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:
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.
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.
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.
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.