Apr, 2023 - By CMI
The expansion of the market for sustainable packaging is primarily being driven by increasing government measures to limit the amount of plastic waste dumped in landfills. For instance, Maine was the first US state to pass legislation holding businesses accountable for packaging waste in 2021. Manufacturers will be responsible for covering the expenses of recycling and disposing of plastic containers, cardboard, and non-recyclable packaging under the Extended Producer Responsibility programme. The second American state to enact a packaging law was later Oregon. Once more, it is anticipated that leading competitors' increased attention on packaging reduction to lower production costs will boost market growth. Also, due to its compact packaging it is highly opted by women as they get to carry less product while getting better variation.
The Global Sustainable Packaging Market size was valued at USD 227.32 Bn in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 7.55% from 2022 to 2030.
Prominent Players in the Sustainable Packaging Industry:
1. Amcor Limited
Amcor plc develops, produces, and sells packaging products. Amcor plc was incorporated in 2018 and is headquartered in Zürich, Switzerland. In Jan, 2023 Amcor a global leader in developing and producing responsible packaging solutions, announced it has entered into an agreement to acquire Shanghai-based MDK.
2. Sonoco Products Company
Sonoco Products Company, together with its subsidiaries, manufactures and sells industrial and consumer packaging products Sonoco Products Company was founded in 1899. The company is headquartered in Hartsville, South Carolina and is operations in 33 countries. In November, 2022 Sonoco ThermoSafe, a unit of Sonoco and one of the largest global providers of temperature assurance packaging, and LATAM Cargo, an international cargo airline with headquarters in Santiago de Chile, announced a global lease agreement for the new Pegasus ULD® temperature-controlled bulk shipping container.
3. BASF SE
Founded in 1865 and based in Germany, BASF is the world's largest chemical company, with products spanning the full spectrum of commodities to specialties. In addition, the company is a strong player in agricultural crop protection chemicals and emissions control catalysts for cars and trucks.
4. Genpak LLC (Great Pacific Enterprises Inc.)
Founded in 1969, Genpak is the industry leader in food packaging manufacturing and 19 facilities throughout the United States and Canada with our corporate headquarters located in Charlotte, NC.
5. Westrock Company
WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia, and Australia. The company is based in Atlanta, Georgia.
6. TetraPak International S.A.
Tetra Pak International SA was founded in 1943. The company's line of business includes providing various business services. It has headquarters situated in Pully/Lausanne, - Case Postale. In November, 2022 Tetra Pak announces its collaboration with Fresh Start, a leading food technology incubator that works with a portfolio of start-ups to provide technological solutions to some of the challenges facing the global food systems.
7. Smurfit Kappa Group PLC
Smurfit Kappa Group plc, together with its subsidiaries, manufactures, distributes, and sells containerboard, corrugated containers, and other paper-based packaging products in the Americas and Europe. Smurfit Kappa Group plc was founded in 1934 and is headquartered in Dublin, Ireland.
8. Sealed Air Corporation
Sealed Air Corporation provides packaging solutions in the Americas, Europe, the Middle East, Africa, Asia, Australia, and NewZealand. It operates through two segments, Food and Protective. Sealed Air Corporation was incorporated in 1960 and is headquartered in Charlotte, North Carolina.
9. Mondi PLC
Mondi plc engages in the manufacture and sale of packaging and paper products in Africa, Western Europe, Emerging Europe, Russia, North America, South America, Asia, and Australia. Mondi plc was founded in 1967 and is based in Weybridge, the United Kingdom. In January, 2023 Mondi plc (‘Mondi’) confirms that it has completed the acquisition of the Duino mill near Trieste (Italy) from the Burgo Group for a total consideration of €40 million.
10. Ball Corporation
Ball Corporation supplies aluminum packaging products for the beverage, personal care, and household products industries in the United States, Brazil, and internationally. Ball Corporation was founded in 1880 and is headquartered in Westminster, Colorado.
*Definition- Sustainability is becoming more and more crucial. Consumers of today are vociferous about wanting eco-friendly brands. In fact, if Millennials and Generation Z perceive a brand to be showing a commitment to environmental health, they are more inclined to transfer companies.