In recent years, there has been substantial investments in the global sustainable packaging market. This has been one of the primary reasons for the overall growth of the global market. Several brands operating in the market are shifting towards sustainable packaging as they try to rebrand themselves as more socially as well as environmentally responsible. Several companies across the globe are now coming up with their own ideas about sustainable packaging and packaging designs. The leading players in the global sustainable packaging market, particularly in the established economies, are working relentlessly to adopt new designs and approaches that advocate circular economy. In addition to this, they are fervently embedding sustainable packaging with environment-friendly packaging to promote and enhance their business values and motives.
Some of the leading names in the global sustainable packaging market include names such as Reynolds Group, Tetra Laval International SA, Huhtamaki OYJ, Genpack LLC, Tetra Pak International SA, Sealed Air Corporation, Bemis Company Inc., Berry Global Inc., and The Mondi Group Plc. among others.
The report estimates that the global sustainable packaging market is likely to register growth at 5.3% CAGR, touching the market value of US$ 52.1 Bn through 2026.
Increasing Awareness about Environment Conservation to Help in Market Growth
Constant advancements in the field of material sciences has enabled the packaging solution givers to provide a broad range of plant-based materials. This variety of materials is thus expected to help in the overall development of the market as it will give manufacturers an opportunity for better product development. In recent years, there has been a growing trend of using less materials and also ensuring that these materials are also recyclable. Such developments are garnering interests from the younger generation and getting them acquainted with the idea of recyclability and reusability. Moreover, it is also helping to spread awareness among the masses. All these factors are thus helping to drive the overall growth of the global sustainable packaging market.
The global sustainable packaging market is anticipated to be driven by constant advancements made in materials sciences. Development of plant-based materials for use in sustainable packaging solutions is likely to further the scope of the global sustainable packaging market in the years to come. The rising trend includes not only the use of fewer materials but also it needs to be ensured that the materials are recyclable. This has gathered the interest of young people who are aware of the impacts of non-recyclable materials and plastics. The concepts of compostability, reusability, and recyclability are accelerating the growth of the global sustainable packaging market in the years to come.
Furthermore, several businesses are now trying to close down the gap between recycling and recyclability to get more out of their business propositions in terms of sustainable packaging. In addition to this, brands are now looking for more sustainable materials such as eco-friendly materials to integrate with the packaging as well as marketing campaigns. This move is also expected to drive the growth of the global sustainable packaging market.
Europe to Remain at Forefront of Other Regional Segments
In terms of geographical segmentation, the global sustainable packaging market is driven by the regional segment of Europe. In recent years, the regional segment has been among the forefront of the other regional segment in terms of revenue as well as sales. The regional market has been able to present an array of lucrative business opportunities to the leading market players across the globe. This has thus been the chief driving factor for the sustainable packaging market in Europe.
The global sustainable packaging market is segmented based on:
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