Sustainable Packaging Industry is expected to grow at 7% CAGR till forecast 2023
Sustainable Packaging Industry Overview
Reusable packaging, recycled content packaging, and degradable packaging are the major types of global Sustainable Packaging Industry. Among all these, recycled content packaging dominated the global Sustainable Packaging Industry. It accounted for significant share of the total market. In addition, reusable packaging was the second largest type of sustainable packaging.
Key Players
The key players of global Sustainable Packaging Industry includes
- Amcor Limited (Australia)
- Silgan Holdings Inc.( U.S.)
- Bemis Company Inc.( U.S.)
- Sonoco Products Company (U.S.)
- Mondi plc.( Austria)
- The Dow Chemical Company(U.S.)
- Stora Enso Oyj(Finland)
- BASF SE (Germany)
- Genpak
- LLC(North Carolina)
- DS Smith Plc.( U.K.)
- Smurfit Kappa Group Plc.(Dublin) and others.
Market Research Analysis
The increasing environmental consciousness, is the key factor that is driving the Sustainable Packaging Industry. The use of non-biodegradable plastics, causes various harmful effects on the environment such as landfill, soil pollution, and loss of the soil fertility. Stringent regulations are, thus, implemented by the government to improve the conditions of the environment. There are certain regions where the use of plastic bags is completely banned, thus triggering the growth of the Sustainable Packaging Industry.
Market Segmentation
The global Sustainable Packaging Industry is segmented on the basis of Packaging Type (Tubes, Bags & Pouches, Corrugated Box and others), Material (Paper & Paperboard, Glass, Metal, Plastic), Process (Degradable Packaging, Recycled Packaging, Reusable Packaging), by Application (Personal Care, food & Beverages, Pharmaceutical and others) and by geography (North America, Europe, Asia Pacific, RoW) MRFR analysts observed that the Asia Pacific market, especially in China, is the fastest-growing segment, even though the market is led by Europe, currently.
Regional Analysis
Geographically, Asia Pacific is expected to be a leading revenue contributor throughout the forecast period. Europe and North America will also account for a large combined share in the revenue. North America accounted for second largest market in sustainable packaging owing to stringent environmental regulations taken by government for the environmental safety.
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