Sustainable Packaging Market on a Phenomenal Growth Trajectory, Expected to Reach US$ 266.4 Billion by 2023

The global sustainable packaging market is poised for remarkable expansion, with a projected value of US$ 266.4 billion by 2023. This robust growth is driven by a compelling Compound Annual Growth Rate (CAGR) of 7.2% over the forecast period. Furthermore, industry experts anticipate that this upward trajectory will continue, potentially catapulting the market to exceed US$ 533.9 billion by 2033.

Sustainability has become a central theme across various industries, and the packaging sector is no exception. Consumers’ increasing awareness of environmental issues, coupled with a growing preference for eco-friendly products, has fueled the demand for sustainable packaging solutions.

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Key Drivers of Sustainable Packaging Market Growth:

1. Environmental Consciousness: Heightened awareness about the environmental impact of traditional packaging materials has prompted consumers and businesses alike to seek sustainable alternatives. Sustainable packaging addresses these concerns by using recyclable or biodegradable materials.
2. Regulatory Initiatives: Governments worldwide are implementing stricter regulations regarding packaging materials to reduce waste and minimize the carbon footprint. This has spurred innovation in sustainable packaging solutions to comply with these requirements.
3. Corporate Responsibility: Many businesses are adopting sustainable packaging as part of their corporate social responsibility (CSR) initiatives. This not only aligns with consumer values but also enhances brand reputation.
4. Consumer Demand: Consumer preferences are evolving, and there is a growing demand for products with eco-friendly packaging. Sustainable packaging not only attracts environmentally conscious consumers but also offers unique marketing opportunities.
5. Technological Advancements: Ongoing research and development efforts have led to the creation of innovative sustainable packaging materials that are both eco-friendly and functional, meeting the packaging needs of various industries.

The sustainable packaging market encompasses a wide range of solutions, including recyclable materials, biodegradable packaging, reusable containers, and reduced packaging waste. As businesses adapt to this paradigm shift, the market is expected to witness substantial growth over the coming decade.

With its steadfast commitment to sustainability and environmental stewardship, the sustainable packaging market is poised to play a pivotal role in shaping a greener and more responsible future for the packaging industry.

Key Players in the Sustainable Packaging Industry

• 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

Latest Developments in the Sustainable Packaging Industry:

• A partnership between WestRock Company and Recipe Unlimited was announced in April 2022 to create a line of recyclable paperboard packages to keep 31 million plastic containers out of Canada’s landfills annually. In October 2021, the bundle first appeared in Swiss Chalet restaurants; it is now offered everywhere.
• The collaboration on an advanced recycling program was made public by Sealed Air in April 2022. Its goal is to recycle flexible plastics from the food supply chain and turn them into new, certified circular food-grade packaging.
• In July 2022, the converter Fiorini International and the manufacturer of luxury pasta products Antico Pastificio Umbro in Italy joined up to create a new paper packaging solution. The new packaging, which is 100% recyclable and can be used for all pasta products, has the potential to cut the annual usage of plastic by up to 20 tonnes.
• In April 2022, DS Smith unveiled a corrugated cardboard package for the shipping of medical gadgets over the Internet. Instead of adhesive packaging with a single-use plastic insert, the corrugated cardboard box uses a single-material solution.

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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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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