Sustainable Packaging Market Set to Soar, Driven by Rising Environmental Awareness and Innovations
In a significant surge, the Global Sustainable Packaging Market has expanded to USD 281.42 billion in 2022, with expectations to skyrocket to USD 406.66 billion by 2029, boasting a compound annual growth rate (CAGR) of 5.4% during the forecast period. The escalating focus on eco-sustainable packaging, especially in urban areas where over 50% of the global population resides, is propelling opportunities for sustainable packaging. This surge is attributed to higher waste production rates in urban centers, prompting packaging companies to embrace sustainable solutions in response to global awareness of environmental harmony.
South Korea’s Pioneering Role in Sustainable Packaging
South Korea is witnessing a robust demand for sustainable packaging solutions, driven by the exponential growth of the e-commerce market, the popularity of home meal replacement (HMR) products, and an increase in single-person households. The country generates half a million tons of waste daily, with packaging waste accounting for over 50% of municipal solid waste. Recognizing the environmental impact, the Korean government amended recycling laws, compelling food and beverage companies to use graded and evaluated recyclable packaging materials.
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Sustainable Packaging Market Report Scope and Research Methodology
The report provides business statistics and analytical insights to help you understand the Sustainable Packaging market size, market share, growth, trends, demand, top players, industry profile, opportunities, value chain, end-users, types, and applications in plain language. The bottom-up approach was used to estimate the global and regional Sustainable Packaging market size. Both primary and secondary research methodologies were used to clearly present the Sustainable Packaging market structure.
In the secondary research method, data was collected from a selected set of sources. This method was used to gather information on Sustainable Packaging key players and current and past trends in the industry. The information gathered through secondary research was validated using the primary research method, in which Sustainable Packaging industry experts were interviewed.
The report also includes growth opportunities in micro and macro markets for stakeholders to invest in, with a detailed analysis of the competitive landscape and significant Sustainable Packaging competitors’ product offerings. SWOT analysis was used to identify the strengths and weaknesses of the Sustainable Packaging market.
Sustainable Packaging Market Regional Analysis
The report has been segmented into many key countries. This section provides a detailed analysis of the Sustainable Packaging market in all the regions with their key countries including market size, CAGR, and import and export. The regions and their countries studied are:
- North America- U.S., Canada, Mexico
- Europe- UK, Germany, France, Spain, Rest of Europe
- Asia Pacific- China, India, Japan, Australia, South Korea, Asian Countries, Rest of APAC
- South America- Brazil
- Middle East and Africa.
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Sustainable Packaging Market Segmentation:
by Material Type
1. Paper and Paperboard
2. Plastics
1. Biodegradable
2. Bio-based
3. Aluminum
4.Others
In 2022, the paper and paperboard segment had the highest revenue share of 21.2%, determined by Material Type. An encouraging trend that indicates a growing understanding of the need for sustainable packaging solutions is the high demand for sustainable paper and paperboard materials for the import and export of packaging products.
by Packaging Type
1. Rigid Packaging
2. Flexible Packaging
According to packaging type, the segment with rigid packaging held a significant market share of approximately 18.2% in 2022 and is anticipated to continue doing so throughout the forecast period. A lot of businesses are making rigid packaging products with sustainable materials.
by End User
1. Pharmaceutical and Healthcare
2. Cosmetics and Personal Care
3. Food and Beverage
4. Other End Users
The food and beverage segment held a notable market share of approximately 56.3% in 2022, and it is anticipated to continue growing throughout the forecast period, according to the End User. Many businesses are using recycled plastics in their packaging, either by developing new packaging solutions that are made completely of recycled materials or by adding recycled content to their current packaging. The food and beverage industry is also seeing an increase in the use of reusable packaging. Reusable packaging options, like refillable receptacles or packaging that can be sent back to the manufacturer for further use, are being investigated by certain businesses.
Sustainable Packaging Market Key Players are:
1. Sonoco Products Company
2. Amcor pie
3. Gerresheimer AG
4. Smurfit Kappa
5. Ball Corporation
6. BASF SE
7. Ardagh Group S.A.
8. Crown Holding,Inc.
9. WestRock Company
10. DS Smith
11. Mondi
12. International Paper
13. Berry Global
14. Printpack
15. Sealed Air
16. Stora Enso Oyj
17. Georgia-Pacific
18. Huhtamaki
19. Genpak,LLC
20. Tetra Pak InternationalS.A.
21. Billerud
22. Albea S.A.
23. HCP Packaging
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Key Questions answered in the Sustainable Packaging Market Report are:
- What is Sustainable Packaging?
- What will be the CAGR of the Sustainable Packaging market during the forecast period?
- What trends are expected to generate additional revenue for the Sustainable Packaging market?
- What are the opportunities for the Sustainable Packaging Market?
- What factors are driving the Sustainable Packaging market growth?
- Which company held the largest share in the Sustainable Packaging market?
Key Offerings:
- A detailed Market Overview
- Market Share, Size, and Forecast by Revenue|2023-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation- A detailed analysis of each segment and their segments
- Competitive Landscape – Leading key players and other prominent key players.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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