Sustainable Packaging Market to Garner $190.6 Billion, Globally, By 2031 at 7.4% CAGR, Says Allied Market Research
Increase in plastic pollution, the growing use of sustainable packaging in various industries, and the ability of sustainable packaging to preserve a product's shelf life drive the global sustainable packaging market growth.
PORTLAND, Ore., Nov. 8, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Sustainable Packaging Market by Material Type (Paper and Paperboard, Plastics, Aluminum, Others), by Packaging Type (Rigid Packaging, Flexible Packaging), by End Use (Food and Beverage, Personal Care, Healthcare and Pharmaceuticals, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global sustainable packaging industry generated $93.6 billion in 2021, and is estimated to reach $190.6 billion by 2031, witnessing a CAGR of 7.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Benefits offered by sustainable packaging products such as strength, transparency, insulation and water resistance, the growing use of sustainable packaging in industries such as healthcare, pharmaceutical, automobile, nutraceuticals, and fashion, increase in plastic pollution globally, employment of a wide range of sustainable packaging products by modern agricultural practices to help improve productivity, and the ability of sustainable packaging to preserve a product's shelf life drive the growth of the global sustainable packaging market. However, high cost of raw materials hamper the global market growth. On the other hand, high demand from end-use industries and decrease in dependency on petroleum resource, advancement in research and development (R&D) present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The COVID-19 pandemic had a moderate impact on the sustainable packaging market. Due to the strict lockdown, the production of sustainable packaging products was halted.
- However, the market started gaining traction after lockdowns were lifted. This is due to the extensive use of sustainable packaging products in various end-use industries such as food & beverage, healthcare, cosmetics & personal care, and e-commerce.
- The food packaging industry continued to exhibit robust demand for sustainable packaging products, owing to an increase in awareness regarding hygiene. Moreover, there was high demand for rigid packaging for e-commerce and grocery deliveries during the pandemic.
The paper and paperboard segment to rule the roost during the forecast period
Based on material type, the paper and paperboard segment was the largest market in 2021, contributing to more than two-fifths of the global sustainable packaging market share, and is expected to maintain its leadership status during the forecast period. This is because paper and paperboard materials are more recyclable, biodegradable and non-toxic as compared to other materials and have low environmental impact. On the other hand, the others segment is projected to witness the fastest CAGR of 8.2% from 2022 to 2031. This segment includes glass which is used in a wide range of items, including packaging, dinnerware, and homes & structures. It has several advantages including transparency, dust-resistance, water-resistance, color availability, recyclability, UV stability, weather and rust resistance, ease of molding, electrical insulation, and sustainability.
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The rigid packaging segment to maintain its dominance during the forecast period
Based on packaging type, the rigid packaging segment held the largest market share of nearly three-fifths of the global sustainable packaging market in 2021. Rigid packaging is used in a wide range of products, including food, medicine, electronics, toys, personal care items, office supplies, tools, and others. Moreover, it is highly impact-resistant and affordable. However, the flexible packaging segment is expected to maintain its dominance and is projected to witness the largest CAGR of 7.6% from 2022 to 2031. Rapid change in lifestyles has surged the demand for convenient products where bioplastics are widely used for flexible packaging applications. This may act as one of the key drivers responsible for the growth of the bioplastics market for flexible packaging purposes.
Asia-Pacific to maintain its lion's share by 2031
Based on region, Asia-Pacific was the largest market in 2021, capturing more than two-fifths of the global sustainable packaging market share, and is expected to lead the trail during the forecast period. The same segment is projected to manifest the fastest CAGR of 7.8% during the forecast period. Rise in urbanization has favored the growth of the sustainable packaging market in the Asia-Pacific region. Also, the presence of large manufacturing industries, mainly for healthcare, pharmaceutical, and cosmetic drives the growth of the market in the region.
Leading Market Players
- Amcor plc
- Ardagh Group S.A.
- Ball Corporation
- BASF SE
- Crown Holdings, Inc.
- DS Smith plc
- Elopak AS
- Emerald Packaging, Inc.
- Mondi plc
- Nampak Ltd.
- Plastipak Holdings, Inc.
- Sealed Air Corporation
- SGF Packaging Co., Ltd.
- Smurfit Kappa Group plc
- Sonoco Products Company
- Tetra Pak
- WestRock Company
The report analyzes these key players of the global sustainable packaging market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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