Sustainable Packaging Material Market is expected to grow at a steady rate of around 8%
The product used to wrap or protect goods, including food, and beverages, is called packaging. Different packaging products provide sales & marketing benefits. However, the waste generated by these packaging and packaging materials is enormous and represents a major part of the total global waste, which is propelling the market growth of sustainable packaging as the sustainable design is designing product packaging with the main purpose of doing as little harm to the environment as possible. For instance, in 2018, the packaging waste generated in the EU was estimated at 174.1 kg per inhabitant varying from 67.8 kg per inhabitant in Croatia and 227.5 kg per inhabitant in Germany. Also, in the EU, During 2008-2018, paper and cardboard were the leading packaging waste material with around 31.8 million tonnes in 2018. This material is followed by plastic and glass generating 14.8 million tonnes & 14.5 million tonnes of waste in 2018, respectively. Owing to the increasing waste generation coupled with lowered recycling rate is harming the earth’s environment is driving the growth of the sustainable packaging market as it helps in reducing packaging waste.
The Sustainable Packaging Material Market is expected to grow at a steady rate of around 8% owing to the rising e-commerce sector across the globe. The growth of this market can be attributed to the rising population coupled with continuously increasing online shopping. For instance, in 2010, there were nearly 6.92 Bn people living on this planet the number increased to around 7.72 Bn in ten years hence the demand for most products increased significantly. Moreover, developments in the e-commerce and electronics industry worked as a catalyst in increasing the demand for several products such as electronic goods, healthcare products, personal care products, and other types of products.
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Based on material type, the market is segmented into paper & paperboard, plastic, metal, glass. The plastic segment is expected to grab a considerable market share in the forthcoming years as well. Plastic packaging allows for protecting, preserving, storing, and transporting products in a variety of ways. The benefits of plastic packaging such as durability, and safety. Moreover, because it is lightweight plastic packaging can save energy in the transport of packed goods. Less fuel is used, there are lower emissions and, additionally, there are cost savings for distributors, retailers, and consumers. The durability and scalability of plastic packaging protect goods from deterioration and increase shelf life. With modified atmosphere packaging made from plastics, shelf life can be increased from 5 to 10 days, allowing food loss in stores to be reduced from 16% to 4%.
On the basis of process, the market is categorized into recycled, reusable, and degradable. Among these, the recycled segment grabbed the major market share and dominated the market in 2020. This section includes recyclable materials such as paper, plastic, glass, and metal. Companies are more focused on the recycled process as by using these materials again as raw materials to make new packaging products, companies are able to lessen the pollution that comes from packaging trash.
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For a better understanding of the market adoption of the Sustainable Packaging Material industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific region dominated the market and grabbed a major market share in 2020. The initiatives from the e-commerce sectors in the Asia-pacific region are also propelling the sustainable packaging market value in recent years. For instance, a leading e-commerce organization named SF express which is based in China was determined to reuse the packaging materials for overtime and support the growth of the sustainable packaging market growth. However, the North America region is expected to witness the highest CAGR during the forecast period.
Some of the major players operating in the market include BASF SE, Amcor Plc, Westrock Company, Sonoco Products Company, TetraPak International SA, Sealed Air Corporation, Mondi PLC, Ball Corporation, Ardagh Group SA, Smurfit Kappa Group PLC.
Global Sustainable Packaging Material Market Segmentation
Market Insight, by Material Type
• Paper & Paperboard
• Plastic
• Metal
• Glass
Market Insight, by Process
• Recycled
• Reusable
• Degradable
Market Insight, by End-User
• Pharmaceutical and Healthcare
• Food and Beverage
• Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
• BASF SE
• Amcor Plc
• Westrock Company
• Sonoco Products Company
• TetraPak International SA
• Sealed Air Corporation
• Mondi PLC
• Ball Corporation
• Ardagh Group SA
• Smurfit Kappa Group PLC
