“Sustainable Packaging Market: Global Demand Analysis & Opportunity Outlook 2024”
The global sustainable packaging market is segmented into application such as food and beverages, healthcare packaging, personal care packaging and others. Among these segments, food and beverages segment is believed to mask a significant CAGR by the end of 2024. Likely, robust expansion of food and beverages industry over the globe on the back of increasing adoption of packaged food due busy schedule of the working population is expected to flourish the growth of global sustainable packaging market. In addition to this, population in urban region is more inclined towards fast foods which are also predicted to trigger the market of global food and beverages sustainable packaging in near future.
Global sustainable packaging market is anticipated to seize an exponential CAGR of 7.5% over the forecast period i.e. 2017-2024. Additionally, the market is riding on the back of growing packaging industry along with rising environment concerns. Moreover, the global sustainable packaging market is anticipated to account noteworthy revenue by the end of 2024.
The paper & paperboard segment by material type accounted for the biggest market of sustainable packaging in 2016. In terms of region platform, Asia-Pacific region captured the biggest market of sustainable packaging owing to huge adoption of sustainable packaging on the back of stringent government regulation and guidelines. Moreover, China and Japan are the major countries witnessing the augmented demand for sustainable packaging due to rising adoption of green packaging products. Apart from this, North America and Europe are believed to contribute considerable share in the market of sustainable packaging.
Growing Environmental Concerns
Growing consumer awareness regarding environmental pollution coupled with adoption of eco-friendly products is predicted to be the dynamic factor behind the rapid growth of sustainable packaging market. Furthermore, mounting concerns regarding waste management is also believed to foster the growth of sustainable packaging market.
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Stringent Government Regulation and Guidelines
Stringent government norms for the safety of environment coupled with availability of incentives and support from the government is envisioned to trigger the market of sustainable packaging. In addition to this, various companies have adopted sustainable packaging such as Coco-Cola Great Britain has projected to increase their recycled content in its plastic products from 20% to 50% by 2020. This factor is anticipated to bolster the growth of sustainable packaging market.
Although, high cost related with the production of sustainable packaging for instance bio-based monomers and others is expected to hinder the growth of sustainable packaging market all over the globe.
The report titled “Sustainable Packaging Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global sustainable packaging market in terms of market segmentation by material type, by process, by type of packaging, by layer, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global sustainable packaging market which includes company profiling of Amcor Ltd., Tetra Laval International S.A., Westrock Company, Mondi Plc., Sonoco Products Company, Sealed Air Corporation, Huhtamaki OYJ, Silgan Holdings Inc. and Genpak. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sustainable packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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