USD 363.20 billion
Report ID:
SQMIG30K2042 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
34 |
Figures:
74
Sustainable Packaging Market size was valued at USD 363.20 billion in 2021 and is poised to grow from USD 371.4 billion in 2022 to USD 737.6 billion by 2030, growing at a CAGR of 10.30% in the forecast period (2023-2030).
The global sustainable packaging market is witnessing significant growth and transformation driven by increasing consumer awareness and demand for eco-friendly and sustainable packaging solutions.
The market insight reveals a shift towards sustainable packaging materials and practices to minimize environmental impact and promote a circular economy.
Sustainable packaging aims to reduce waste, utilize renewable resources, and lower carbon emissions throughout the packaging lifecycle. Companies are adopting innovative packaging materials like bioplastics, recycled materials, and compostable packaging to align with sustainability goals.
Additionally, stringent government regulations and initiatives promoting sustainable practices further contribute to market growth.
The Global sustainable packaging market presents opportunities for businesses to meet consumer expectations, enhance brand image, and contribute to a more sustainable future by adopting environmentally friendly packaging solutions.
US Sustainable Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 363.20 billion
Largest Segment
paper-based packaging
Fastest Growth
paper-based packaging
Growth Rate
10.30% CAGR
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The global sustainable packaging market is segmented by type and region. Based on type, the market can be segmented into paper-based packaging and bioplastics. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Sustainable Packaging Market Analysis by Type
The dominant sub-segment in the type segment of sustainable packaging is paper-based packaging. Paper-based packaging materials, such as corrugated boxes, paper bags, and cartons, are widely used due to their recyclability, renewable nature, and low environmental impact. They are preferred by many industries for their versatility, cost-effectiveness, and ability to provide adequate protection for various products.
The fastest growing sub-segment in the type segment of sustainable packaging is bioplastics. Bioplastics are derived from renewable sources such as plants and have a lower carbon footprint compared to traditional plastics. They offer similar properties to conventional plastics but are more sustainable and can be composted or recycled. The increasing demand for eco-friendly packaging solutions and the growing emphasis on reducing plastic waste are driving the growth of bioplastics in the sustainable packaging market.
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One dominant region in the global sustainable packaging market is Europe. Europe has been at the forefront of sustainability efforts, with stringent regulations and initiatives promoting environmentally friendly packaging solutions. The region has witnessed significant adoption of sustainable packaging practices across various industries, driven by consumer demand for eco-friendly products and corporate sustainability goals. European countries, such as Germany, France, and the Netherlands, have implemented strict recycling and waste management policies, encouraging the use of recyclable and biodegradable packaging materials. The dominance of sustainable packaging in Europe is further supported by a strong circular economy approach and investments in research and development for innovative packaging solutions.
One of the fastest-growing regions in the global sustainable packaging market is the Asia-Pacific region. With rapid economic growth, urbanization, and an increasing middle-class population, countries like China, India, and Japan are witnessing a surge in demand for sustainable packaging solutions. Rising environmental consciousness, regulatory pressures, and changing consumer preferences towards eco-friendly products are driving the adoption of sustainable packaging in the region. Additionally, government initiatives and policies promoting sustainable practices are further accelerating the growth of the sustainable packaging market in the Asia-Pacific region. The rising awareness and implementation of sustainable packaging solutions across industries such as food and beverage, personal care, and e-commerce make the Asia-Pacific region a promising market for sustainable packaging manufacturers and suppliers.
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Sustainable Packaging Market Drivers
Growing Consumer Demand For Eco-Friendly And Sustainable Products
Sustainable Packaging Market Restraints
Costs Associated With Sustainable Packaging Materials And Technologies
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The global sustainable packaging market is characterized by a mix of established companies and emerging players. Market participants are focusing on research and development activities to enhance the efficiency and performance of Sustainable Packaging. Additionally, strategic collaborations, partnerships, and mergers and acquisitions are prevalent strategies adopted by companies to expand their market presence. The competitive environment is further influenced by factors such as technological advancements, government regulations, and the ability to provide cost-effective and sustainable solutions.
Sustainable Packaging Market Top Player’s Company Profiles
Sustainable Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global sustainable packaging market is witnessing significant growth as a result of increasing environmental concerns and the need for eco-friendly packaging solutions. Sustainable packaging aims to minimize the environmental impact of packaging materials and processes by using renewable resources, reducing waste, and promoting recycling. The market is driven by growing consumer awareness and demand for sustainable products, stringent regulations promoting sustainable packaging practices, and the rising adoption of sustainable packaging by various industries such as food and beverage, personal care, and healthcare. Key trends in the market include the use of biodegradable and compostable materials, innovative packaging designs, and the integration of technology for improved sustainability and traceability. The sustainable packaging market is expected to continue its upward trajectory in the coming years as sustainability becomes a priority for businesses and consumers worldwide.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 363.20 billion |
Market size value in 2031 | USD 737.6 billion |
Growth Rate | 10.30% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Sustainable Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sustainable Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sustainable Packaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Sustainable Packaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG30K2042