Sustainable Packaging Market Size, Trends, Outlook, Opportunity Till 2024
The sustainable packaging market has been segmented by application into food & beverage packaging, healthcare packaging, personal care packaging, Industrial and others. Among these segments, the food and beverages packaging segment is expected to project a highest market share by the end of 2024.
The global market for sustainable packaging is expected to flourish at a compound annual growth rate of 7.5% over the forecast period. Growing awareness among people regarding the benefits of sustainable packaging is the key growth driver of global sustainable packaging market. Further, the market for sustainable packaging is expected to boom owing to its properties such as no harmful effect on environment, light in weight and strong in physical properties. Additionally, increasing research and development activities by major key players is also predicted to bolster the growth of sustainable packaging market.
In regional segment, North America accounted for second largest market in sustainable packaging owing to stringent environmental regulations taken by government for the environmental safety. The U.S region in North America captured the biggest sustainable packaging market in 2016. Further, Europe is anticipated to witness a tremendous growth during the forecast period.
Eco-Friendly Products to Boom the Market
Rising consumer demand for the use of sustainable packaging (also known as green packaging) for various food products is projected to boost the growth of market by the end of 2024. Rising environmental concerns and growing public awareness about sustainable products are envisioned to be the dynamic factor behind the rapid growth of sustainable packaging market over the forecast period. Further, growing concerns related to waste generation along with increasing demand for eco-friendly packaging materials are predicted to positively impact the growth of sustainable packaging market.
However, high cost of raw materials used for making sustainable packaging such as bio-based monomers, liquid biofuels is anticipated to hinder the growth of the sustainable packaging market globally.
The report titled “Sustainable Packaging Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the sustainable packaging market in terms of market segmentation by material type, by process, by types of packaging, by layer, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the sustainable packaging market which includes company profiling of BASF SE, Amcor Ltd., Tetra Laval International S.A., Westrock Company, Mondi PLC., Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Silgan Holdings Inc. and Genpak.
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 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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