NOIDA, India, Sept. 27, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Sustainable Packaging Material Market is expected to grow at a CAGR of around 8% and witness incremental growth of around USD 85 billion between 2022-2028. The analysis has been segmented into Material Type (Paper & Paperboard, Plastic, Metal, Glass); Process (Recycled, Reusable, Degradable); End-User (Pharmaceutical & Healthcare, Food & Beverage, Others); Region/Country.
The Sustainable Packaging Material market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Sustainable Packaging Material market. The Sustainable Packaging Material market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Sustainable Packaging Material market at the global and regional levels.
The growth in the e-commerce sector and the government’s initiative to reduce packaging waste coupled with the rising demand for packaging materials from the food & beverage sector are some of the factors helping the development of the sustainable packaging industry. The packaging helps to sell the product by providing excellent brand value and protection for the product. As a result, businesses use packaging extensively for market production and consumer demand. Packaging use and disposal practices have a detrimental effect on the environment. In order to maximize the value of the product while also protecting the environment, manufacturers are creating sustainable packaging. The total expansion of the sustainable packaging sector is presented with a lucrative opportunity by the growing public awareness of environmental effects.
The Sustainable Packaging Material Market is expected to grow at a steady rate of around 8%. Growing customers’ awareness about the harmful impact of packaging materials on the environment plays a very important role in the growth of sustainable packaging materials. When buying a product today, buyers consider a number of aspects such as the product’s value and concerns like sustainability, environmental effects, product pricing, and many more. Such consumer awareness is promoting the overall expansion of the sustainable packaging sector.
In addition, the leading industry players are actively taking steps toward environmental protection. For instance: Nestle has pledged an investment of more than USD 2 billion to transform virgin plastic into food-grade and recyclable packaging The funding has been extensively used to increase the market for sustainable packaging.
Some of the major players operating in the market include BASF SE, Amcor Plc, Westrock Company, Sonoco Products Company, TetraPak International SA, Sealed Air Corporation, Mondi PLC, Ball Corporation, Ardagh Group SA, Smurfit Kappa Group PLC.
The industrial sector and manufacturing industries have experienced a severe economic shock as a result of the COVID-19 epidemic. Numerous industrial sectors have been severely impacted by the decreased worker force and the restricted access to the raw materials used in manufacturing. However, the demand for food and drinks as well as the pharmaceutical sector was rising, which aided in the sustainable packaging sector’s overall expansion.
The global Sustainable Packaging Material market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on process, the market is segmented into recycled, reusable, and degradable. The recycled category witnessed a higher CAGR during the forecast period. Increased use of recycled content packaging by companies aiming to demonstrate environmental sustainability and differentiate their products, combined with increased collection and processing capacity, would promote gains in recycled content packaging.
On the basis of end-users, the market is categorized as pharmaceutical & healthcare, food & beverage, and others. Among these, the food & beverage segment to hold a significant share in the market in 2020. The expansion is attributable to the appeal of environmentally friendly packaging, which has led to the large adoption of compostable and moulded pulp packaging by fast food chains, casual dining establishments, and restaurant chains. Moreover, the growing demand for sustainable packaging from FMCG goods, dairy products, beverages, and other items is adding pace to the market growth.
Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. The initiatives from the e-commerce sectors in the Asia-pacific region are also propelling the sustainable packaging market value in recent years. For instance, a leading e-commerce organization named SF express which is based in China was determined to reuse the packaging materials for overtimes and support the growth of the sustainable packaging market growth. The e-commerce sector has started to adopt packaging cartons from the urban regions and 1st tier and 2nd tier cities.
The major players targeting the market include
Sonoco Products Company
TetraPak International SA
Sealed Air Corporation
Ardagh Group SA
Smurfit Kappa Group PLC
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Sustainable Packaging Material market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the sustainable packaging material market?
Which factors are influencing the sustainable packaging material market over the forecast period?
What are the global challenges, threats, and risks in the sustainable packaging material market?
Which factors are propelling and restraining the sustainable packaging material market?
What are the demanding global regions of the sustainable packaging material market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?
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Sustainable Packaging Material Market Report Coverage
Accelerate at a CAGR of over 8%
Incremental Growth (2022-2028)
USD 85 billion
North America, Europe, APAC, Rest of World
Major contributing region
APAC to Witness Highest Growth in the Sustainable Packaging Material Market
Key countries covered
United States, Canada, Germany, United Kingdom, Italy, Spain, France, China, Japan, and India
BASF SE, Amcor Plc, Westrock Company, Sonoco Products Company, TetraPak International SA, Sealed Air Corporation, Mondi PLC, Ball Corporation, Ardagh Group SA, Smurfit Kappa Group PLC.
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling
By Material Type; By Process; By End-User; By Region/Country
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
Source: Yahoo Finance