Sustainable Packaging Market Size, Share and Growth Factors Study
Sustainable Packaging Market Application
Paper and paperboard dominated in 2021, with the "others" segment projected to witness the fastest CAGR.
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- The global sustainable packaging market, as per a report from Allied Market Research, demonstrated robust growth, generating $93.6 billion in 2021 and is projected to reach $190.6 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 7.4% from 2022 to 2031. The report provides comprehensive insights into evolving market trends, key segments, investment opportunities, value chains, regional dynamics, and competitive landscape. It serves as a valuable resource for market players, newcomers, investors, and stakeholders in formulating future strategies and bolstering their market position.
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Key Highlights:
- Market Size (2021): $93.6 Billion
- Market Size (2031 Projection): $190.6 Billion
- CAGR (2022-2031): 7.4%
- No. of Report Pages: 347
- Segments Covered: Material Type, Packaging Type, End Use, and Region
Drivers:
- Increasing environmental awareness among consumers
- Rising demand for eco-friendly packaging, particularly in organic food sectors
Opportunities:
- Growth prospects in bio-based PVC development
- Advancements in technology for sustainable plastic packaging integration
Restraints:
- Competition from non-biodegradable plastic bags due to lower costs
- Challenges in balancing sales volume and production capacity for packaging companies
COVID-19 Impact:
- Moderate impact initially due to production halts during lockdowns
- Subsequent growth driven by increased consumption across various industries like food & beverage, healthcare, cosmetics & personal care, and e-commerce
- Surge in usage of flexible, rigid plastics, and corrugated packaging during the pandemic, especially in healthcare for items like flexible blister foils and rigid plastics for essential supplies
Market Segmentation:
- Material Type: Paper and paperboard dominated in 2021, with the "others" segment projected to witness the fastest CAGR.
- Packaging Type: Rigid packaging held the largest market share in 2021, while flexible packaging is expected to register the fastest growth.
- End Use: Food and beverage constituted the largest segment in 2021, with healthcare and pharmaceuticals expected to grow at the fastest rate.
- Region: Asia-Pacific led the market in 2021 and is anticipated to maintain its dominance, with the highest CAGR forecasted.
Key Players:
Leading companies include Amcor plc, Ardagh Group S.A., Ball Corporation, BASF SE, Crown Holdings, Inc., DS Smith Plc, Elopak AS, Emerald Packaging, Mondi Plc, Nampak Ltd., Plastipak Holdings, Inc., Sealed Air Corporation, SGF Packaging Co., Ltd., Smurfit Kappa Group Plc, Sonoco Products Company, Tetra Pak, and WestRock Company.
These players have adopted various strategies such as expansion, new product launches, and partnerships to enhance market penetration and fortify their industry foothold. The report provides insights into their business performance, product portfolio, and developments.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/sustainable-packaging-market/purchase-options
David Correa
Allied Market Research
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