DUBLIN--(BUSINESS WIRE)--Mar 20, 2023--
The "Sustainable Packaging Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 To 2031" report has been added to ResearchAndMarkets.com's offering.
The global sustainable packaging market is expected to expand at a CAGR of 8.5% during the forecast period of 2023 to 2031.
The market expansion is attributable to the government's stringent laws on sustainable development and the packaging industry's rising need for recycled packaging materials. The production and use of packaging that enhances sustainability are referred to as sustainable packaging. It relies heavily on life cycle analyses and inventories to guide packaging selections and reduce its environmental impact.
Benefits offered by sustainable packaging products such as strength, transparency, insulation, and water resistance, the growing use of sustainable packaging in industries such as healthcare, pharmaceutical, automobile, nutraceuticals, and fashion, the increase in global plastic pollution, the use of a wide range of sustainable packaging products by modern agricultural practices to increase productivity, and the ability of sustainable packaging to preserve a product's integrity are all discussed.
However, the high cost of raw materials hinders the expansion of the global market. In contrast, increased demand from end-use sectors, less reliance on petroleum resources, and advances in research and development (R&D) will create new growth prospects for the global industry in the future years.
Stringent Environmental Regulations to Boost the Market Growth
Beijing regulations and the possibility of a ban on conventional plastics, such as single-use non-biodegradable plastics such as cutlery, plastic bags, and packaging, have been motivated by environmental pollution concerns. As a result, manufacturers have also been focusing on expanding the usage of corn, sugar, and other crops in the production of biodegradable plastics.
Jilin Province and the tropical island of Hainan will adopt further prohibitions on single-use plastics and non-biodegradable food service goods by mid-2021, it was revealed. In 2021, for instance, Maine was the first U.S. state to pass a law-making firm responsible for packaging trash. Manufacturers will be responsible for the recycling and disposal of plastic containers, cardboard, and non-recyclable packaging under the Extended Producer Responsibility program. Later, Oregon became the second state in the U.S. to pass a packaging law.
Changing Consumer Behaviour to Lead to Market Expansion
According to a recent poll conducted by Capgemini on sustainability and transforming consumer behavior, 79% of consumers are altering their purchase patterns mostly owing to social responsibility, inclusion, and environmental effect. In addition, 53% of consumers and 57% of those between the ages of 18 and 24 have switched to lesser-known brands because they are more environmentally friendly. A bit more than 52% of customers claimed to have an emotional connection with sustainable companies or organizations.
Increasing Consumer Awareness to Escalate Market Revenues
Before purchasing a product, consumers assess a variety of things, including the brand image and packaging designs of the company. Consumers are aware of sustainable products and their significance in environmental protection as a result of government awareness initiatives and legislation. Numerous businesses face severe criticism from various consumer groups regarding their packaging practices and are under pressure to implement sustainable packaging alternatives.
Trends In Compact Packaging and Green Packaging to Favor Market Expansion
The increasing attention of key companies on packaging reduction to lower production costs is expected to boost market growth. For example, Rene just introduced (the Fab 5 Collection) with five various lip colors in a single tube, which not only expands the range of products available to clients but also minimizes the number of raw materials utilized in packaging. In addition, ladies favor it because of its compact packaging, which allows them to carry fewer products while receiving a greater variety.
Green packaging is a growing global trend that manufacturers must follow to remain competitive in the market. Typically, FMCG businesses conduct downsizing strategies to reduce their raw material prices. This feature will promote market expansion during the forecast period. Manufacturers of personal care products are changing their focus to eco-friendly options by minimizing the number of raw materials utilized in product packaging. This is a result of evolving consumer packaging sustainability attitudes.
Corporate Strategies to Embrace Sustainable Packaging to Open Significant Opportunities
Diverse food service providers are substituting single-use plastic straws, closures, lids, caps, cups, and food trays with paper or compostable alternatives. This effort is anticipated to generate substantial growth prospects throughout the foreseeable future. To advance their green ambitions, companies such as Unilever and Procter & Gamble have begun incorporating post-consumer recycled plastics into their packaging solutions. Shortly, such measures are anticipated to present prospective growth prospects for the key companies.
Government Subsidies Across the Globe to Pave Way to New Opportunities
As governments around the world are aware of the challenges posed by environmental issues, numerous efforts and legislation have been enacted to promote producers of sustainable packaging. Government efforts that provide subsidies to package makers, particularly in industrialized nations, offer market participants lucrative chances to increase their existing production output. As a result of these government measures, significant market participants have begun investing in the creation of various recycling programs for waste packaging materials generated by industries and commercial establishments.
APAC Continues to be the Global Leader
Based on region, Asia-Pacific was the largest market in 2021, accounting for more than two-fifths of the worldwide sustainable packaging market share, and is anticipated to continue to lead the pack during the forecast period. The same segment is anticipated to exhibit the highest CAGR over the projection period, at 7.8%. In the Asia-Pacific region, urbanization has facilitated the expansion of the sustainable packaging market. In addition, the presence of big manufacturing enterprises, primarily in the healthcare, pharmaceutical, and cosmetic sectors, contributes to the expansion of the regional market.
The largest Chinese e-commerce sites and expedited shipping companies have actively reduced their use of packaging materials. SF Express, for instance, utilized recyclable packing cartons that can be recycled approximately ten times on average. In domestic first-tier and numerous second-tier cities, the company has adopted more than one hundred thousand of these boxes, mostly to replace paper boxes and plastic bags and to reduce the use of foam blocks and tape. The company noted that its activities are in response to the need for sustainable growth in the logistics industry.
The Intensity of Competition to Rise During the Forecast Period
The global market for sustainable packaging is quite fragmented and therefore significantly competitive.
In April of 2022, WestRock Company announced a partnership with Recipe Unlimited to adopt a series of recyclable paperboard packaging to divert 31 million plastic containers annually from Canadian landfills. In October 2021, the package became available at all Swiss Chalet restaurants. In April 2022, Sealed Air announced a partnership for an advanced recycling program centered on recycling flexible plastics from the food supply chain and recreating them into new certified circular food-grade packaging.
Market Segmentation
Packaging Form
Packaging Type
Material
Process
End User
Key Topics Covered:
1. Preface
2. Executive Summary
3. Sustainable Packaging Market: Competitive Analysis
4. Sustainable Packaging Market: Macro Analysis & Market Dynamics
5. Sustainable Packaging Market: By Packaging Form, 2021-2031, USD (Million)
6. Sustainable Packaging Market: By Packaging Type, 2021-2031, USD (Million)
7. Sustainable Packaging Market: By Material, 2021-2031, USD (Million)
8. Sustainable Packaging Market: By Process, 2021-2031, USD (Million)
9. Sustainable Packaging Market: By End User, 2021-2031, USD (Million)
10. North America Sustainable Packaging Market, 2021-2031, USD (Million)
11. UK and European Union Sustainable Packaging Market, 2021-2031, USD (Million)
12. Asia Pacific Sustainable Packaging Market, 2021-2031, USD (Million)
13. Latin America Sustainable Packaging Market, 2021-2031, USD (Million)
14. Middle East and Africa Sustainable Packaging Market, 2021-2031, USD (Million)
15. Company Profile
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/8k9lck
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230320005388/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD:
INDUSTRY KEYWORD: SUSTAINABILITY PACKAGING ENVIRONMENT MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2023.
PUB: 03/20/2023 06:24 AM/DISC: 03/20/2023 06:24 AM
http://www.businesswire.com/news/home/20230320005388/en