The report titled “Global Sustainable Packaging Market Outlook & Forecast 2024-2029” has been included in ResearchAndMarkets.com’s offerings. This market was valued at USD 319.62 billion in 2023 and is projected to reach USD 491.75 billion by 2029, with a CAGR of 7.44% during 2023-2029.
Driven by a growing global focus on environmental conservation and corporate social responsibility, the sustainable packaging market is experiencing a dynamic and competitive landscape. Major players like Amcor, Tetra Pak International, and Ball Corporation, along with niche players such as Ecover and Eco-Products, are leveraging their resources and innovation capabilities to develop eco-friendly packaging solutions. Collaborations between packaging manufacturers and consumer goods companies further intensify competition, leading to comprehensive sustainable packaging solutions.
Market Trends & Drivers
1. Growth in E-commerce Industry: The rise of e-commerce has led to increased demand for sustainable packaging materials as consumers seek eco-friendly options for product delivery.
2. Increase in Pouch Packaging Across End-Users: Pouch packaging, known for its environmental friendliness and convenience, is gaining traction across various industries, driving the demand for sustainable packaging solutions.
Segmentation Insights
1. By Material: Paper & paperboard, recyclable plastics, aluminum, and glass are among the materials driving the sustainable packaging market, with plastics projected to grow at the highest CAGR during the forecast period.
2. By Packaging Type: Rigid packaging, favored for its durability and recyclability, currently holds the highest market share, while flexible packaging is expected to witness the highest growth rate.
3. By Process: Recyclable packaging dominates the market, with initiatives such as Extended Producer Responsibility (EPR) programs driving its adoption. Reusable packaging is also expected to grow significantly.
4. By Application: The food & beverages sector leads in sustainable packaging adoption, followed by cosmetics, pharmaceuticals, and e-commerce & retail segments.
Geographical Analysis
Europe leads the global sustainable packaging market due to increased consumer awareness and stringent government regulations promoting sustainable practices.
Market Opportunities & Trends
1. Growth in E-commerce Industry 2. Increased Focus on Sustainable Flexible Packaging 3. Rise in Reusable Packaging 4. Shift Toward Modified Atmospheric Packaging Products
Market Growth Enablers
1. Increase in Processed and Packaged Food 2. Efficient Supply Chain 3. Increase in Pouch Packaging Across End-users
Market Restraints
1. Regulatory Compliance & Standards 2. Rising Cost of Raw Materials 3. High Operational Cost
The report profiles key companies such as Amcor, Ardagh Group, Ball Corporation, and others, along with other prominent vendors.
Key Attributes:
- Pages: 333
- Forecast Period: 2023 – 2029
- Estimated Market Value in 2023: $319.62 Billion
- Forecasted Market Value by 2029: $491.75 Billion
- Compound Annual Growth Rate: 7.4%
- Regions Covered: Global
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