Sustainable Packaging Solutions Market to Witness Rapid Growth, Reaching $490.5B by 2034, as Material Science Evolves | Future Market Insights, Inc.

NEWARK, Del., Feb. 26, 2024 /7Newswire — 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.

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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.

“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 Ismail Sutaria (Lead Consultant, Packaging and Materials).

Sustainable Packaging Market Report Scope

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.

Leading Players in Sustainable Packaging Industry

• Amcor Plc
• Stora Enso Oyj.
• Berry Global Inc.
• Huhtamaki Oyj.
• WestRock LLC
• DS Smith Plc
• The Mondi Group plc
• International Paper Company
• Detmold Group
• Sealed Air Corporation
• Dart Container Corporation
• Duni AB
• Vegware Ltd.
• Pactiv LLC
• RKW Group
• Novolex Holdings, Inc.

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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.

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About the Author:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.

Explore FMI’s Extensive Coverage in the Packaging Domain:

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• Sustainable Labels Market by Material Type, Label Type, Printing Technology, End Use & Region | Forecast 2022 to 2032. – Review and Request to Access the Sample PDF Summary.
• Boxboard Packaging Market by Virgin and Recycled Grades, Forecast 2023-2033. – Review and Request to Access the Sample PDF Summary.
• Ventilated Bulk Bags market by Circular/Tubular, 4 Panel, U Panel, and Baffle (by construction), Forecast, 2023-2033. – Review and Request to Access the Sample PDF Summary.

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