Sustainable Packaging Market Soars at US$ 490.5 Billion by 2034: Adoption of Sustainable Packaging Solutions Rising with Advancements in Material Science | Future Market Insights, Inc.
It is anticipated that the sustainable packaging sector in North America will command nearly a quarter of the global market share in 2024. The United States currently leads the market and is foreseen to maintain its dominance throughout the forecast period, with a projected growth rate of 4.1% CAGR until 2034.
NEWARK, Del, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The sustainable packaging market value is expected to be US$ 285.3 billion in 2024. The industry is expected to witness steady growth over the next ten years, rising at a CAGR of 5.8%. By the end of this forecast period, the demand for sustainable packaging materials and solutions is forecasted to be US$ 490.5 billion.Sales of sustainable packaging solutions are being driven by increasing consumer demand for eco-friendly products, rising awareness about the harmful effects of plastic packaging, and stringent government regulations. The industry also saw a surge in innovation and research activities aimed at developing new sustainable materials and packaging solutions in the last decade.
The market is anticipated to be primarily driven by factors such as the development of new sustainable materials and packaging solutions, the increasing adoption of circular economy principles, and the growing popularity of eco-friendly packaging among e-commerce sellers.
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*Key Takeaways from the Sustainable Packaging Market Study Report*
· The adoption of sustainable or eco-friendly packaging solutions is likely to surge at a 4.1% CAGR through 2034.
· Germany is the leading supplier of sustainable packaging materials in Europe and is likely to grow at a 4% CAGR by 2034.
· A higher consumption of eco-packaging materials in the United Kingdom is likely to drive the regional industry at 5.4% from 2024 to 2034.
· China dominates Asia in the production of recyclable packaging products and is poised to thrive at 7.1% CAGR through 2034.
· India is emerging as a promising market with an estimated CAGR of 7.6% from 2024 to 2034.
· Based on the material type, the use of paper and paperboard packaging is rising and is estimated to capture 38.2% of global sales in 2024.
· Sales of sustainable bags are higher than other packaging types and are estimated to contribute to a 25.4% revenue share in 2024.*“Public research institutions and privately owned companies are engaging in research and development activities driven by the continued growth in demand for green packaging solutions across various industries. So, the coming decade is expected to witness a surge in the adoption of bio-plastics, paper-based packaging, and reusable packaging solutions**,**” **says Ismail Sutaria, Principal Consultant in Furutre Market Insights.*
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*Competitive Landscape *
The competition in the sustainable packaging industry is intense as many global as well as regional industries cropped up after the pandemic. However, a few leading players with higher capital for more innovations in sustainable packaging are anticipated to hold a considerable share of the global revenue.
*Recent Developments by the Sustainable Packaging Industry Players*
· In March 2023, Electrolux Group introduced a packaging material made of paper and recycled materials to lessen its impact on the environment. This paper-based material is Forest Stewardship Council-certified and is used in the Expanded PolyStyrene (EPS)-free packaging and has a four-color print that requires 70% less ink.· In April 2023, Huhtamaki announced the launch of sustainable flexible packaging technology to provide a unique combination of best-in-class protection, full recyclability, and affordability. Huhtamaki, a leading global packaging solutions provider, claims to have redefined packaging by using science to develop ground-breaking mono-material technology.
*Report Scope*
*Attribute* Details
*Estimated Market Size (2024)* US$ 285.3 billion
*Projected Market Size (2034)* US$ 490.5 billion
*Anticipated Growth Rate (2024 to 2034)* 5.8 %
*Forecast Period* 2024 to 2034
*Historical Data Available for* 2019 to 2023
*Market Analysis* US$ million or billion for Value and Units for Volume
*Key Regions Covered* North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania
*Key Countries Covered* United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
*Key Segments Covered* By Material Type, By Packaging Type, By Distribution Channel, By End Use Verticals, and By Region
*Key Companies Profiled* · Amcor Plc
· Stora Enso Oyj.
· Berry Global Inc.
· Huhtamaki Oyj.
· WestRock LLC
· DS Smith Plc
· The Mondi Group plc
· International Paper Company
· Detmold Group
· Sealed Air Corporation
· Dart Container Corporation
· Duni AB
· Vegware Ltd.
· Pactiv LLC
· RKW Group
· Novolex Holdings, Inc.
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*Market Segmentations:*
*By Material Type:*
· Paper & Paperboard
· Coated Unbleached
· Bleached Paperboard
· Molded Fiber Pulp
· Kraft Paper
· Corrugated Board/Boxboard
· Plastic
· Poly Lactic Acid (PLA)
· Polybutylene Succinate (PBS)
· Polyhydroxyalkanoates (PHAs)
· Starch based Plastics
· Other Plastics (PVA, PVOH, PBAT, etc.)
· Metal
· Steel
· Aluminium
· Glass
· Fabric
· Wood
· Other Materials*By Packaging Type:*
· Bags & Sacks
· Trays & Clamshells
· Cartons & Boxes
· Cans
· Bottles & Jars
· Films & Wraps
· Pouches & Sachets
· Drums
· IBC
· Vials & Ampoules
· Tapes & Labels
· Others (Jerry Cans, Bowls, Cutlery, etc.)
*By Distribution Channel:*
· Manufacturer (Direct Sales)
· Distributors
· Retailers*By End Use:*
· Food
· Bakery & Confectionery
· Dairy
· Fresh Produce
· Snack Food
· Other Processed Food
· Beverages
· Non-alcoholic
· Alcoholic
· Cosmetics & Personal Care
· Chemical
· Healthcare
· Agriculture
· Other Industrial
*By Region:*
· North America Market
· Latin America Market
· Europe Market
· East Asia Market
· South Asia and Pacific Market
· Middle East and Africa (MEA) Market
*Authored By*
Ismail Sutaria (Principal Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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*About Future Market Insights (FMI) *
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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