The global sustainable packaging market size was valued at USD 310.00 billion in 2022 and is projected to be worth USD 329.26 billion in 2023 and reach USD 518.33 billion by 2030, exhibiting a CAGR of 6.70% during the forecast period. The growing awareness regarding environmental issues among consumers, along with the rising need for such packaging solutions, led to the rapid adoption of sustainable packaging by businesses.
Sustainable packaging refers to development and utilization of sustainable packaging materials to store, ship, wrap, or shelve products that results in enhanced sustainability. The increasing awareness related to environmental issues among consumers and the growing need for such packaging solutions to boost market growth.
Fortune Business Insights™ mentioned this in a report titled, “Sustainable Packaging Market, 2023-2030.”
By material, the market is classified into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment dominates the market. The paper & paperboard material is a biodegradable and renewable packaging solution as it can be recycled easily.
Based on product type, the market is classified into boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment dominates the market owing to the benefits offered by bags and pouches, such as transportation and shopping costs and lightweight and compactness.
By application, the market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, consumer goods, e-commerce, and others. The food & beverages segment is dominating the market and is expected to grow significantly during the forecast period. The segment’s growth is attributed to the increasing health-conscious consumers and increasing consumer health concerns among the food & beverage producers.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report offers:
The increasing demand for environmentally friendly and compostable packaging solutions owing to the consumers’ increasing awareness regarding the environmental issues driving the sustainable packaging market growth. Compostable packaging solutions are important as they diminish a large portion of plastic pollution by driving it away from landfills and waterways.
However, the high costs and limited availability of raw materials that result in producers facing difficulty in planning their production schedules and fulfilling customers’ demands, may impede market growth.
North America dominates the sustainable packaging market share. The market’s growth is attributed to increasing government regulations, changing consumer preferences, the presence of top food packaging companies in the U.S., and the sustainability initiatives that propel market growth.
Information Source: https://www.fortunebusinessinsights.com/sustainable-packaging-market-108946
The sustainable packaging market comprises key players, such as Amcor Plc, Ardagh Group S.A., Ball Corporation, Crown Holdings Inc., DS Smith, and others. The increasing focus of these key players on their customer base expansion across regions by innovating their existing product range drives the market growth.