May 07, 2020
As per the report titled ‘Global Sustainable Packaging Market Size study, by Material (Paper & Paperboard, Plastic Metal, Glass, Others) By Process (Recycled Content Packaging, Reusable Packaging, Degradable Packaging) By Layer (Primary Packaging, Secondary Packaging, Tertiary Packaging) By Function (Active Packaging, Molded Packaging, Alternate Fiber Packaging, Others) By Application (Food & Beverage Packaging, Healthcare Packaging, Personal Care Packaging, Other Applications) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global sustainable packaging market was worth USD 224 billion in 2018 and is projected to record 5% CAGR during 2019-2026.
Sustainable packaging utilizes manufacturing methods and materials for packaging goods that have a substantially lower impact on the environment and consumes less energy as compared to conventional packaging methods. Reduced greenhouse gas emissions and low dependence on fossil fuels in production, along with biodegradable aspect of these products are encouraging the adoption of sustainable packaging solutions.
Growing environmental concerns in tandem with shifting consumer preference towards recyclable and eco-friendly products, and several government initiatives promoting sustainable packaging are the key growth drivers of global sustainable packaging market.
Federal regulations such as directive 94/62/EC by the European Union as well as National Environment Agency (NEA) of Singapore’s directives are model examples, urging manufacturers to use sustainable packaging for eliminating the contaminants and chemicals that pollute soil, water, and atmosphere. Such strict mandates will play a key role in industry expansion during the forecast period. Besides this, growth of e-commerce sector is positively impacting the business outlook. On the contrary, high cost of recycling may hinder the market growth in the coming years.
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North America sustainable packaging market is expected to see prominent gains during the study period. Early adoption of advanced manufacturing technologies and increased sales of packaged products particularly food, in tandem with higher per capita income are contributing the growth of North America market.
Meanwhile, Asia-Pacific sustainable packaging market is slated to see robust growth during 2019-2026, driven by factors such as rapid expansion of food & beverage sector and rising population.
Key players in global sustainable packaging market are Sonoco Products Company, Amcor Limited, Tetra Pak International S.A., Mondi PLC, Bemis Company, Inc., Westrock Company, BASF SE, Smurfit Kappa Group PLC, Huhtamaki OYJ, and Sealed Air Corporation.