The global sustainable packaging market size was valued at USD 310.00 billion in 2022. The market is projected to be worth USD 329.26 billion in 2023 and reach USD 518.33 billion by 2030, exhibiting a CAGR of 6.70% during the forecast period.
Sustainable packaging is the utilization of sustainable pacskaging materials to wrap, shelve, store, or ship products, which mainly results in enhanced sustainability. The changing lifestyle trends and rising disposable income of consumers led to the increase in the demand for packaged food & beverages, driving the market expansion.
Fortune Business Insights™ mentioned this in a report titled, “Sustainable Packaging Market, 2023-2030.”
COVID-19 Impact
Increased Demand for Green Packaging During Pandemic Propelled Market Growth
The sustainable packaging market growth was positively impacted by the COVID-19 pandemic. The increased demand for green packaging solutions during the pandemic, due to the increased sales experienced by the pharmaceutical, e-commerce, and food & beverage industries boosted market expansion.
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Segments
Cost-Effectiveness of Paper & Paperboard Material to Drive Paper & Paperboard Segment Expansion
Based on material, the market is segmented into paper & paperboard, glass, plastic, metal, and others. The paper & paperboard segment is dominating the market. The paper and paperboard material is important to eliminate the carbon footprint and is also cost-effective, aiding segment growth.
Growing Utilization to Propel Bags & Pouches Segment Growth
By product type, the market is divided into boxes & cartons, bags & pouches, bottles & cans, films & wraps, trays, mailers, and others. The bags & pouches segment is dominating the market. The segment’s growth is attributed to the rising utilization of bags and pouches by several end-use industries due to the benefits, such as lightweight and compact and decreased transportation and shipping costs.
Increasing Demand for Sustainable Packaging Solutions to Boost Food & Beverages Segment Growth
Based on application, the market is classified into food & beverages, personal care & cosmetics, pharmaceuticals, consumer goods, e-commerce, and others. The food & beverages segment is expected to witness significant growth during the projected period and currently dominates the market. The increasing demand for sustainable packaging solutions, such as tray boxes in restaurants, food outlets, and takeaway services.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides major growth drivers, restraining factors, opportunities, and potential challenges for the sustainable packaging market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players, and the latest industry developments, including product launches, partnerships, mergers, and acquisitions.
Information Source-https://www.fortunebusinessinsights.com/sustainable-packaging-market-108946
