A recent report published by Infinium Global Research on sustainable packaging market provides in-depth analysis of segments and sub-segments in global as well as regional sustainable packaging market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional sustainable packaging market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global sustainable packaging market. According to a report, the global sustainable packaging market is projected to grow at a CAGR of 5.1% over the forecast period of 2018-2024.
Packaging is a set of activities used for safe, secure, and effective storage, transportation and distribution of goods or products inside it. Today, consumers are purchasing more products as compared to ten years back. All these products come with attractive packaging, which consumers throw after the consumption or application of goods/products inside it. This trend is badly influencing the environment and living being. The conventional packaging material as glass, plastic is non-bio degradable, and pollute the land, water, and air. This is impacting the living being, soil fertility, and natural water cycle. Now, consumers are demanding sustainable packaging material that has a very less adverse impact on the environment and living being. The companies are adopting the sustainable packaging material for the packaging purpose, to respond to customer demand.
Sustainable packaging is a new innovative concept in the packaging industry. It has a very less adverse impact on the environment, and its people. The term sustainable imply that it is environment-friendly. The sustainable packaging is healthy, beneficial and safe for individual and communities throughout its lifetime. These are manufactured, recycled using renewable energy. These packaging products help to efficiently use renewable or recycled material. Additionally, the application of sustainable packaging material helps to reduce the carbon footprint. The weight of packaging material is directly related to the amount of energy required to produce it, and CO2 emitted in the environment. The conventional packaging material is heavy and bulky, and required a large amount of conventional energy and scare resources. Hence, switching to the lighter weight material helps to reduce the amount of CO2 released in the environment. The application of sustainable packaging material helps to reduce the carbon footprint in the environment. Additionally, it provides more storage and more space for storage of products during transportation and takes less shelf-space in the shop. These packaging material are non-toxic, biodegradable and allergy free. These are biodegradable in nature, does not have an adverse impact on the environment.
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 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.
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.
The report on 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.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
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.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global sustainable packaging market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into 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 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 insight into 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.