel good about composting, many restaurants and public venues are moving to plant fibre bowls and containers. The fluorinated substances used to make this packaging are not biodegradable. However, biodegradable items have also been connected to questionable suppliers. For instance, the production of some palm fibre packaging, for example, has been linked to the destruction of rainforest habitats. Such limitations are projected to limit the market's expansion in the approaching years.
In addition, the recycling firms are unable to market plastic and paper goods at rates that generate profits, in particular, because it involves a series of steps from collection to recycling, which makes it labor-intensive.
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Global Sustainable Packaging Market: Segmentation
- The Sustainable Packaging Market is segregated based on Application and Packaging Type.
By application, the market is classified into Food & Beverages, Personal Care, Healthcare, and Others. The food & beverage packaging segment acquired the highest share of the market in the forecast period. The growth is attributed to the rising popularity of green packaging, many restaurants, fast food chains, packaged food companies, and casual dining venues are adopting molded pulp packaging and compostable packaging. This segment includes the packaging of FMCG products, dairy products, beverages, and others. Because of its portability, long shelf life, and ease of manufacture, convenience food is driving the demand for food and beverage packaging. The high use of convenience food has resulted from rising demand due to consumers' hectic lifestyles, as well as the geriatric population. Many personal care product manufacturers are moving toward greener options by reducing the amount of material used in packaging. Part of the reason for the shift is consumer awareness of the importance of product packaging sustainability. Many consumers have begun to criticise personal care product manufacturers for using excessive packaging for purely aesthetic reasons. Wherever possible, companies have replaced paperboard packaging with thin plastic packaging.
By Packaging Type the market is classified into Recycled Content Packaging (Paper, Plastic, Metal, Glass, Others), Reusable Packaging (Drum, Plastic Container, Others), Degradable Packaging. The recycled content segment held the largest share of the market in the forecast period. Materials that can be recycled, such as paper, plastic, glass, and metal, are included in this segment. These materials are reused as raw materials by manufacturers to create new packaging products, reducing pollution caused by packaging waste. Increased use of recycled content packaging by companies aiming to demonstrate environmental sustainability and differentiate their products, combined with increased collection and processing capacity, would promote gains in recycled content packaging. The segment's growth will be aided by efforts by industry groups, brand owners, packaging companies, and others to encourage sustainability programmes that increase the recycling rates of various types of packaging materials. The plastic-type in recycled content segment held the largest share as it is widely used across several applications and offers vital packaging properties that materials such as paper fail to deliver. Plastics are also very cost-effective, making them a popular material choice, particularly in emerging economies where product cost is a major consideration.
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List of Key Players of Sustainable Packaging Market:
- Amcor
- Be Green Packaging
- DS Smith
- DuPont
- Evergreen Packaging
- Mondi
- Nampak
- Ball Corporation
- Sealed Air
- Tetra Laval
Key questions answered in this report:
- What are the growth rate forecast and market size for Sustainable Packaging Market?
- What are the key driving factors propelling the Sustainable Packaging Market forward?
- What are the most important companies in the Sustainable Packaging Market Industry?
- What segments does the Sustainable Packaging Market cover?
- How can I receive a free copy of the Sustainable Packaging Market sample report and company profiles?
Report Scope:
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Recent Developments
- In 2021, Amcor partners with Nestle to bring sustainable packaging to shelves. The new packaging technology, which is used across the Smarties Chocolate Block and Bar product range, is fully recyclable and can be disposed of in household recycling bins, reaffirming Amcor's commitment to more environmentally friendly packaging today and in the future.
Regional Dominance:
- North America is expected to show considerable growth in the market.
The Asia Pacific dominated the market in the forecast period. This domination is attributed to the growing government regulations and initiatives that are encouraging manufacturers to opt for green packaging. The presence of countries in the region like China, the biggest manufacturing hub in the world, is changing the world's packaging habits and materials to make them more environmentally friendly. Due to the large volume of the products shipped out of China, this move will have a great impact on the market growth in the region.
North America is expected to show considerable growth in the market due to the aggressive efforts put forth by the governments in the region. The government initiatives support consumer demand for green packaging and environmentally friendly products, which is driving demand in the region. For instance, the government of Canada has established numerous recycling infrastructures to facilitate recycling in the country and has imposed a major ban on the use of polystyrene containers and cups, intending to lower the disposal of solid waste.
Global Sustainable Packaging Market is segmented as follows:
Sustainable Packaging Market: By Application Outlook (2022-2028)
- Food & Beverages
- Personal Care
- Healthcare
- Others
Sustainable Packaging Market: By Packaging Type Outlook (2022-2028)
- Recycled Content Packaging
- Reusable Packaging
- Degradable Packaging
Sustainable Packaging Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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