Sustainable packaging form includes recycled, compostable, and biodegradable packaging material. They have low environmental impact.
Market Statistics:
The Global Sustainable Packaging Market is estimated to account for US$ 227.32 Bn in terms of value by the end of 2021.
Global Sustainable Packaging Market: Drivers
Shifting consumer preferences towards recyclable and eco-friendly packaging products is projected to drive growth of the sustainable packaging market. Rising awareness of the impact on the environment and the need to reduce the dependency on fossil resources are other major factors driving demand for eco-friendly packaging solution.
Global Sustainable Packaging Market: Opportunities
Introduction of bio-plastic by key players is projected to bring significant growth opportunities over the forecast period. For instance, in May 2021, TerraVerdae Bioworks, a performance bioplastics company has announce the global introduction of a new line of PHA-based resins for customer evaluations
Global Sustainable Packaging Market: Restraints
Lack of recycling infrastructures is expected to restrict the sustainable packaging market growth.
Global Sustainable Packaging Market – Impact of Coronavirus (COVID-19) Pandemic:
With the outbreak of COVID-19, many companies have begun shifting away from banning plastic's sustainability goal. Some studies suggested that the virus can be passed on through cardboard and plastic, which resulted in increased usage of single-use materials across the supermarkets to wrap products, like cling film for fruit and vegetables. Contactless delivery has also become a new trend during the COVID-19. Sustainable packaging pioneers were able to adapt to these new criteria such as including Garçon Wines that has seen an unprecedented demand for its contactless supply of climate and letterbox-friendly flat wine bottles.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/sustainable-packaging-market-5203
Key Takeaways:
The global sustainable packaging market was valued at US$ 227.32 Bn in 2021 and is forecast to reach a value of US$ 410 Bn by 2030 at a CAGR of 7.5% between 2022 and 2030
Recycled Packaging segment held dominant position in the global sustainable packaging market in 2020, accounting for 74% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Sustainable Packaging Market Trends:
With the growing popularity of green packaging many packaged food industries are adopting moulded pulp packaging and compostable packaging solution. This will favour the market growth.
Plastic containers are gaining importance among fruits and vegetable vendors as they can be used for a long period and are also convenient for transport and storage.
Global Sustainable Packaging Market: Competitive Landscape
Amcor Limited, Westrock Company, TetraPak International S.A., Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, Mondi PLC, Huhtamaki OYJ, BASF SE, Ardagh Group S.A, Ball Corporation, Crown Holdings, Inc., DS Smith Plc, Genpak LLC, and International Paper Company
Global Sustainable Packaging Market: Recent Developments
- In June 2021, Smurfit Kappa Group plc. announced investment of EUR 24 million to expand its corrugated plant in Rethel, North-East France. The investment will facilitate the consolidation of two existing facilities at that plant and the installation of a new corrugator and conversion equipment.
- In July 2021, Smurfit Kappa Group plc. acquired Cartonbox, a micro corrugated packaging company located in Monterrey, in the north-east of Mexico. This enables the company to expand its operations in Mexico to four locations in the country and strengthening its customer offering.
- In OCT 2021, Smurfit Kappa Group plc. acquired 600,000 tone containerboard mill Verzuolo in Northern Italy for a purchase price of EUR 360 million. This mill complements the company's existing operations and is strategically located close to the port of Savona which delivers significant benefits for the company in logistics and operations.
- In May 2021, Mondi Group to supply new recycled containerboard machine PM19 paper machine) in Ružomberok, Slovakia, that would be used to manufacture Kraft Top White, a sustainable containerboard grade that combines the strength, printability, and appearance benefits of a white fresh fiber top layer with the advantages of a recycled fiber bottom layer.
- In July 2021, Mondi Group partnered with Unilever to jointly develop a recyclable, paper-based packaging solution for Unilever’s Colman’s brand that helps to reduce the amount of plastic and aluminum Mondi’s EcoSolutions approach supports Unilever in its sustainability goal to halve the amount of plastic used in its packaging.
In August 2021, Mondi group launched seven new sustainable corrugated packaging solutions for growing online grocery delivery services across Central Europe. Grocery retailers can deliver a variety of goods, from perishable food to wine bottles, in these fit-for- purpose packaging. All boxes in the eGrocery portfolio are fully recyclable.