Global Sustainable Packaging Market Outlook & Forecast 2024-2029: Biodegradable Innovations and E-Commerce Driving Growth
Global Sustainable Packaging Market
Dublin, March 18, 2024 (GLOBE NEWSWIRE) -- The "Global Sustainable Packaging Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global sustainable packaging market was valued at USD 319.62 billion in 2023 and is expected to grow to USD 491.75 Billion in 2029, at a CAGR of 7.44% from 2023-2029.
The global sustainable packaging market is witnessing a dynamic and competitive landscape driven by the growing global emphasis on environmental conservation and corporate social responsibility. Key players in the global sustainable packaging market include multinational corporations, such as Amcor, Tetra Pak International, and Ball Corporation, leveraging their extensive resources and innovation capabilities to develop eco-friendly packaging solutions.
Additionally, niche players like Ecover, Eco-Products, and NatureWorks contribute to the competitive mix with specialized offerings. Collaboration and partnerships between packaging manufacturers and consumer goods companies further intensify competition, fostering the development of comprehensive, end-to-end, sustainable packaging solutions.
MARKET TRENDS & DRIVERS
Growth in E-commerce Industry
The growth of the e-commerce market, particularly in the context of sustainable packaging, is a multifaceted trend that has gained significant momentum in recent years. The ever-increasing popularity of online shopping is the key driver behind this trend. With the convenience of purchasing products from the comfort of their homes, consumers are turning to e-commerce platforms more than ever before. This surge in online shopping has led to demand for packaging materials to ship products safely to consumers' doorsteps. However, this growth has also brought attention to the environmental impact of traditional packaging materials, such as plastic, and excessive use of cardboard. Consumers are becoming increasingly eco-conscious and actively seeking sustainable and environmentally friendly packaging options. As a result, e-commerce companies are recognizing the need to align their packaging practices with sustainability goals to meet consumer expectations and reduce their carbon footprint. Such factors are projected to support the growth of the sustainable packaging market.
Increase in Pouch Packaging Across End-Users
The demand for convenience and single-serve packaging enables pouch packaging adoption among various end-users. The surge in pouch packaging across various industries is a compelling driver in the sustainable packaging market. Pouch packaging has gained popularity due to its environmentally friendly attributes and numerous advantages. The flexible pouch packaging replaces metal, glass, and rigid plastic packaging. Compared to rigid packaging products, the demand for packaged food and drinks combined with the ease of use and cost-effectiveness of pouches mainly fuels demand globally. Pouches consume less space and are also light in weight. Further, pouches decrease the transport-related costs relative to rigid packaging such as metal cans and glass bottles.
SEGMENTATION INSIGHTS
INSIGHTS BY MATERIAL
Various materials play distinct roles in the sustainable packaging market in addressing environmental concerns and consumer preferences. Paper and paperboard are widely embraced for their biodegradability and renewability, offering a compelling eco-friendly alternative. Paper & paperboard accounted for the highest global sustainable packaging market share in 2023. The emphasis on reducing single-use plastics has fueled innovations in bio-based and recyclable plastics, contributing to a more sustainable packaging landscape.
During the forecast period, the plastic segment will likely grow at the highest CAGR in the global sustainable packaging market. Metal packaging, particularly aluminum, is valued for its recyclability and ability to maintain product freshness. Glass, while heavier, is prized for its recyclability and inert nature, ensuring the preservation of product quality.
INSIGHTS BY PACKAGING TYPE
The global sustainable packaging market by packaging type is segmented into rigid and flexible packaging. Rigid packaging, such as glass or metal, is often favored for its durability and recyclability, contributing to a closed-loop system. Rigid packaging held the highest share in 2023. On the other hand, flexible packaging, including materials like compostable plastics or recycled films, offers lightweight and resource-efficient alternatives, reducing transportation-related carbon footprint. Flexible packaging is expected to grow at the highest CAGR during the forecast period.
INSIGHTS BY PROCESS
The global sustainable packaging market by process is segmented into recyclability, degradability, and reusability. Recyclable packaging, which can be collected and processed to create new products, addresses the issue of waste accumulation. The recyclable packaging segment accounted for the highest share of the global market in 2023. Many countries have introduced or strengthened laws and regulations related to recycling and packaging waste. Such factors have increased demand for recyclable packaging materials as companies strive to comply with these requirements. Extended Producer Responsibility (EPR) programs, which make manufacturers responsible for the entire lifecycle of their products, further motivate the adoption of recyclable packaging.
Developed regions like North America and Europe have been at the forefront of sustainable packaging adoption due to strong environmental awareness, stringent regulations, and higher consumer expectations for eco-friendly options. Furthermore, reusable packaging is expected to grow at the highest CAGR during the forecast period. Reusable packaging focuses on creating durable containers that can be used multiple times, minimizing the need for single-use items.
INSIGHTS BY APPLICATION
The food & beverages application segment holds the largest global sustainable packaging market share in 2023. In the food and beverage industry, there is a shift towards sustainable packaging solutions to reduce the environmental impact of packaging waste. With the increasing threat of several airborne diseases, rapid urbanization driving the growth of supermarkets, and increasing demand from people for safe and convenient small-sized packaging, the demand for packaged food is significantly growing globally, thereby propelling the sustainable packaging market growth. Furthermore, the cosmetics and personal care sector also adopts eco-friendly packaging, responding to consumer preferences for sustainable and recyclable materials.
Additionally, the pharmaceutical market is increasingly exploring sustainable packaging alternatives to align with corporate social responsibility goals and to meet stringent regulatory requirements. E-commerce and retail segments are incorporating sustainable packaging to address the escalating volume of online deliveries and reduce the carbon footprint associated with packaging materials.
GEOGRAPHICAL ANALYSIS
Europe accounted for the highest global sustainable packaging market share in 2023. The European market has been experiencing significant growth due to increased consumer awareness and stringent government regulations regarding using single-use plastics and sustainability. European consumers have been increasingly shifting their preferences towards sustainable products and packaging. A European Consumer Packaging Perceptions Study found that nearly two-thirds of respondents changed the products they bought due to concerns about packaging.
Moreover, over three-quarters of all consumers are willing to pay more for environmentally friendly packaging. On top of that, stringent government regulations in Europe are driving the demand for green packaging. These regulations aim to reduce single-use plastics and promote more sustainable packaging alternatives. This regulatory environment is contributing to the growth of eco-friendly packaging options.
Market Opportunities & Trends
Growth in E-Commerce Industry
Increased Focus on Sustainable Flexible Packaging
Rise in Reusable Packaging
Shift Toward Modified Atmospheric Packaging Products
Market Growth Enablers
Increase in Processed and Packaged Food
Efficient Supply Chain Fueling Market Growth
Increase in Pouch Packaging Across End-users
Market Restraints
Regulatory Compliance & Standards
Rising Cost of Raw Materials
High Operational Cost
Key Company Profiles
Amcor
Ardagh Group
Ball Corporation
Billerud
Crown Holdings
DS Smith
International Paper
Huhtamaki
Mondi
Sonoco Products Company
Sealed Air Corporation
Smurfit Kappa
WestRock
Other Prominent Vendors
Ahlstrom
Berry Global
Botanical PaperWorks
Be Green Packaging
Constantia Flexibles
DuPont
Evergreen Resources
EcoEnclose
Elevate Packaging
Futamura Group
Genpak
Graphic Packaging
LimeLoop
Nampak
Notpla
Novamont
Numi
Oji Holdings
Plastipak Holdings
PakFactory
Reynolds Packaging
Sappi
Stora Enso
Taghleef Industries
Tetra Pak
Transcontinental
UFlex
Key Attributes:
Report Attribute | Details |
No. of Pages | 333 |
Forecast Period | 2023 - 2029 |
Estimated Market Value (USD) in 2023 | $319.62 Billion |
Forecasted Market Value (USD) by 2029 | $491.75 Billion |
Compound Annual Growth Rate | 7.4% |
Regions Covered | Global |
Segmentation by Material
Paper & Paperboard
Plastic
Metal
Glass
Segmentation by Packaging Type
Rigid
Flexible
Segmentation by Process
Recyclable
Degradable
Reusable
Segmentation by Application
Food & Beverages
Personal Care & Cosmetics
Medical & Pharmaceutical
E-commerce & Retail
Others
For more information about this report visit https://www.researchandmarkets.com/r/7n1mww
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