New York, June 25, 2021 (GLOBE NEWSWIRE) — Sustainable Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Sustainable Packaging Market Research Report, Packaging Type, Material , Process, Application and Region – Forecast till 2027” The global market is projected to reach USD 470.3 billion by 2027 from an estimated USD 305.31 billion in 2020, at a CAGR of 10.3% from 2021 to 2027.
Efforts of private and public organizations to accelerate the environmental transition, in line with market expectations, create vast market opportunities. With growing uses of sustainable packaging for food & beverage products, the sustainable packaging market size is expected to stimulate further. The development of sustainable packaging resources reducing the impact on nature acts as major tailwinds.
Personal care and beauty packaging specialists are striving to develop a more sustainable packaging option that can bring cosmetics into a new era. Furthermore, initiatives to cut down usages of non-degradable packaging materials, major growth in sustainable packaging lines, and green strategies for sustainable packaging are significant driving forces influencing the market growth.
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Key Companies Profiled in the Sustainable Packaging Market Research Report are –
- Bemis Company Inc. (US)
- Amcor Limited (Australia)
- Mondi plc. (Austria)
- DS Smith Plc. (UK)
- Stora Enso Oyj(Finland)
- Smurfit Kappa Group Plc. (Dublin)
- Sonoco Products Company (US)
- Silgan Holdings Inc. (US)
- The Dow Chemical Company (US)
- LLC(North Carolina)
- BASF SE (Germany)
- E. I. DuPont de Nemours and Company
- Mondi Limited
- Sealed Air Corporation
- TetraPak International S A
- Ardagh Group Co.
- PlastiPak Holdings Inc.
- ELOPAK AS
- Catalyst Paper
- Uflex limited
- Phoenix Technologies
- Innova Films Ltd
- Clorox Company
- Ball Corporation
The onset of COVID-19 hit the sustainable packaging market industry severely, causing huge revenue losses to end-users like personal care, food & beverages, and pharmaceuticals. Though the fresh food & beverages demand was significant during 2020, the market faced severe revenue losses.
Also, the coronavirus-driven lockdown halted the production of several key raw materials in the global market, which led to various problems relating to obtaining raw materials, attracting workers from quarantines, and deliver end products. However, the sustainable packaging market is rapidly returning to normal, witnessing the steadily increasing demand. Increased production activities and demand for storage & distribution applications are further estimated to offer robust market opportunities.
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The demand for green and eco-friendly packaging solutions to curtail the effects of non-degradable materials such as plastic on the environment is a major sustainable packaging market trend. Industries like food & beverage packaging, personal care, and medicines have shown great interest in eco-friendly and green materials, seeing customers shift towards sustainable packaging.
With easily degradable materials consuming less energy being used these days in the packaging industry, many investors show interest in sustainable packaging technologies. Besides, pressure to reduce greenhouse effects and the usage of fossil fuels drive sustainable packaging market growth. Rising efforts to produce biodegradable products and focus on materials with high resistance to moisture, heat and are easily recycled drive significant investments to the market.
The market is segmented into product, material, packaging material, application, and region. The product segment is sub-segmented into reusable, recycled, and degradable. The material segment is sub-segmented into bioplastic, metal, glass, paper, and others. The packaging material segment is sub-segmented into plastic containers, tubes, reusable packaging, bags, drums, pouches, corrugated boxes, degradable packaging, and others.
The application segment is sub-segmented into healthcare, food, beverage, personal care, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
Europe dominates the global sustainable packaging market. Major industry players in the region constantly bring about new sustainable packaging that positively impacts environmental footprint in the supply chain.
Besides, increased demand for green packaging solutions for fresh vegetables & fruits and self-indulgent & convenient goods promoted using online media are major sustainable packaging market trends. The vast adoption of green packaging solutions increases the region’s sustainable packaging market share.
The Asia Pacific region stands second in terms of the global sustainable packaging market revenues. High production rates of fresh produce and the rising demand for eco-friendly packaging solutions in China and India are major driving forces.
Factors such as the growth of recyclable & reusable materials, new eco-friendly technologies, and support from the government are shaping the sustainable packaging future in the region. Additionally, vast investments in product developments and packaging technology upgrades boost the sustainable packaging market size in the region. Also, increasing e-commerce businesses in the region drive sustainable packaging market growth.
The North American sustainable packaging market has emerged as a profitable market globally. The region observes superior product developments as far as packaging solutions are concerned, owing to vast R&D investments and innovations.
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Besides, people in North America are concerned about environmental issues and global warming, thus increasing the sustainable packaging market value in the region. Furthermore, strict food safety policies in the US and Canada boost the sustainable packaging market growth. With its burgeoning ecommerce sector, the US dominates the regional market.
The sustainable packaging market witnesses several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product/ technology launches. Key industry players make strategic investments to drive research & development activities and expansion plans. With the rising consumer demand for sustainable packaging on the rise, manufacturers look for new ways to bring innovative solutions to customers, improving their practices.
For instance, recently, on June 14, 2021, Acma group (Italy) introduced its latest sustainable paper-based packaging series Ecoshell offering flexible designs, especially for the confectionery sector. The new series is developed to avoid the use of plastic and deliver new environmentally improved solutions.
Alongside the most common shapes, such as Flip Top and Zip Top, Acma’s latest box-based product range is characterized by a distinctive design allowing a convenient dosage function with great ease of use while remaining focused on creating attractive designs.
Segmentation of Market covered in the research:
Information By Packaging Type (Tubes, Bags & Pouches, Corrugated Box and others), By Material (Paper & Paperboard, Glass, Metal, Plastic), By Process (Degradable Packaging, Recycled Packaging, Reusable Packaging), By Application (Personal Care, food & Beverages, Pharmaceuticals and others) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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Source: EIN Presswire