The sustainable packaging market value is expected to be US$ 285.3 billion in 2024. The industry is expected to witness steady growth over the next ten years, rising at a CAGR of 5.8%. By the end of this forecast period, the demand for sustainable packaging materials and solutions is forecasted to be US$ 490.5 billion.
Sales of sustainable packaging solutions are being driven by increasing consumer demand for eco-friendly products, rising awareness about the harmful effects of plastic packaging, and stringent government regulations. The industry also saw a surge in innovation and research activities aimed at developing new sustainable materials and packaging solutions in the last decade.
The market is anticipated to be primarily driven by factors such as the development of new sustainable materials and packaging solutions, the increasing adoption of circular economy principles, and the growing popularity of eco-friendly packaging among e-commerce sellers.
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“Public research institutions and privately owned companies are engaging in research and development activities driven by the continued growth in demand for green packaging solutions across various industries. So, the coming decade is expected to witness a surge in the adoption of bio-plastics, paper-based packaging, and reusable packaging solutions,” says an analyst at FMI.
Key Takeaways from the Sustainable Packaging Market Study Report
- The adoption of sustainable or eco-friendly packaging solutions is likely to surge at a 4.1% CAGR through 2034.
- Germany is the leading supplier of sustainable packaging materials in Europe and is likely to grow at a 4% CAGR by 2034.
- A higher consumption of eco-packaging materials in the United Kingdom is likely to drive the regional industry at 5.4% from 2024 to 2034.
- China dominates Asia in the production of recyclable packaging products and is poised to thrive at 7.1% CAGR through 2034.
- India is emerging as a promising market with an estimated CAGR of 7.6% from 2024 to 2034.
- Based on the material type, the use of paper and paperboard packaging is rising and is estimated to capture 38.2% of global sales in 2024.
- Sales of sustainable bags are higher than other packaging types and are estimated to contribute to a 25.4% revenue share in 2024.
Competitive Landscape
The competition in the sustainable packaging industry is intense as many global as well as regional industries cropped up after the pandemic. However, a few leading players with higher capital for more innovations in sustainable packaging are anticipated to hold a considerable share of the global revenue.
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Recent Developments by the Sustainable Packaging Industry Players
- In March 2023, Electrolux Group introduced a packaging material made of paper and recycled materials to lessen its impact on the environment. This paper-based material is Forest Stewardship Council-certified and is used in the Expanded PolyStyrene (EPS)-free packaging and has a four-color print that requires 70% less ink.
- In April 2023, Huhtamaki announced the launch of sustainable flexible packaging technology to provide a unique combination of best-in-class protection, full recyclability, and affordability. Huhtamaki, a leading global packaging solutions provider, claims to have redefined packaging by using science to develop ground-breaking mono-material technology.
Key Segments Covered by Sustainable Packaging Industry Survey Report
By Material Type:
- Paper & Paperboard
- Coated Unbleached
- Bleached Paperboard
- Molded Fiber Pulp
- Kraft Paper
- Corrugated Board/Boxboard
- Plastic
- Poly Lactic Acid (PLA)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHAs)
- Starch based Plastics
- Other Plastics (PVA, PVOH, PBAT, etc.)
- Metal
- Steel
- Aluminium
- Glass
- Fabric
- Wood
- Other Materials
By Packaging Type:
- Bags & Sacks
- Trays & Clamshells
- Cartons & Boxes
- Cans
- Bottles & Jars
- Films & Wraps
- Pouches & Sachets
- Drums
- IBC
- Vials & Ampoules
- Tapes & Labels
- Others (Jerry Cans, Bowls, Cutlery, etc.)
By Distribution Channel:
- Manufacturer (Direct Sales)
- Distributors
- Retailers
By End Use:
- Food
- Bakery & Confectionery
- Dairy
- Fresh Produce
- Snack Food
- Other Processed Food
- Beverages
- Non-alcoholic
- Alcoholic
- Cosmetics & Personal Care
- Chemical
- Healthcare
- Agriculture
- Other Industrial
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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