food and beverages packaging is expected to project a highest CAGR by the end of 2024. Furthermore, primary packaging by layer segment accounted for the largest market share in 2016.
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Sustainable packaging is also known as green packaging. It is a type of packaging which is light in weight and tough in physical properties. This type of packaging is widely used by various sectors such as healthcare sector. Sustainable packaging has no harmful effect on environment as compared to other packaging. Sustainable packaging helps to minimize the carbon footprints.
Market Size and Forecast
Global sustainable packaging market is anticipated to flourish at a CAGR of 7.5% over the forecast period. Further, growing awareness among people regarding the benefits of sustainable packaging is the key growth driver of global sustainable packaging market.
On the basis of application, the market is segmented into food and beverages, healthcare packaging, personal care packaging and others. Moreover, food and beverages packaging is expected to project a highest CAGR by the end of 2024. Furthermore, primary packaging by layer segment accounted for the largest market share in 2016.
In the regional platform, Asia-Pacific region is estimated to be the biggest market in sustainable packaging in 2016. Additionally, Asia-Pacific region is believed to continue its dominance during the forecast period owing to huge adoption of sustainable packaging by various sectors such as healthcare. The major countries witnessing the augmented demand for sustainable packaging are Japan, China and India. Likely, rising adoption of green packaging products and rise in per capita income are envisioned to foster the growth of sustainable packaging market in the region. Request for FREE Sample copy
North America accounted for second largest market in sustainable packaging owing to stringent environmental regulations taken by government for the environmental safety. In North America, U.S. captured the biggest sustainable packaging market in 2016. Further, increasing research and development activities by major key players is also predicted to bolster the growth of sustainable packaging market. Europe is anticipated to witness a tremendous growth during the forecast period. U.K. and France are the major countries witnessing the augmented demand for sustainable packaging owing to growing environmental concerns.
Market Segmentation
Our in-depth analysis has segmented global sustainable packaging market into the following segments:
By Material Type
• Paper & Paperboard
• Plastic
• Metal
• Glass
By Process
• Recycled content packaging
• Reusable packaging
• Degradable packaging
By Type of packaging
• Flexible Packaging
• Rigid Packaging
• Packaging Accessories
By Layer
• Primary
• Secondary
• Tertiary
By Application
• Food & Beverage packaging
• Healthcare packaging
• Personal care packaging
• Industrial
• Others
By Region
Global sustainable packaging market is further classified on the basis of region as follows:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis.
• Middle East and Africa (GCC, North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Growth Drivers and Challenges
Rising environmental concerns and growing public awareness about eco-friendly products are envisioned to be the dynamic factor behind the rapid growth of sustainable packaging market over the forecast period. Further, rising consumer demand for the use of sustainable packaging for various food products is projected to boost the demand for sustainable packaging by the end of 2024. Likely, growing concerns related to waste generation along with increasing demand for eco-friendly packaging materials are predicted to positively impact the growth of sustainable packaging market.
Moreover, strict governmental policies for the safety of environment coupled with availability of incentives and support from the government is one of the major factors behind the growth of sustainable packaging market. Further, innovative sustainable packaging products are also believed to flourish the growth of sustainable packaging market.
However, high cost of raw materials used for making sustainable packaging such as bio-based monomers, liquid biofuels is anticipated to hinder the growth of the sustainable packaging market globally. Buy This Report
Key Players
BASF SE, Amcor Ltd., Tetra Laval International S.A., Westrock Company,
Mondi Plc., Sonoco Products Company, Sealed Air Corporation, Huhtamak, OYJ, Silgan Holdings Inc., Genpak
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Source URL: https://marketersmedia.com/will-the-global-sustainable-packaging-market-boom-by-the-end-of-2024/425022
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Source: MarketersMedia
Release ID: 425022
