Sustainable Packaging Market to 2024: Global Trends, Business Strategies and Opportunities with Key Players Analysis

The latest research report entitled Sustainable Packaging Market (by material (paper & paperboard, plastic), packaging type (trays, bags, boxes, films, pouches & sachets, drums, IBC), application (food, beverages, chemical, pharmaceutical, agriculture and cosmetics, personal care)) provides complete and deep insights into the market dynamics and growth of sustainable packaging.

The latest information on market risks, industry chain structure sustainable packaging cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential sustainable packaging growth factors. According to report the global sustainable packaging market is projected to grow at a CAGR of 5.1% over the forecast period of 2018-2024.

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Sustainable packaging is the development and use of packaging which results in improved sustainability. This involves increased use of life cycle inventory (LCI) and life cycle assessment (LCA) to help guide the use of packaging which reduces the environmental impact and ecological footprint. It includes a look at the whole of the supply chain from basic function, to marketing, and then through to end of life (LCA) and rebirth. The goal of sustainable packaging is to improve the long term viability and quality of life for humans and the longevity of natural ecosystems.

Increasing Environmental Consciousness among the People is the Key Factor That is Driving the Sustainable Packaging Market

The increasing environmental consciousness among the people is the key factor that is driving the sustainable packaging market. The use of non-biodegradable plastics causes various harmful effects on the environment such as landfill, soil pollution, and loss of the soil fertility. Owing to these reasons stringent regulations are implemented by several governments 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 market. The factors that are affecting the market growth in a negative way are the low availability, high price as compared to the plastics packaging. The raw materials that are required such as liquid biofuels, bio-polymers used in films, bio-based monomers, cellulosic and recyclable fiber, and additives are expensive which is affecting the sustainable packaging market.

However, the growth of the market is witnessing few setbacks owing to the high cost of production of sustainable packaging products as compared to conventional packaging products and the lack of awareness by masses, especially in low-income countries. Nevertheless, the market is likely to witness attractive prospects from the initiatives taken by governments in several emerging economies to support environmental-friendly packaging. To this end, they have framed numerous legislations promoting the use of eco-friendly materials in the packaging industry among customers.

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Asia Pacific is the Fastest Growing Region in Terms of CAGR

Geographically, the sustainable packaging market is diversified into regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Asia Pacific is the fastest-growing region in terms of CAGR. The factors that favor for market growth are the large consumer base and the increasing per capita expenditure. The growth in the sustainable packaging market in the North American region is owing to the stringent government regulations and increasing consumer preferences.

Segment Covered

The report on the global sustainable packaging market covers segments such as, material, packaging type, and application. On the basis of material the global sustainable packaging market is categorized into paper & paperboard, plastic and others. On the basis of packaging type the global sustainable packaging market is categorized into trays, bags, boxes, bottles & jars, films, pouches & sachets, drums, IBC and others. On the basis of application, the global sustainable packaging market is categorized into food, beverages, automobile & electronics, chemical, pharmaceutical, agriculture and cosmetics and personal care.

Major Key Players Mentioned in this Premium Report

The report provides profiles of the companies in the global sustainable packaging market such as, Sonoco Products Company, Amcor Limited, Gerresheimer AG, Smurfit Kappa Group PLC, Ball Corporation, Ardagh Group S.A, Crown Holdings, Inc., WestRock LLC, DS Smith Plc and The Mondi Group plc.

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Report Highlights:

The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global sustainable packaging market. Moreover, the IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of the sustainable packaging market.

Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the sustainable packaging market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the sustainable packaging market to understand the present and future trends in this market and formulate their strategies accordingly.