Sustainable Packaging Market Outlook to 2024
Increasing concerns related to waste generation, industrial pollution, unproductive use of resources and materials are anticipated to be the major challenges for the long term sustainable development. Sustainable solution for these challenges has become the principal agenda for economies, institutions and corporations. Hence, the concept of sustainable packaging is rapidly evolving in packaging industry. The sustainable packaging is the type of packaging which is light weighted and strong in terms of physical properties, easy to recycle and reuse. Globally packaging is estimated to be the inevitable part of manufacturing, logistic and retail sector. Hence, the sustainable packaging plays a vital role in the long term development. The sustainable packaging is anticipated to be the assembly of environment and sustainability. Globally the growing consumer preferences to the environment friendly products is being used by corporations as a marketing strategy to attract the consumers.
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The major driver for the global sustainable packaging market is the regulations and stringent government legislation which is forcing manufacturers to choose sustainable packaging options over the conventional packaging. The growing consumer preference towards environmental friendly and sustainable products is anticipated to drive the global sustainable packaging market. Manufactures are using the sustainable packaging as a corporate marketing strategy primarily to differentiate from the rest of the competition. The benefits for manufacturers such as long terms value preposition through lowering the operational cost by recycling and reuse is anticipated to catalyze the demand for sustainable packaging, thus supporting sustainable packaging market. On the other hand the global sustainable packaging market is yet to mark its position in emerging markets where a stringent ecosystem is yet to be developed by policy makers regarding the use of sustainable packaging.
The major opportunity for the global sustainable packaging market lies in reducing the operational cost of recycling and collecting the packaging. Another major opportunity for the global sustainable packaging market is to increase the product categories in different application segments especially in consumer packaging segment.
Global sustainable packaging market is segmented on the basis of the material, type of packaging, application and region. On the basis of material the global sustainable packaging market is segmented into paper & paperboard, glass plastic, and metal. The paper and paper board is anticipated to be the major contributor in the material segment. On the basis of type of packaging the global sustainable packaging market is segmented into flexible packaging, rigid packaging and packaging accessories. The flexible packaging and rigid packaging is further classified as primary packaging and secondary packaging. On the basis application the global sustainable packaging market is segmented into food and beverages packaging, pharmaceutical and healthcare packaging, industrial goods packaging and others.
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On the basis of region the global sustainable packaging market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA) and Latin America. Asia is anticipated to be the leading growing market for the global sustainable packaging market primarily driven by large consumer base and growing per capita expenditure. Followed by Asia, Europe is anticipated to be the major contributor for the global sustainable packaging market. North America due to its stringent government laws and regulations as well as consumer preferences is anticipated show major growth in global sustainable packaging market. Followed by North America, the Latin America is projected to grow as significant pace. The Middle East and Africa is anticipated to show sluggish growth in global sustainable packaging market.
Some of the key participants of the global sustainable packaging market are Amcor Ltd, Crown Holdings, Bemis, Ball Corporation, Anchor Packaging, Tetra Pak International S.A., Silgan Holdings, Inc.,Reynolds Group, Genpak and others.
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