Sustainable Packaging Market - Trends and Opportunities for the Industry by 2024

Market-Research

The global market for sustainable packaging has witnessed steady pace of expansion in the recent years and is expected to continue to embark upon a path of healthy growth in the next few years. The vast rise in concerns pertaining to rising industrial pollution, waste generation, and unproductive use of resources and materials are primarily paving way for the increased focus of the industrial sector on the development and increased usage of sustainable solutions. Thus, the concept of sustainable packaging is evolving rapidly in the packaging industry.

The global market for sustainable packaging is primarily propelled by stringent government regulations, which are compelling manufacturers to opt for sustainable packaging solutions over traditional packaging. 

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The growing consumer interest regarding environment-friendly and sustainable products is also boosting the uptake of sustainable packaging products across the globe. Moreover, the vast benefits of sustainable packaging in terms of reduced operational cost through recycling and reuse are also catalyzing the growth of the market.

The key materials used for sustainable packaging are glass, metal, paper and paperboard, and plastic. The demand for paper and paperboard is likely to remain high in the next few years. Sustainable packaging is primarily used for food and beverage packaging, industrial goods packaging, and pharmaceutical and healthcare packaging. On the basis of type of packaging, the market is classified into rigid packaging, flexible packaging, and packaging accessories.