Wilmington, Delaware, United States, Jan. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to TMR study, the global was valued US$ 252.4 Bn in 2022 and is estimated to grow at a CAGR of 5.8% from 2023 to 2030.
Development and application of packaging techniques with less negative impact on the environment’s physical well-being and carbon footprint are known as sustainable packaging. Pharmaceutical, agricultural, cosmetic, and personal care items are packaged with sustainable materials such as paper, paperboard, recyclable plastics, and metals. The need for environmentally friendly and long-lasting product packaging is increasing, which is likely to drive the global sustainable packaging market.
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Smaller carbon footprint could be attained through the usage of sustainable packaging. Long-term benefits to human and ecological sustainability are facilitated through it. A ban on single-use plastic is projected to accelerate market growth during the forecast period. Sustainable packaging is becoming more popular in the food & beverage industry due to its reliability, biodegradability, and recyclability. It is composed of non-toxic materials that shield food from contamination and other adverse environmental effects. These aspects have escalated sustainable packaging market demand.
Sustainable Packaging Market: Growth Drivers
- Green packaging, also known as sustainable packaging, has several advantages, including reduced reliance on fossil fuels, minimal resource usage, and reduced energy use. The food & beverage industry has begun implementing eco-friendly food packaging techniques to lower greenhouse gas emissions, which in turn presents significant opportunities in the sustainable packaging industry.
- Ready-to-eat and packaged food items have witnessed rise in demand as a result of busy lives and increase in the working population. This is expected to fuel sustainable packaging market development throughout the forecast period.
Key Findings of the Sustainable Packaging Market
- According to the most recent sustainable packaging market research, the paper & paperboard material segment is anticipated to dominate the market during the forecast period. The segment is driven by growth of the logistics & transportation industry as well as increase in the import & export of packaging products.
- Packaging made of paper and paperboard is inexpensive and recyclable. Hence, the packaging could be used in various end-use industries. Paper & paperboard materials are primarily used for food & beverage product packaging due to affordability, light weight, ability to print high-quality images, and biodegradability. Additionally, these materials do not react with food products, preserving their freshness and flavor.
- Several automotive, e-commerce, pharmaceutical, chemical, electronics, agricultural, and cosmetic & personal care businesses rely on paper & paperboard packaging to meet their sustainability goals. Paperboards, on the other hand, are less durable than plastics. Market vendors are investing significantly in the R&D of high-quality, durable, dependable, and sustainable products to increase their consumer base.
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Sustainable Packaging Market: Regional Assessment
Europe is expected to garner the largest share of the global market during the forecast period. This is ascribed to increase in recycling and reuse of materials. Upcycling has established benchmarks and sustainability goals. Businesses in Europe adopt biodegradable products as part of the circular economy model, which has propelled market expansion.
The sustainable packaging market in Asia Pacific is likely to grow significantly in the next few years. China is anticipated to account for significant market share of about 44.0% by the end of 2023. The market in India is projected to reach US$ 8.6 Bn by the end of the forecast period. The market in the country is driven by ban on single-use plastics.
Sustainable Packaging Market: Competitive Analysis
Major companies are investing significantly in research & development of new packaging materials. These are also using organic and inorganic techniques to increase market share. The market research by TMR includes critical data about the market scenario, such as macroeconomic profile, company overview, marketing strategies, market segments, application portfolio, and latest developments.
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Several major companies that operate in the industry include:
- Amcor plc
- Sonoco Products Company
- Smurfit Kappa
- Gerresheimer AG
- Crown Holding, Inc
- Ball Corporation
- Ardagh Group S.A
- DS Smith
- WestRock Company
- Mondi, International Paper
- Berry Global
- Sealed Air
- Genpak, LLC
- Bill Stora Enso Oyj
- Tetra Pak International S.A.
Sustainable Packaging Market: Segmentation
Paper & Paperboard
- Coated Unbleached
- Bleached Paperboard
- Molded Fiber Pulp
- Corrugated Board
- Starch-based Plastic
- Others (PCL)
- Metal (aluminum)
- Others (fabric and glass)
- Bottles & Jars
- Pouches & Sachets
- Bakery & Confectionery
- Dairy Products
- Meat & Poultry
- Others (snacks, dips, etc.)
- Alcoholic Beverages
- Non-alcoholic Beverages
- Automobile & Electronics
- Cosmetics & Personal Care
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides . The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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