Sustainable Packaging Market size was valued at around USD 269.90 billion in 2022 and is projected to grow from USD 290.95 billion in 2023 to USD 530.61 billion by 2031 at a CAGR of 7.8% over the forecast period (2024–2031).
The sustainable packaging market is experiencing robust growth due to rise in the need and demand of consumers towards sustainable packaging solutions. Sustainable packaging aims to reduce waste, use renewable resources, and lower carbon emissions during the forecast period. Businesses are using innovative packaging materials including bioplastics, recycled materials, and biodegradable packaging to satisfy sustainability requirements. Strict government regulations and initiatives that promote sustainable practices are contributing to the market’s expansion.
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Top Player’s Company Profiles
- Amcor (Australia)
- Tetra Pak (Switzerland)
- Sealed Air Corporation (United States)
- Huhtamaki Oyj (Finland)
- Mondi Group (Austria)
- Smurfit Kappa Group (Ireland)
- DS Smith Plc (United Kingdom)
- WestRock Company (United States)
- Ball Corporation (United States)
- Stora Enso Oyj (Finland)
- Ardagh Group (Ireland)
- Sonoco Products Company (United States)
- Reynolds Group Holdings Limited (New Zealand)
- Graphic Packaging Holding Company (United States)
- International Paper Company (United States)
- Sidel (France)
- Clondalkin Group (Netherlands)
- Evergreen Packaging (United States)
- Coveris Holdings S.A. (Luxembourg
- Bemis Company, Inc. (US)
- BASF SE (Germany)
Role of Sustainable Packaging in Enhancing Corporate Responsibility and Brand Reputation
Due to rise in environmental consciousness, consumers are actively searching for products packaged in materials that lessen their impact on the environment. The demand for sustainable packaging is growing. It satisfies consumer needs for ethical and sustainable consumption. This includes alternatives for reusable packaging options, recycled content, and biodegradable materials. Businesses are aligning with this trend by investing in the development of innovative sustainable packaging solutions. They are collaborating with suppliers to source eco-friendly materials and implementing circular economy concepts to reduce waste and promote recycling. This market trend reflects both the industry’s efforts to offer ecologically friendly packaging solutions and the shifting attitudes of consumers.
Deciphering Competitiveness Within Sustainable Packaging Market
Both the emerging and established companies are present in the sustainable packaging market. These market players are striving constantly toward R&D initiatives to enhance the performance and efficacy of sustainable packaging. Furthermore, they are utilizing several strategies, including partnerships, mergers & acquisitions, and strategic collaborations to expand their market share. Moreover, several government initiatives offer opportunities to players to strengthen their position in the market.
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Segments covered
Material (Plastics, Paper & Paperboard, Glass and Metal)
Type (Rigid, and Flexible)
Packaging Format (Primary Packaging, Secondary Packaging, and Tertiary Packaging)
Process (Recyclable, Reusable and Biodegradable)
Application (Food & Beverages, Personal Care & Cosmetics, Healthcare and Others)
Strategic Implications by Key Players
- August 2023: Two new eco-friendly packaging alternatives that are pre-qualified with EnviroFlex paper have been introduced by premier packaging maker Sonoco Products Company. These options are designed for their How2Recycle® Labeling line.
- December 2022: BASF and StePac collaborated to create an environmentally friendly packaging option that extends the fresh fruit’s shelf life. The partnership is expected to help maintain a balance between increasing the shelf life of fresh foods and creating plastic packaging that is as environmentally friendly as possible.
- April 2022: Amcor revealed eco-friendly packaging options for the pharmaceutical industry. The addition of the new low-carbon, recyclable, and High Shield laminates has expanded the range of products available in the company’s pharmaceutical packaging line.
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Summing Up the Future of Sustainable Packaging
The need for eco-friendly packaging solutions and rising environmental concerns are fueling the sustainable packaging market’s significant growth globally. Sustainable packaging utilizes renewable resources, reduces waste, and promotes recycling. The aim behind this is to lessen the damaging impacts that packaging practices and materials have on the environment. Among the major trends witnessed in the industry are the usage of biodegradable and compostable materials, innovative packaging designs, and technological advancements to improve sustainability and traceability. The sustainable packaging market is expected to expand in the next years as sustainability becomes more popular among businesses and consumers globally.
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