Sustainable Packaging Market Continues to Surge, Expected to Reach USD 406.66 Billion by 2029
In a bid to combat the rising tide of packaging waste, South Korea emerges as a sustainability frontrunner, grappling with a daily waste output of half a million tons. As more than 50% of this waste constitutes packaging materials, the country has embarked on a revolutionary journey towards eco-sustainable packaging solutions. The Korean government’s amended recycling laws have compelled industries, especially in food and beverage, to prioritize recyclability in packaging materials, fostering a robust growth trajectory for the Sustainable Packaging Market in the region.
Concerns Propel Sustainable Packaging Market Amidst Ocean and Landfill Crisis
Mounting concerns about the environmental fallout from packaging waste in oceans and landfills are propelling the Sustainable Packaging Market forward. The growing demand for bioplastics, compostable materials, and reusable packaging solutions mirrors a global call for action. As companies align with CSR initiatives and governments tighten regulations, the market witnesses a surge in eco-friendly alternatives to curb the environmental menace of packaging waste.
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Research methodology:
This report estimates and validates the size of the global Sustainable Packaging market using top-down and bottom-up methodologies. In order to compile a comprehensive list of current and notable participants, players strictly abide by a range of industry classification requirements. The market companies that are most relevant to the inquiry are chosen after a thorough validation procedure. Priority rankings are arranged in accordance with the revenue from the most recent quarter using subscription databases like Factiva, Bloomberg, and others. Last but not least, a survey that focuses on the key target categories was especially created to meet all requirements for primary data collection by appointment only. This makes it easier for us to collect information on a range of issues, such as player earnings, operating expenses, profit margins, and the growth of different goods and services. A variety of secondary sources, including the World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and more are used to validate roughly 70-80% of the data before it is utilized.
Sustainable Packaging Market Dynamics:
Examining the key market dynamics in both developed and developing regions of the globe is achievable with the use of MMR Analysis, a focused and practical research methodology. To help customers and businesses flourish in specialised industries and expand in new global marketplaces, MMR specialists also conduct in-depth studies of geographic locations. The dynamic Player landscape that affects the market’s development is also discussed in this market research analysis.
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Sustainable Packaging Market Segment:
by Material Type
1. Paper and Paperboard
2. Plastics
1. Biodegradable
2. Bio-based
3. Aluminum
4.Others
In 2022, the paper and paperboard segment had the highest revenue share of 21.2%, determined by Material Type. An encouraging trend that indicates a growing understanding of the need for sustainable packaging solutions is the high demand for sustainable paper and paperboard materials for the import and export of packaging products. It is anticipated to increase in the upcoming years as a step towards a more sustainable future. Paper and paperboard are sustainable packaging materials that Amazon has promised to use for its shipments. The company has implemented several eco-friendly packaging programmes, such as switching to paper-based cushioning materials in place of plastic ones and using corrugated boxes with a high percentage of recycled content.
by Packaging Type
1. Rigid Packaging
2. Flexible Packaging
According to packaging type, the segment with rigid packaging held a significant market share of approximately 18.2% in 2022 and is anticipated to continue doing so throughout the forecast period. A lot of businesses are making rigid packaging products with sustainable materials.
Coca-Cola has put in place a number of sustainable packaging initiatives, such as the use of plant-based plastics and recycled content, and has committed to making all of its packaging 100% recyclable by 2025. For its Dasani water brand, the company has unveiled a sustainable plastic bottle composed entirely of recycled PET plastic. For rigid packaging applications, this is anticipated to accelerate the growth of the Sustainable Packaging market.
by End User
1. Pharmaceutical and Healthcare
2. Cosmetics and Personal Care
3. Food and Beverage
4. Other End Users
The food and beverage segment held a notable market share of approximately 56.3% in 2022, and it is anticipated to continue growing throughout the forecast period, according to the End User. Many businesses are using recycled plastics in their packaging, either by developing new packaging solutions that are made completely of recycled materials or by adding recycled content to their current packaging. The food and beverage industry is also seeing an increase in the use of reusable packaging. Reusable packaging options, like refillable receptacles or packaging that can be sent back to the manufacturer for further use, are being investigated by certain businesses.
Sustainable Packaging Market Key players:
1. Sonoco Products Company
2. Amcor pie
3. Gerresheimer AG
4. Smurfit Kappa
5. Ball Corporation
6. BASF SE
7. Ardagh Group S.A.
8. Crown Holding,Inc.
9. WestRock Company
10. DS Smith
11. Mondi
12. International Paper
13. Berry Global
14. Printpack
15. Sealed Air
16. Stora Enso Oyj
17. Georgia-Pacific
18. Huhtamaki
19. Genpak,LLC
20. Tetra Pak InternationalS.A.
21. Billerud
22. Albea S.A.
23. HCP Packaging
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Regional Insights: North America Leads, Asia Pacific Emerges as Growth Epicenter
North America currently dominates the Sustainable Packaging software market, closely followed by the Asia Pacific (APAC) region. The latter is poised to emerge as the fastest-growing region in the global Sustainable Packaging market, driven by a dynamic adoption of new technologies such as Software-as-a-Service (SaaS), cloud computing, DevOps, big data, and enterprise mobility.
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