Innovative, cost-effective solutions & Asia-Pacific markets offer opportunities. E-commerce’s eco-focus fuels sustainable packaging.
NEWARK, DELAWARE, UNITED STATES OF AMERICA, September 19, 2023/EINPresswire.com/ — The sustainable packaging market is expected to reach US$ 266.4 billion in 2023, growing at a CAGR of 7.2% during the forecast period. The market is projected to continue its upward trajectory, reaching US$ 533.9 billion by 2033.
One of the major drivers of the sustainable packaging industry is the growing consumer preference for environmentally sustainable packaging solutions. Consumers are increasingly aware of the environmental impact of packaging materials and are demanding sustainable alternatives. This has led to an increase in the adoption of biodegradable, compostable, and recyclable packaging solutions. Additionally, government regulations aimed at reducing carbon emissions and promoting sustainable packaging practices are further propelling the market growth.
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However, the high costs associated with sustainable packaging materials and the lack of infrastructure for waste management are some of the factors restraining market growth. The high costs of sustainable packaging materials, such as bioplastics, can pose a challenge for manufacturers, who may be reluctant to invest in them due to their higher cost compared to traditional packaging materials.
Opportunities in the sustainable packaging industry include the development of innovative and cost-effective packaging solutions that meet environmental standards. The demand for sustainable packaging solutions in emerging markets, such as Asia-Pacific, presents a significant growth opportunity for manufacturers.
Paper and paperboard have emerged as the dominating segment, accounting for nearly 37% of the market in 2023.
Bags & sacks are predicted to dominate the sustainable packaging industry in 2023, with a market share of approximately 25%.
Manufacturers’ (sales) distribution channels are expected to have a 55% market share in the sustainable packaging industry by 2023.
In 2023, the food and beverage industry is predicted to have a 45% market share in the sustainable packaging industry.
The sustainable packaging industry in North America is estimated to account for 25.7% of the market by 2023.
In 2023, the East Asian sustainable packaging industry is estimated to account for 18.5% of the total.
In 2023, the South Asia & Pacific sustainable packaging industry is estimated to account for 12.6% of the total.
In 2023, the sustainable packaging industry in Western Europe is estimated to account for 16.4% of the total.
How Sustainable Packaging Industry Players Compete for the Top Spot in the Market
The sustainable packaging growth has become increasingly competitive in recent years, with companies striving to differentiate themselves and capture market share. Many players in the industry are innovating to stay ahead of the competition and take advantage of emerging opportunities.
One trend that has emerged is the use of innovative materials, such as bioplastics and plant-based materials,that offer eco-friendly alternatives to traditional packaging materials. Companies such as Tetra Pak and Amcor have been at the forefront of this trend, developing sustainable packaging solutions that are both recyclable and biodegradable.
Another area of focus for many players in the industry has been the development of smart packaging solutions. This includes packaging that incorporates technology such as sensors, QR codes, and RFID tags to enable real-time tracking of products and ensure freshness and quality. Companies such as Sealed Air and Smurfit Kappa have been investing heavily in this area, to provide more value to their customers and improve overall supply chain efficiency.
Key Players in the Sustainable Packaging Industry
Stora Enso Oyj.
Berry Global Inc.
DS Smith Plc
The Mondi Group plc
International Paper Company
Sealed Air Corporation
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Key Segments Covered in the Market Report
By Material Type:
Paper & Paperboard
Molded Fiber Pulp
Poly Lactic Acid (PLA)
Polybutylene Succinate (PBS)
Starch based Plastics
Others (PVA, PVOH, PBAT, etc.)
By Packaging Type:
Bags & Sacks
Trays & Clamshells
Cartons & Boxes
Bottles & Jars
Films & Wraps
Pouches & Sachets
Vials & Ampoules
Tapes & Labels
Others (Jerry Cans, Bowls, Cutlery, etc.)
By Distribution Channel:
Manufacturer (Direct Sales)
By End Use:
Bakery & Confectionery
Other Processed Food
Cosmetics & Personal Care
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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