Sustainable Packaging Market 2020 Industry Future Growth, Key Player Analysis and Forecast
The global sustainable packaging market is likely to gather momentum from its growing popularity and awareness about sustainable packaging methods. Sustainable packaging has lately gained high importance for both consumers and brands alike. Sustainable packaging is also known as green packaging, which refers to the utilization of sustainable manufacturing methods and materials for the packaging of various products. It makes use of plant-based and biodegradable plastics together with used polyethylene bags and recycled molded packaging bags to make different products. In comparison to traditional methods, wherein synthetic materials used leave considerable carbon footprint in the environment, sustainable packaging helps to support ecological and human health in the end. The procedure of green packaging comprises ways that restrict the total amount of emissions and waste produced through the manufacturing process.
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Some of the prominent market vendors that have been profiled in the report on global sustainable packaging market comprise names like International Paper Company, Tetra Laval International S.A, Amcor Limited, The Mondi Group plc, Ardagh Group S.A, Sonoco Products Company, and Reynolds Group Holdings Ltd.
Making use of extensive methods of research, Transparency Market Research presents an all-inclusive study on the global sustainable packaging market, for the period 2018 to 2026. 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.
Driven by China, Asia Pacific to Retain its Dominance over the Period of Assessment
North America is likely to account for a sizeable chunk in the global sustainable packaging market. The North America market is influenced by factors like a high per capita income and increased awareness amongst people toward environmental issues. In addition to that, robust government regulations together with increasing initiatives for a clean and green environment are likely to support the growth of the North America sustainable packaging market over the tenure of projection.
Asia Pacific is likely to emerge as another prominent region with a high growth rate over the tenure of assessment, from 2018 to 2026. The region led by China is likely to continue with its high growth over the tenure of assessment. A shift in market conditions leads to a shift in consumer actions and demand in China. These factors are likely to shape the contours of the Asia Pacific sustainable packaging market over the assessment tenure.
Increased Awareness about the Benefits of Sustainable Packaging Solutions to Bolster Demand
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.
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Increased awareness amongst the people regarding the advantages of sustainable packaging solutions is likely to emerge as a key growth driver for the global sustainable packaging market. In addition, the global sustainable packaging market is anticipated to observe a growth due to augmented research and development activities conducted by both private and public entities.
The information shared in this review is based on a TMR report, bearing the title, “Sustainable packaging market (Packaging Type – Trays, Bags, Boxes, Bottles and Jars, Films, Pouches and Sachets, Drums, and IBC; Material – Paper and Paperboard, Plastic, and Metal; End Use Industry – Food, Beverages, Automobile and Electronics, Chemical, Pharmaceutical, Agriculture, and Cosmetics and Personal Care) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026”
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