Sustainable Packaging Market worth $621.05 Million by 2033, at CAGR of 8.35% – IndustryARC

According to the latest market research report on the Sustainable Packaging Market, published by IndustryARC. During the projected period, it is predicted that the worldwide market for sustainable packaging would increase considerably due to the rising consumer awareness and demand for environmentally friendly products.

The Sustainable Packaging Market research report is segmented By Material Type (Mechanically Recycled Plastics, Chemically Recycled Plastics, Bioplastics), By Mechanically Recycled Plastics Type (PET, HDPE, LDPE, PP, and Others), By Chemically Recycled Plastics Type (PET, HDPE, LDPE, PP, and Others), By Bioplastics (PHA, Biobased PE, Biobased PET, PEF, TPS, PLA, PBT, and Others)By Application (Food Packaging, Food Services, Beverages, Shipping and Transport, Home and Petcare, Personal Care and Cosmetics) and By Geography, which provides a  comprehensive analysis of global market & industry forecast (2023 – 2033).

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Asia Pacific Anticipated to Show the Fastest Growth in the Market:

Asia Pacific is estimated to be the fastest-growing region in the Sustainable Packaging Market. The proliferation of supermarkets, arcades, retail chains, and online shopping in India and the APAC area has increased the demand for bags. Innovations in materials and packaging design will likely lead to more sustainable options that are cost-competitive. The food and beverage industry in APAC has been a significant adopter of sustainable packaging, driven by consumer preferences for eco-friendly packaging for products like beverages, snacks, and organic foods.

Sustainable Packaging Market 2023-2033: Scope of the Report

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Sustainable Packaging Market Report – Key Takeaways:

• Mechanically Recycled Plastics are Leading the Market

The Mechanically Recycled Plastics segment dominated the sustainable packaging market in 2022. The most popular recycling technique used worldwide is mechanical recycling, often known as traditional recycling. The fact that mechanical recycling is a straightforward, affordable process is one of its main benefits. Furthermore, this recycling process requires less energy than the manufacture of new plastics.  Mechanical recycling is anticipated to continue to be a significant component of the management of plastic waste, even as applications have gotten more demanding and more sophisticated recycling technologies are required.

• Rising Government Regulations on Plastic Use is Poised to Increase the Sustainable Packaging Market Growth

As more people become aware of the environmental consequences of plastic waste, sustainable packaging is becoming a larger concern for both brands and customers. According to the Principles for Responsible Investment (PRI), More than 60 countries have implemented restrictions and surcharges on plastic packaging and single-use trash. The Canadian government is assisting small and medium-sized firms in developing creative concepts and technology to provide sustainable alternative packaging and drive Canada towards zero plastic waste.

• Impact of Oil Price on the Competitiveness of Plastic Alternatives May Hinder the Market

The price of oil and the cost of producing and recycling plastic are directly correlated. The price of crude oil influences the cost and availability of raw materials used in packaging, such as plastics, paper, and metals. Low oil prices can cut the cost of producing plastic materials, and make it less attractive to utilize recycled or other resources that are environmentally sustainable. Given the volatile nature of oil prices and the fact that humans currently live in an era where ecologically friendly products and industrial practices are becoming more common, anticipating oil prices is practically impossible.

• Product Producers, Brands & Retailers

The market for sustainable packaging is being driven by numerous product makers, brands, and retailers who have established high standards for themselves in terms of environmental performance. Numerous big-name stores and brands have declared lofty ESG objectives during the past few years. For example, by 2025, Nestlé, PepsiCo, Unilever, and numerous other companies have promised to make all of their packaging recyclable, reusable, or compostable. To create healthier communities by 2030, CVS has committed to investing $1.5 billion in social impact projects.

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Key Opportunity Analysis:

Increasing Use of Biodegradable Materials

Biodegradable materials represent a significant opportunity within the sustainable packaging market due to their potential to address environmental concerns associated with traditional packaging materials like plastics. Consumers are increasingly seeking products with eco-friendly packaging, and biodegradable materials are seen as a more sustainable choice. Businesses that adopt biodegradable packaging can attract environmentally conscious consumers and gain a competitive edge in the market. Biodegradable materials can be used in various packaging applications, including food packaging, disposable cutlery, bags, films, and more. This versatility allows businesses to cater to a wide range of industries and applications.

Increasing Investment in Research and Development

Investing in research and development to create new sustainable packaging materials with improved properties, such as increased strength or longer shelf life, can lead to breakthrough innovations and market advantages. R&D efforts can lead to the discovery of more cost-effective methods for producing sustainable packaging materials. As production processes become more efficient, the cost of sustainable materials can decrease, making them more competitive with traditional, less eco-friendly options. Lower costs can drive wider adoption of sustainable packaging solutions

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The Report also Covers the Following Areas:

• Sustainable Packaging Market Size and Forecast
• Sustainable Packaging Market Trends
• Sustainable Packaging Market Analysis by Type

Sustainable Packaging Market 2022-2033: Key Highlights

• CAGR of the market during the forecast period 2023-2033
• Value Chain analysis of key stakeholders
• Detailed analysis of market drivers and opportunities during the forecast period
• Sustainable Packaging market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Sustainable Packaging Market

Covid and Ukrainian Crisis Impact:

• The COVID-19 pandemic has caused significant disruptions in global supply chains which has impacted the availability and cost of raw materials as well as the transportation of finished products. This has resulted in increased lead times, reduced production, and higher costs. Additionally, the pandemic has caused delays in investment in new capacity and infrastructure which could impact the long-term supply and demand dynamics in the market.
• The Ukraine and Russia conflict led to an increase in prices and a reduction in production which further led to a shortage of sustainable packaging. Many companies have shut business in Russia; temporarily shutting down their plants in Ukraine. Additionally, the crisis in Ukraine has also led to a reduction in investments in the sustainable packaging market as companies are hesitant to invest in a region that is facing political and economic instability. This could impact the long-term supply and demand dynamics of the market.

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List of Top Companies in the Sustainable Packaging Market:

The Global Sustainable Packaging Market is highly concentrated as the majority share is held by the leading Sustainable Packaging providers. The key companies profiled are listed below:

• International Paper Company
• Amcor Limited
• Westrock Company
• Smurfit Kappa Group PLC
• Ball Corporation
• Crown Holdings Inc.
• DS Smith PLC
• TetraPak International SA
• Ardagh Group SA
• Tetra Laval
• Mondi PLC
• Sonoco Products Company
• Pactiv LLC

Related Reports:

Europe Hologram & Smart Packaging Market – The Europe Hologram and Smart Packaging Market is projected to grow at a CAGR of 9.53% by 2028 The market is witnessing substantial growth due to the growing adoption of advanced packaging technologies such as anti-counterfeiting and authentication, smart packaging technologies, and hologram technologies.

Smart Packaging Market– The Smart Packaging Market is projected to grow at an estimated CAGR of 6.31% by 2028. The growing consumer concerns about food sustainability and safety. The shift in consumer lifestyles is another significant driver for the rise in smart packaging use.

Biodegradable Packaging Market– The Biodegradable Packaging Market is projected to grow at a CAGR of 15.94% by 2028. During the forecast period, there is a growing market for recyclable and eco-friendly packaging.

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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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