Sustainable Packaging Market: Development, Current Analysis & Forecast to 2023
Thanks to the emergence of the increasing customer base and the growing emphasis on the government's implementation of eco-friendly approaches, the Asia Pacific region is expected to be the fastest-growing market over the projected period. In addition, increasing demand for recycled and recyclable goods in emerging economies, such as China, Japan, and India, is expected to propel growth in the fuel industry over the study. In addition, stringent government policies for environmental protection, coupled with the availability of government inducements and funding, are one of the major driving forces behind the growth of the sustainable packaging market during the study period. Furthermore, innovative sustainable packaging products are also believed to flourish the growth of the sustainable packaging market in the Asia Pacific region over the assessment period.
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As per the report published by Market Research Future (MRFR), the global sustainable packaging market 2020 is slated to secure a substantial market valuation at a moderate 7% CAGR over the assessment period.
Drivers and Restraints
Consumers ' appetite for environmentally friendly and recycled packaging products is on the rise, the study states. Thus, the vendors concentrate primarily on the production of recyclable materials with traditional friction, moisture, and heat resistance capabilities. One of the market's main factors, according to the study, is the demand for bioplastic packaging. Bioplastic packaging products are considered comparatively more efficient than traditional plastic packaging products, as they use fewer energy and renewable resources, contain lower carbon emissions, and are lightweight in nature. In addition, increasing market knowledge and regulatory expectations by the government are projected to drive business change during the evaluation period. On the other hand, fluctuating prices of raw materials and increasing production costs could impede the growth of the industry over the forecast period.
The types of packaging available in the global sustainable packaging market are tubes, bags and pouches, corrugated boxes, and others.
Major processes of the global sustainable packaging market are recycled content packaging, reusable packaging, and degradable packaging. Among these, recycled content packaging is leading the global sustainable packaging market. It accounted for a significant market share of the global sustainable packaging market. In addition, reusable packaging is the second-largest type of sustainable packaging. It is also slated to have seamless growth in the future, owing to the government regulations along with rapidly rising demand for bioplastic packaging. Moreover, degradable packaging is also projected to have moderate growth.
The materials used in the global sustainable packaging market are paper and paperboard, metal, glass, and plastic.
The key market players identified by MRFR in the global market are Amcor Limited (Australia), Silgan Holdings Inc.( U.S.), Mondi plc. ( Austria), The Dow Chemical Company(U.S.), Sonoco Products Company (U.S.), Stora Enso Oyj(Finland), Genpak, LLC(North Carolina), BASF SE (Germany), DS Smith Plc. ( U.K.), Bemis Company Inc.( U.S.), Smurfit Kappa Group Plc. (Dublin), and others.
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