Initiatives taken by sustainable packaging manufacturers to use environmental friendly packaging materials and technology in packaging products, has been supported by various organizations as well as governments. Sustainable packaging manufacturers are looking towards developing biodegradable plastics that will reduce carbon footprint. With a growing demand for a sustainability driven world, packaging experts and consumer products companies are focusing on “green packaging”.
Rampant Plastic Packaging Waste Prompts at Emergency of Adopting Sustainable Packaging Solutions
“More than 200 million tons waste created by plastics cause major landfill issues”. This is majorly reduced by the use of sustainable packaging. Changing lifestyle has created the demand for packaging, consumers started investing more on packed food & beverages. The global demand for packaging has increased substantially in the last couple of decades, and packaging manufacturers have now been focusing on the use of biodegradable plastics as opposed to conventional plastics. This global push has led to the growth in demand for sustainable packaging solutions.
Manufacturers in Asia Pacific region are concerned about the rising packaging waste. High consumption rate of plastic packaging products has created millions of tons of waste. Policy makers are playing a major role in creating a sustainable environment. So, governments in the APAC region are emphasizing on biodegradable and bio plastics for packaging. Government organizations actively support and promote the use of bioplastics.
Globally, on the basis of packaging type, sustainable packaging market is segmented into trays, bags, boxes, bottles & jars, films, pouches & sachets, drum and IBC and others. By material type, global sustainable packaging market is segmented into paper & paperboard, plastic, metal (Aluminum) and others. Paper & Paperboard segment is further sub segmented into coated & unbleached, bleached paperboard, molded fiber pulp, corrugated board. Plastic segment is further sub segmented into PLA, PHB, PBS, Starch Based plastics, PHA, Others (PCL). Paper & paperboard segment is expected to dominate the market throughout the forecast period with an estimated market share of 55.1% in 2018, during the forecast period. Plastic segment is estimated to register a CAGR of 5.0% during the forecast period. PLA segment is expected to create incremental $ opportunity of US$ 10.2 Bn during the forecast period. Metal (Aluminium) segment is estimated to register a value of US$ 33.3 Bn in 2018 and is expected to reach 52.1 Bn by the end of the forecast period (2028). ‘Others’ segment is projected to register a CAGR of 4.6% during the forecast period.
European Market Continues to be the Top Adopter
The European region is estimated to account for the largest share in sustainable packaging market on the backdrop of high concentration of the packaging manufacturers and rise in disposable income of the consumers. North America is expected to trail in sustainable packaging market as the region has highest per capita consumption of packaging. The MEA region is estimated to contribute small but rapidly growing market share in sustainable packaging market. Growth in sustainable packaging market in Latin America region is expected to be moderate during the forecast period.
Few of the key players in the global sustainable packaging market include 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, The Mondi Group plc, International Paper Company, Berry Global Inc, Bemis Company, Inc., Sealed Air Corporation, Reynolds Group Holdings Ltd, Tetra Pak International S.A, Genpak LLC, Huhtamaki OYJ, Tetra Laval International S.A., and Reynolds Group.
Transparency Market Research examines the global sustainable packaging market during the forecast period 2018-2026. The primary objective of the report is to identify opportunities in the market and present updates as well as insights about various segments of the global sustainable packaging market. The report begins with an overview of the global sustainable packaging market, evaluating market performance regarding revenue, followed by TMR’s analysis of key trends, drivers and restraints witnessed in the global retail as well as sustainable packaging market. Weighted average pricing analysis of sustainable packaging market is based on packaging type is also included in the report.
To compute the market size, in-depth secondary research is done. Data points such as regional splits and market split by packaging type, material and by end use industry have been assimilated to arrive at the market estimates. The report comprises the forecast of the global revenue generated by sales of sustainable packaging market across the retail industry. TMR triangulates the data via a different analysis based on the supply side, demand side, as well as dynamics of sustainable packaging market.
TMR not only conducts forecasts in terms of value but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market. In order to understand and assess opportunities in this market, the report is categorically divided into four key sections on the basis of packaging type - by material, by end use industry and region. The report analyzes the global sustainable packaging market in terms of value (US$ Bn) and volume (Thousand Tons).
The market has been segmented as follows –
By Packaging Type
- Bottles & Jars
- Pouches & Sachets
- Paper & Paperboard
- Coated Unbleached
- Bleach Paperboard
- Molded Fiber pulp
- Corrugated Board
- Starch Based Plastics
- Others (PCL)
- Metal (Aluminum)
By End Use Industry
- Bakery & Confectionery
- Meat & Poultry
- Non- Carbonated
- Automobile & Electronics
- Cosmetics & Personal Care
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
Vital feature of this report is the analysis of the global sustainable packaging market by region, by packaging type, by material and by end use industry; and the corresponding revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to provide potential resources from sales perspective of the global sustainable packaging market. To understand key segments in terms of their growth and performance in the sustainable packaging market, Transparency Market Research has developed a market attractiveness index. The resulting index should help providers identify existing market opportunities in the global sustainable packaging market.
In the final section of the report, sustainable packaging market competitive landscape has been included to provide a dashboard view of companies that manufactures and provides sustainable packaging market. The report contains company profiles of some of the players in the sustainable packaging market. Few of the key players in the global sustainable packaging market include 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, The Mondi Group plc, International Paper Company, Berry Global, Inc, Bemis Company, Inc., Sealed Air Corporation, Reynolds Group Holdings Ltd, Tetra Pak International S.A, Genpak LLC, Huhtamaki OYJ, Tetra Laval International S.A., Reynolds Group.