Research Nester recently published a report titled “Global Sustainable Packaging Market Outlook: Industry Analysis & Opportunity Evaluation 2017-2027” which delivers detailed overview of the global sustainable packaging marketin terms of market segmentation by material type, process, type of packaging, layers, by application and by region.
In 2019, Amcor, a global company that creates and manufactures flexible packaging, launched a unique, recyclable, high-barrier flexible packaging that can reduce a pack’s carbon footprint by up to 64%
The global sustainable packaging market is more vibrant than before and is driving the change against the primitive practices adopted by the industry in the past few decades for packaging the products. As the demand for sustainable packaging has picked up pace globally, the size of the global sustainable packaging market is projected to scale upwards and is estimated to achieve a revenue around USD 41, 2700 million in 2027 from a revenue of USD 246,012.25 million made during 2018.
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With several key factors such as rising concerns for environment owing to increased awareness among various stakeholders that include consumers, manufacturers and retailers along with sustained efforts stepped up by European and U.S. associations in order to focus on curbing carbon footprints that have been predominantly contributing to global warming, the market is estimated to expand robustly at a CAGR of 6.23% over the forecast period, i.e., 2024-2027.
On the basis of geography, the global sustainable packaging market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The sustainable packaging market in North America is estimated to hold highest market share (29.87%) in 2027, which can be attributed to the growing requirement among Americans for small and convenient packaging solutions along with the desire and willingness to pay more for sustainable packaging among majority of people belonging to Canada.
Several factors such as rapid demand for packaged foodwith extended shelf life, growing consumers’ preferences towards green packaging, , rising disposable incomes in developed and emerging countries, rise in demand for customized medicines is expected to contribute to the growth of sustainable packaging market over the forecast period. Additionally, higher demand for consumer goods, increasing usage in food and beverage applications along with high usage across consumer durables industry is driving the demand for sustainable packaging across the globe.
The global sustainable packaging market has been segmented by type of packaging into flexible and rigid packaging. Flexible packaging segment is estimated to hold leading market share in 2027. The rising demand for flexible packaging can be attributed to growing necessity of packing the products that are both consumer and environment friendly combined with rapid lifestyle changes adopted by the consumers due to their busy work schedule.
The growth of the market may be impeded by a few limitations such as fluctuations in the prices of raw-materials in different countries, high cost of recycling the old waste packaging products and the low cost of production of polythene bags, all of which might deter the growth of the market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global sustainable packaging market which includes company profiling of DOW Chemical Company, BASF SE, DS Smith, International Paper Company, Amcor Limited, Transcontinental Inc., Sappi Limited, Tetra Pak International S.A., Silgan Holdings Inc., Mondi PLC, Sealed Air Corporation, Huhtamaki OYJ, Smurfit Kappa Group PLC, Sonoco, Bemis Company, Orora and other prominent players.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sustainable packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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