Sustainable Packaging Market To Cross USD 737.6 Billion By 2032

Pune, India, July 2023 /MRFR Press Release/- Market Research Future published a half cooked research report on global sustainable packaging market. The global market for global Sustainable packaging market is expected to grow at ~10.30% CAGR.

Market Highlights

The MRFR analysis reports state that the global Sustainable Packaging market was worth nearly USD 336.7 billion in 2022. The reports further project the market worth to attain around USD 737.6 billion by the end of 2032 while thriving at a substantial growth rate of around 10.30%.

The global Sustainable Packaging market has grown in the last few years. The main aspect causing a surge in the performance of the market is the growing consumer awareness of sustainable packaging across the globe. Furthermore, the factors such as rising environmental concerns caused by packaging waste in landfills, strict bans on the use of single-use plastics, widespread use of single-use & non-biodegradable plastic packaging materials, and growing demand for plant-based packaging materials are also projected to have a positive influence on the growth of the global market over the assessment period.

Segment Analysis

The global market for Sustainable Packaging is fragmented into various segments based on Types, Materials, Processes, and regions.

Based on the Types, the global market for Sustainable Packaging has been split into corrugated boxes, bags & pouches, and tubes.

Based on the Materials, the global market for Sustainable Packaging has been split into plastic, metal, glass, and paper & paperboard.

Based on the Processes, the global market for Sustainable Packaging has been split into reusable, recycled, and degradable packaging.

Regional Analysis

The global market for Sustainable Packaging is analyzed across five major geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The MRFR analysis reports the Asia-Pacific regional Sustainable Packaging market leading spot across the global market for Sustainable Packaging in 2022 with the largest contribution of around USD 145.5 billion, which is nearly 43.20 % of the entire market. The region has China as the largest contributor in terms of revenue share. On the other hand, the Indian market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the escalating government programs and laws that motivate companies to choose environmentally friendly packaging. The largest manufacturing powerhouse in the world, China, exists in the region, changing packaging practices and materials to be more environmentally friendly.

The North American region will likely demonstrate maximum growth over the coming years. The region has the U.S. market as the largest contributor in revenue share. On the other hand, the Canadian market is likely to grow at the highest pace over the coming years. The main parameter enhancing the development of the regional market is the active efforts made by the regional administrations. Furthermore, the customer desire for environmentally friendly products and green packaging backed by government programs is also projected to positively impact the development of the regional market over the review timeframe.

The European regional market for Sustainable Packaging is anticipated to ensure the second position across the global market over the assessment period. The region has the German market as the largest contributor in revenue share. On the other hand, the U.K. market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the strict government controls on single-use plastics. Furthermore, greater sustainability awareness is also considered to be one of the vital parameters enhancing the development of the regional market. In addition, the government's actions to encourage sustainable packaging solutions will also likely catalyze the regional market's development over the assessment era.

Competitive Analysis

The global market for Sustainable Packaging is known to have a strong and competitive landscape. The players across the market are focusing on investments in research & development activities to expand their product lines, which will help the Sustainable Packaging market grow even more. They are also considering several strategic activities to expand their footprint, with vital market developments including new product launches, higher investments, mergers & acquisitions, contractual agreements, and collaboration with other organizations. The list of prominent participants across the global market for Sustainable Packaging includes players such as Amcor Limited, Ball Corporation, DS Smith PLC, Emerald Packaging, Nampak Ltd, Sealed Air Corporation, Sgf packaging Co. Ltd, Ardagh Group S.A., Crown Holdings Incorporated, Elopak AS, Mondi Group, PlastiPak Holdings Inc, Sonoco Products Company, and Tetra Pak International S.A. among several others.

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