Sustainable Packaging Market Analysis by Manufacturers,Types,Regions and Applications Research Report Forecast
Investments in the sustainable packaging market has spiraled among brands around the world who want to become more socially and environmentally responsible in the eye of consumers. Companies across all verticals are coming out with their ideas of sustainable packaging designs. Players in the sustainable packaging market, especially in developed regions, are relentlessly adopting designs that promote circular economy. They are increasingly integrating sustainable packaging with eco-friendly packaging to augment the business value, notes Transparency Market Research (TMR).
Recyclability and Reusability Compelling Business Propositions for Sustainable Design
Continuous advances in materials sciences have enabled packaging solutions providers to offer a wide array of plant-based materials to advance the prospect of the sustainable packaging market. The growing trend comprises of not only use of less materials but also ensuring that they are recyclable. This is propelling interest among millennials who are attached with the idea of reusability. Their increasing adoption of new ideas of recyclability, reusability, and compostability is catalyzing consumer demands in the sustainable packaging market.
More importantly, businesses are trying to close the gap between recyclability and recycling to bring out the true business proposition in sustainable packaging. Further, brands are looking for new sustainable sources of materials, such as environmentally friendly materials. Among the various materials, packaging made of paper and paperboard have attracted attention of businesses keen on adopting sustainable designs for their products.
The prospects are vast. According to a recent report by TMR, the global sustainable packaging market is projected to clock a CAGR of 5.3% from 2018 to 2026.
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Growing implementation of regulations that promote improving the carbon footprint of the packaging has triggered changes across the entire value chain of the sustainable packaging market. Multiple macroeconomic trends have been catalyzing the advent of new regulations in several developed as well as developing nations. Industry initiatives to reduce burgeoning worldwide waste due to single-use plastics have already gathered considerable momentum in recent years. The adoption of regulations to spur recycling rates has lend a marked impetus to the growth of the sustainable packaging market.
Changing Consumer Perception Propel Advances in Europe Market
In emerging economies such as in Asia Pacific, governments are trying to fill the gap of inadequate infrastructure for recycling. Particularly, the use of biodegradable and bio plastics among packaging providers has risen over the past few years. All these trends impart momentum to the expansion of the market.
Europe has been at the forefront of several exciting trends that fuel opportunities for stakeholders in the sustainable packaging market. The figure on the size of the regional market confirms this-it accounts for the major share of the global market. The region has also been seeing new spate of investments from some globally prominent manufacturers in the region.
Some of the well-entrenched players in the sustainable packaging market are Tetra Pak International S.A, Mondi plc, WestRock LLC, Smurfit Kappa Group PLC, and Amcor Limited.