Sustainable Packaging Market Projected to Reach $518.5 Billion by 2031
Meticulous Research®—a
leading global market research company, published a research report titled, ‘Sustainable Packaging
Market by Type (Recyclable, Reusable,
Degradable), Material (Plastic, Paper & Paperboard, Bamboo, Metal, Others),
Layer (Primary, Others), Sector (F&B, Automotive, Cosmetic & Beauty,
Others), & Geography - Global Forecast to 2031.
Download Free Sample Report@ https://www.meticulousresearch.com/download-sample-report/cp_id=5935?utm_source=pdf&utm_medium=social&utm_campaign=product&utm_content=01-07-2024
According
to the latest publication by Meticulous Research®, the global sustainable
packaging market is projected to reach $518.5 billion by 2031, growing at a
CAGR of 6.9% from 2024 to 2031. This growth is driven by government policies
promoting eco-friendly packaging and a shift in consumer preferences towards
environmentally friendly products. However, the high cost of sustainable
packaging remains a challenge for market growth.
The
increase in e-commerce sales, the rising emphasis on sustainability among
companies, and the growing focus on promoting a circular economy are expected
to create opportunities for stakeholders. However, concerns about durability
and product lifecycle, along with inadequate recycling practices and
infrastructure, pose challenges to market growth. The emergence of sustainable
packaging alternatives is a notable trend in this market.
Market
Segmentation and Dynamics:
By
Type:
The
market is segmented into recyclable packaging, reusable packaging, and
degradable packaging. In 2024, recyclable packaging is expected to account for
the largest share, over 57%, driven by the widespread use of recyclable
materials in packaging to conserve resources, reduce emissions, and decrease
landfill waste. Major companies like Nestlé S.A., Hindustan Unilever Limited,
and The Coca-Cola Company are actively adopting recycling strategies. The
degradable packaging segment is expected to record the highest CAGR, driven by
the increasing demand for degradable packaging formats such as bags, boxes, and
pouches.
By
Material:
The
market is segmented into paper & paperboard, plastic, metal, glass, wood,
bamboo, and other materials. In 2024, the paper & paperboard segment is
expected to account for the largest share, over 42%, driven by its use in food
packaging across restaurants and the demand for corrugated cardboard, folding
boxes, and cartons in e-commerce. Companies are introducing recyclable paper
& paperboard packaging solutions, such as AB Electrolux’s recycled and
paper-based packaging. The bamboo segment is projected to register the highest
CAGR, driven by its eco-friendly, renewable, and biodegradable properties.
By
Layer:
The
market is segmented into primary, secondary, and tertiary layers. In 2024, the
primary segment is expected to account for the largest share, over 46%, driven
by consumers' preference for eco-friendly packaging, the use of sustainable
packaging in primary packaging, and the demand for primary packaging in the
food & beverage and pharmaceutical sectors. The primary segment is also
projected to register the highest CAGR, driven by the focus on sustainable
packaging and the growth of e-commerce.
By
Geography:
In
2024, Asia-Pacific is expected to account for the largest share, over 44%,
driven by consumer awareness about sustainable packaging, demand for food &
beverage packaging, and the presence of manufacturers in the region. The
Asia-Pacific region is also projected to register the highest CAGR, 8.0%,
driven by urban population growth, rising disposable incomes, increased
e-commerce spending, government regulations, evolving consumer preferences, and
environmental concerns.
Key
Players:
Key
players in the sustainable packaging market include Mondi plc, Amcor plc, Tetra
Pak International S.A., Sealed Air Corporation, Ball Corporation, Crown
Holdings, Inc., Smurfit Kappa Group plc, Berry Global Group, Inc.,
International Paper Company, Huhtamäki Oyj, Sonoco Products Company, Elopak AS,
DS Smith Plc, ECOPACKABLES, and Better Packaging Co. These companies are
driving innovation and shaping market dynamics.
About Meticulous
Research®:
Meticulous Research® was founded in 2010 and
incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private
limited company under the Companies Act, 1956. Since its incorporation, the
company has become the leading provider of premium market intelligence in North
America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services,
strengths, and values. Since the inception, we have only thrived to research,
analyze, and present the critical market data with great attention to details.
With the meticulous primary and secondary research techniques, we have built
strong capabilities in data collection, interpretation, and analysis of data
including qualitative and quantitative research with the finest team of
analysts. We design our meticulously analyzed intelligent and value-driven syndicate
market research reports, custom studies, quick turnaround research, and
consulting solutions to address business challenges of sustainable growth.
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Comments
Post a Comment