The sustainable packaging market is anticipated to develop at a CAGR of 7.2% from 2017 to 2023, reaching US$ 266.4 billion. By 2033, the market is anticipated to have grown even more, reaching US$ 533.9 billion.
The increased customer preference for packaging options that are environmentally friendly is one of the key factors driving the sustainable packaging sector. Customers are demanding sustainable options as they become more conscious of the effects packing materials have on the environment. This has increased the use of packaging alternatives that are biodegradable, compostable, and recyclable. Government rules that are also supporting sustainable packaging practises and decreasing carbon emissions are accelerating market expansion.
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However, some of the factors limiting market growth are the high prices associated with sustainable packaging materials and the lack of waste management infrastructure. Manufacturers may find it difficult to invest in environmentally friendly packaging due to the high cost of materials like bioplastics, which are more expensive than conventional packaging materials. Furthermore, the adoption of sustainable packaging options may be hampered by the inadequate waste management infrastructure in many nations.
The creation of creative, economical packaging solutions that adhere to environmental regulations is one opportunity in the sustainable packaging sector. For manufacturers, the desire for environmentally friendly packaging options in developing economies like Asia-Pacific represents a major potential opportunity. Furthermore, as businesses explore for ways to lessen their environmental impact and satisfy the demands of environmentally conscious consumers, the growing trend towards e-commerce is opening up new potential for sustainable packaging solutions.
Key Takeaways from the Sustainable Packaging Market:
- Paper and paperboard have emerged as the dominating segment, accounting for nearly 37% of the market in 2023.
- Bags & sacks are predicted to dominate the sustainable packaging industry in 2023, with a market share of approximately 25%.
- Manufacturers’ (sales) distribution channels are expected to have a 55% market share in the sustainable packaging industry by 2023.
- In 2023, the food and beverage industry is predicted to have a 45% market share in the sustainable packaging industry.
- The sustainable packaging industry in North America is estimated to account for 25.7% of the market by 2023.
- In 2023, the East Asian sustainable packaging industry is estimated to account for 18.5% of the total.
- In 2023, the South Asia & Pacific sustainable packaging industry is estimated to account for 12.6% of the total.
- In 2023, the sustainable packaging industry in Western Europe is estimated to account for 16.4% of the total.
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How Sustainable Packaging Industry Players Compete for the Top Spot in the Market
The sustainable packaging industry has become increasingly competitive in recent years, with companies striving to differentiate themselves and capture market share. Many players in the industry are innovating to stay ahead of the competition and take advantage of emerging opportunities.
One trend that has emerged is the use of innovative materials, such as bioplastics and plant-based materials, that offer eco-friendly alternatives to traditional packaging materials. Companies such as Tetra Pak and Amcor have been at the forefront of this trend, developing sustainable packaging solutions that are both recyclable and biodegradable.
Another area of focus for many players in the industry has been the development of smart packaging solutions. This includes packaging that incorporates technology such as sensors, QR codes, and RFID tags to enable real-time tracking of products and ensure freshness and quality. Companies such as Sealed Air and Smurfit Kappa have been investing heavily in this area, to provide more value to their customers and improve overall supply chain efficiency.
Finally, many companies in the sustainable packaging industry are focusing on reducing their carbon footprint and promoting sustainable practices throughout their supply chains. This includes initiatives such as the use of renewable energy sources, waste reduction programs, and sustainable sourcing of raw materials. Companies such as Ball Corporation and Crown Holdings have been leading the way in this regard, working towards a more sustainable future for the packaging industry.
Key Players in the Sustainable Packaging Industry are Amcor Plc, Stora Enso Oyj., Berry Global Inc., Huhtamaki Oyj., WestRock LLC, DS Smith Plc, The Mondi Group plc, International Paper Company, Detmold Group, Sealed Air Corporation, Dart Container Corporation, Duni AB, Vegware Ltd., Pactiv LLC, RKW Group, Novolex Holdings, Inc
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Key Segments Covered in the Market Report
By Material Type:
- Paper & Paperboard
- Coated Unbleached
- Bleached Paperboard
- Molded Fiber Pulp
- Kraft Paper
- Corrugated Board/Boxboard
- Plastic
- Poly Lactic Acid (PLA)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHAs)
- Starch based Plastics
- Others (PVA, PVOH, PBAT, etc.)
- Metal
- Steel
- Aluminium
- Glass
- Fabric
- Wood
By Packaging Type:
- Bags & Sacks
- Trays & Clamshells
- Cartons & Boxes
- Cans
- Bottles & Jars
- Films & Wraps
- Pouches & Sachets
- Drums
- IBC
- Vials & Ampoules
- Tapes & Labels
- Others (Jerry Cans, Bowls, Cutlery, etc.)
By Distribution Channel:
- Manufacturer (Direct Sales)
- Distributors
- Retailers
By End Use:
- Food
- Bakery & Confectionery
- Dairy
- Fresh Produce
- Snack Food
- Other Processed Food
- Beverages
- Non-alcoholic
- Alcoholic
- Cosmetics & Personal Care
- Chemical
- Healthcare
- Agriculture
- Other Industrial
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