Sustainable Packaging Market Projected to Reach USD 428.62 Billion by 2030

The global Sustainable Packaging Market Size was valued at USD 296.61 billion in the year 2023, and it is anticipated to translate to a compound annual growth rate (CAGR) of 5.4%, amounting to nearly USD 428.62 billion by 2030.

Drivers of Growth In The Market & Opportunities

One of the most important factors triggering the market growth is the rising demand for eco-sustainable packaging solutions. As more than half of the worlds population live in urban regions, there is more waste production that creates opportunities for sustainable packaging. Packaging companies are adopting, to an extent, the sustainable solutions that their experience in recycling and technology have made possible. The awareness among government authorities and end-users regarding harmony with nature is driving the Sustainable Packaging Market.

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Segmentation Analysis:

The sustainable packaging market can be segmented based on material type, packaging type, end-user, and region.

By Material Type: Paper and paperboard, Plastics, Metals, Glass Owing to their recyclability and biodegradability, Paper and paperboard are one of the most popular flexible packaging materials. Biodegradable and recyclable alternatives are progressively supplanting plastics. Although there is increasing sustainable packaging, metals and glass have a way to go as they are durable and 100% recyclable.

By Packaging Type: Packaging Type includes rigid and flexible. The rigid packaging is majorly used among containers and boxes, and found its existence in the food and beverage industry. Flexible packaging in the form of pouches and wraps is increasingly used for their lightweight property and lower material consumption.

By End-User: End-users comprises of food and beverages, personal care, healthcare, and others. Growth in Sustainable Packaging Content in Food and Beverage Sector: Global consumers are increasingly opting for sustainable products which is translating into large share of sustainable packaging in food and beverage sector. Sustainable packaging is being adopted by personal care and healthcare industries as well to cohere to the environmental sustainability goals.

Regional Overview:

South Korea: South Korea has a high demand for sustainable packaging solutions. The rapid expansion of the e-commerce market and the growing demand for HMR (home meal replacement) products, as well as a rising number of single-person households, have collectively driven up the amount of packaging waste. On January 1, 2021, recycling laws in Korea were modified which place a big burden on food and beverage businesses to assess their packaging materials based on its recyclability.

U.S. — Demand for sustainable packaging solutions across food and beverage, personal care and healthcare products drives the U.S. market. Besides, the market is also growing due to the goal of the country to sustain the environment and the liking of the consumers towards green products.

Germany: The demand for sustainable packaging solutions is shaped by Germany's solid manufacturing base and commitment to technological innovation. With to its strong focus on environmental sustainability and recycling initiatives, the country is able to promote the use of sustainable packaging solutions.

China: The demand for sustainable packaging solutions in China is propelled by its swift industrial development and urban expansion. This growth is propelled by government prioritising environmental regulation and the rising consumer preference for green goods.

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Opportunity for Sustainable Packaging in India:

The middle class in India is expanding and we can also see how slowly but surely, people are becoming aware of green packaging products. The country also emphasizes on reducing plastic waste and recycling initiatives which leads to the high demand for sustainable packaging solutions.

Competitor Analysis

The competitive landscape for sustainable packaging: Key Players Profiled / Programmed to provide global report data up to October 2023 Notable companies include:

Amcor Ltd (Switzerland): Amcor is a global leader in packaging solutions and has been working on developing sustainable solutions for packaging materials and technologies.

Sealed Air Corp (USA) — Focus on packaging solutions for product protection and sustainability providing various eco-friendly options for packaging.

Mondi Group (UK)- Global leader in packaging and paper, Mondi is a leading packaging and paper group, manufacturing an extensive range of sustainable packaging solutions, including recyclable and biodegradable materials.

Tetra Laval International (Switzerland): Tetra Laval provides innovative solutions in packaging and is committed to sustainability through the design of recyclable and renewable packaging materials.

WestRock Company (USA): WestRock Company provides sustainable packaging solutions and offers a range of sustainable packaging materials and services.

Companies are increasing research and development for new or improved solutions and pursuing better sustainability to meet changing consumer and industry demand for eco-friendly packaging solutions.

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Conclusion

The global sustainable packaging market is expected to grow significantly due to rising demand for sustainable products, stricter environmental regulations, and new technological developments in packaging. Sustainable packaging solutions are likely to gain traction as industries and consumers maintaining sustainability on a priority basis, providing ample opportunities for market players.

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