The environment is facing the brunt of unabated industrialization and urbanization. While there has been some improvement in greenhouse gases due to development of suitable technology, the level is still too high and scientists have been warning of dire consequences. This is leading to growth in sustainable practices and choices across industry verticals.
This is leading to growth in the global sustainable packaging market from 2018 to 2026, as per Transparency Market Research. It further states that a slew of interesting growth opportunities is anticipated to line the market landscape with their presence over the stated period.
Some of the significant developments in the market, along with trends that are worth making note of are detailed out below:
- The millennial consumer is a peculiar target group. It is aware of its surrounding and ready and willing to take corrective and impactful measures wherever a lag in noticed. Thus, the group is interesting in that it is conscious of its impact on environment and the earth in general and is ready to ensure that their choices do not aggravate it. To make things better, a large section is ready to pay a premium price on products.
- Social media is a great influencer. With people consuming information online regarding environment deterioration as well social media influencers pressing hard on the need for opting sustainability in lifestyle, demand for sustainable packaging is growing rapidly.
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Initiatives taken by sustainable packaging manufacturers to use environmental friendly packaging materials and technology in packaging products, has been supported by various organizations as well as governments. Sustainable packaging manufacturers are looking towards developing biodegradable plastics that will reduce carbon footprint. With a growing demand for a sustainability driven world, packaging experts and consumer products companies are focusing on “green packaging”.
Rampant Plastic Packaging Waste Prompts at Emergency of Adopting Sustainable Packaging Solutions
“More than 200 million tons waste created by plastics cause major landfill issues”. This is majorly reduced by the use of sustainable packaging. Changing lifestyle has created the demand for packaging, consumers started investing more on packed food & beverages. The global demand for packaging has increased substantially in the last couple of decades, and packaging manufacturers have now been focusing on the use of biodegradable plastics as opposed to conventional plastics. This global push has led to the growth in demand for sustainable packaging solutions.
Manufacturers in Asia Pacific region are concerned about the rising packaging waste. High consumption rate of plastic packaging products has created millions of tons of waste. Policy makers are playing a major role in creating a sustainable environment. So, governments in the APAC region are emphasizing on biodegradable and bio plastics for packaging. Government organizations actively support and promote the use of bioplastics.
Globally, on the basis of packaging type, sustainable packaging market is segmented into trays, bags, boxes, bottles & jars, films, pouches & sachets, drum and IBC and others. By material type, global sustainable packaging market is segmented into paper & paperboard, plastic, metal (Aluminum) and others. Paper & Paperboard segment is further sub segmented into coated & unbleached, bleached paperboard, molded fiber pulp, corrugated board. Plastic segment is further sub segmented into PLA, PHB, PBS, Starch Based plastics, PHA, Others (PCL). Paper & paperboard segment is expected to dominate the market throughout the forecast period with an estimated market share of 55.1% in 2018, during the forecast period. Plastic segment is estimated to register a CAGR of 5.0% during the forecast period. PLA segment is expected to create incremental $ opportunity of US$ 10.2 Bn during the forecast period. Metal (Aluminium) segment is estimated to register a value of US$ 33.3 Bn in 2018 and is expected to reach 52.1 Bn by the end of the forecast period (2028). ‘Others’ segment is projected to register a CAGR of 4.6% during the forecast period.
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European Market Continues to be the Top Adopter
The European region is estimated to account for the largest share in sustainable packaging market on the backdrop of high concentration of the packaging manufacturers and rise in disposable income of the consumers. North America is expected to trail in sustainable packaging market as the region has highest per capita consumption of packaging. The MEA region is estimated to contribute small but rapidly growing market share in sustainable packaging market. Growth in sustainable packaging market in Latin America region is expected to be moderate during the forecast period.
Few of the key players in the global sustainable packaging market include Sonoco Products Company, Amcor Limited, Gerresheimer AG, Smurfit Kappa Group PLC, Ball Corporation, Ardagh Group S.A, Crown Holdings, Inc., WestRock LLC, DS Smith Plc, The Mondi Group plc, International Paper Company, Berry Global Inc, Bemis Company, Inc., Sealed Air Corporation, Reynolds Group Holdings Ltd, Tetra Pak International S.A, Genpak LLC, Huhtamaki OYJ, Tetra Laval International S.A., and Reynolds Group.
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