The global sustainable packaging market is estimated to be valued at US$ 400.34 billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Sustainable packaging includes materials and processes that minimize environmental impacts across the life cycle of packaging. It reduces carbon footprint, conserves energy and water while being reusable, recyclable, or compostable. The market is driven by growing environmental concerns among consumers and regulations on non-recyclable plastics.
Key Takeaways
Key players operating in the sustainable packaging market are Amcor Limited, Westrock
Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group
PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group S.A,
Ball Corporation, Crown Holdings, Inc., DS Smith Plc, Genpak LLC, International Paper Company, Pcakmile, Ecoware, Greenhandle Products Private Limited, Sustainable Packaging Industries.
Sustainable Packaging Market share as consumers and regulators become increasingly aware of environmental issues. Manufacturers are focusing on increasing the use of recycled content and developing more recyclable and compostable options to meet this demand.
Market Drivers
The high growth can be attributed to growing awareness about the environmental impact of plastics and stringent regulations limiting the use of single-use plastics. Regulations like ban on plastic bags and Styrofoam in various cities across the globe are compelling manufacturers to shift towards sustainable alternatives. Additionally, evolving consumer preferences favoring eco-friendly products along with commitment of leading brands towards sustainability are estimated to boost the demand for sustainable packaging over the forecast period.
PEST Analysis
Political: Governments in many countries are introducing policies and regulations to reduce plastic waste and promote sustainable packaging. This includes bans on single-use plastics and incentives for recycled content.
Economic: Consumers are increasingly willing to pay more for sustainable packaging options. Brand owners see an opportunity for competitive differentiation through sustainable materials and reducing fossil fuel consumption lowers costs over time.
Social: There is growing awareness and demand among consumers and the public for environmentally friendly products. Companies face social pressure to adopt more sustainable packaging solutions to better their brand image.
Technological: New production techniques and materials are being developed to create packaging from plant-based, recycled and recyclable sources. Technologies allow monitoring of packaging through its lifecycle to optimize reuse and recycling.
Sustainable Packaging Market Regions Analysis shows that North America currently holds the largest share of the sustainable packaging market, driven by regulatory pushes and commitments from major retailers and CPG companies. Europe follows in value as recycling and waste reduction directives motivate packaging converters across many countries.
Latin America is also emerging as a key geographical region for sustainable packaging. Countries like Brazil, Argentina and Mexico are introducing policies to reduce plastic pollution and transition towards circular economy models. Local brands are recognizing opportunities to capture market share by meeting rising consumer preference for eco-friendly solutions.
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