DUBLIN, Jan. 16, 2023 /PRNewswire/ -- The "Sustainable Packaging Market By Material Type, By Packaging Type, By End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global sustainable packaging market size was valued at $93.6 billion in 2021 and is projected to reach $190.6 billion by 2031, with a CAGR of 7.4% from 2022 to 2031.
These materials, once sorted correctly for recycling, can be shredded, pulped, or melted down and remolded as raw material for new packaging or other uses. Other eco-friendly materials, such as industrially compostable Polylactic Acid (PLA) and cellulose-based materials, are used for sustainable packaging because they have similar characteristics to plastic but will biodegrade in compost. These compostable materials can be molded into food service containers, cutlery, or flexible packaging.
Growing consumer awareness of environmentally friendly packaging, stringent restrictions on the use of single-use plastics, and growing environmental concerns brought on by packaging waste dumped in landfills are some of the key factors driving the growth of the market. Other factors driving market expansion include growing R&D capacities, increasing demand for flexible packaging materials and solutions, and growing technical advancements in packaging equipment and technology. Moreover, the market is expanding in the food and beverage sector, with more packaging made of recyclable and biodegradable materials. In the food service industry, single-use plastic food trays, cups, lids, closures, and straws are being replaced by products made of paper or biodegradable substitutes. However, fluctuations in the pricing of raw materials hamper the growth of the market.
The rise in raw material prices is due to the outbreak of the COVID-19 pandemic, which caused disruptions in the supply chain and a shortage of the material required for the manufacturing of sustainable packaging products. The market is witnessing growth in different sectors, including food and beverage, the pharmaceutical industry, healthcare, the automobile industry, agriculture, and personal care.
The sustainable packaging market is segmented on the basis of material type, packaging type, end-use industry, and region. On the basis of material type, the market is divided into paper and paperboard, plastics, aluminum, and others. On the basis of packaging type, the market is classified into rigid packaging and flexible packaging. On the basis of end-use industry, the market is categorized into food and beverage, personal care, healthcare, and pharmaceuticals, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Segments
By Material Type
Paper and Paperboard
By Packaging Type
By End Use
Food and Beverage
Healthcare and Pharmaceuticals
Key Market Players
Ardagh Group S.A.
Crown Holdings, Inc.
DS Smith plc
Plastipak Holdings, Inc.
Sealed Air Corporation
SGF Packaging Co., Ltd.
Smurfit Kappa Group PLC
Sonoco Products Company
Key Findings of the Study
By material type, the carbon steel segment was the highest revenue contributor to the market, with $680.6 million in 2021, and is estimated to reach $1,157.5 million by 2031, with a CAGR of 5.5%.
Depending on the application, the commercial segment was the highest revenue contributor to the market, with $1,020.5 million in 2021, and is estimated to reach $1,810.80 million by 2031, with a CAGR of 6.0%
As per distribution channel, the Specialty Stores segment was the highest revenue contributor to the market, with $574.3 million in 2021, and is estimated to reach $991.2 million by 2031, with a CAGR of 5.7%.
Region-wise, Asia-Pacific was the highest revenue contributor, accounting for $655.2 million in 2021, and is estimated to reach $1,159.4 million by 2031, with a CAGR of 5.9%.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SUSTAINABLE PACKAGING MARKET, BY MATERIAL TYPE
CHAPTER 5: SUSTAINABLE PACKAGING MARKET, BY PACKAGING TYPE
CHAPTER 6: SUSTAINABLE PACKAGING MARKET, BY END USE
CHAPTER 7: SUSTAINABLE PACKAGING MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/m4008w
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