AMCR - Sustainable packaging Market is to Reach USD 190.8 Bn by 2031 at a CAGR of 6.8% During 2022-2031: Market.US
Sustainable packaging is an important concept in the modern world, as it can help to reduce environmental damage and reduce waste. Sustainable packaging refers to materials and processes that are environmentally friendly throughout their entire life cycle. It includes the design, production, use and disposal of a product in order to minimize its ecological footprint.
The sustainable packaging market is booming due to increased awareness of environmental issues and growing demand for more eco-friendly products. Consumers are increasingly considering sustainability when making purchasing decisions and companies are responding by using sustainable materials, such as bioplastics or recycled materials, which break down easily into natural elements without releasing toxins into the environment. Companies also strive to reduce packaging waste by using less material overall or designing packages with features like reusable components or energy efficiency ratings. All these factors contribute to making sustainable packaging both economically viable and ecologically sound.
The global sustainable packaging market was valued at USD 93.8 million in 2021 . The industry’s potential value is USD 190.8 billion by 2031. It is expected to grow at 7.7% CAGR from 2022-2031.
To drive market growth, drivers are the rising demand for sustainable food packaging
There is a lot of demand for green food packaging because it has many benefits such as being biodegradable, bioplastics, biopaper & plastics, and plant-based biomaterials. Convenience foods will continue to grow due to the increasing demand for sustainable packaging in the consumer packaged goods industry. The recent advances in sustainable packaging such as edible packaging made from materials that have a high focus on reducing carbon footprint and waste, are attractive to both customers and producers, thereby boosting future market growth. Customers have been influenced by food technology to gravitate towards convenience foods. These technologies are able to quickly provide comfort food and can be used to support the expansion of convenience food industries. This will help to boost the global green packaging market’s growth over the forecast period.
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Restraints: Environmental concerns are putting a damper to the demand for sustainable packaging solutions.
Packaging solutions can pose environmental problems, including the use of biodegradable and compostable additives, as well as recycling concerns. The Institute of Scrap Recycling Industries (ISRI) presented several clarifications and new policies regarding the use of biodegradable additives in the packaging in 2023. The paper stressed that degradable chemicals are not fully evaluated and that we don’t know how much harm they could cause to the environment or human health. Many restaurants and public places are now using fibre containers and bowls to encourage composting. These packaging is not biodegradable because it contains fluorinated materials. Biodegradable products have been linked to unreliable suppliers. Some palm fiber packaging has been shown to contribute to the destruction and destruction of rainforest habitats. These limitations will limit the market’s growth in the coming years.
Sustainable Packaging Industry Competitor Analysis:
Here are the main key players in the market
- Amcor (Ticker:AMCR)
- Bemis Company
- Tetra Laval International S.A.
- Mondi PLC (Ticker:MNDI)
- WestRock Company (Ticker:WRK)
- BASF (Ticker:BAS)
- Sonoco Products Company (Ticker:SON)
- Smurfit Kappa Group PLC (Ticker: SK3)
- Sealed Air Corporation (Ticker:SEE)
- Huhtamaki OYJ (Ticker:0K9W.IL)
Segmentation based on the type of market:
- Paper & Paperboard
- Plastic
- Metal
- Glass
- Other
According to the application market, it is divided into:
- Food & Beverage
- Healthcare
- Other
Industry Trends
A major market trend in sustainable packaging is the demand for eco-friendly and green packaging solutions that reduce the environmental impact of non-degradable materials like plastic. Food & beverage packaging, personal hygiene, and medicine have all shown great interest in sustainable packaging.
Many investors are interested in sustainable packaging technologies because they use less energy and easily degradable materials. Sustainable packaging market growth is also driven by the need to reduce greenhouse gas emissions and the use of fossil fuels. Investing in the market is important due to rising efforts to make biodegradable products, which focuses on materials that are resistant to heat and moisture.
FREQUENTLY ASKED QUESTIONS?
Q1. What are the main factors driving sustainable packaging market growth?
Q2. What is the market value for Sustainable packaging over the 2023-2033 forecast period?
Q3. Who are the major players in the global Sustainable packaging market?
Q4. Which industry is expected to grow the Sustainable Packaging Market demand?
Q5. Which segments are included in the Sustainable Packaging Market Report?
Q6. What is the Main Driver of Sustainable Packaging Market?
Q7. How will the COVID-19 pandemic affect the Sustainable Packaging market in 2023?
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