The Sustainable Packaging Market size is expected to grow from USD 271.86 billion in 2023 to USD 393.39 billion by 2028, at a CAGR of 7.67% during the forecast period (2023-2028).
Sustainable packaging is the creation and use of packaging that improves sustainability. It makes more use of life cycle assessments and inventories to inform packaging decisions and lessen its impact on the environment. Over the past couple of years, the interest (particularly at a consumer level) in sustainability has surged. Furthermore, governments on all continents have responded to public concerns regarding packaging waste, especially single-use packaging waste. They are implementing regulations to minimize environmental waste and improve waste management processes.Countries like France, Germany, and the United Kingdom go above and beyond robust recycling regulations across the European Union with Extended Producer Responsibilities (EPRs). In Asia, Thailand announced a nationwide ban on single-use plastic bags at significant stores effective from January 1, 2020. It aimed for a complete ban by 2021 to reduce plastic leakage into the environment.Numerous large firms, such as Amazon, Google, and Tetrapak, among others, are aiming toward net-zero carbon emissions, which is predicted to be capital expenditure.
Sustainable Packaging Market Trends
Due to their capacity to preserve the freshness of food products and increase product shelf life, plastic pouches and bags are anticipated to continue being a common form of packaging throughout the forecast period. Plastic bags and pouches made from petroleum also have a fantastic visible aesthetic and are environmentally friendly, increasing the products' marketing advantages.Due to consumers' rising preference for environmentally friendly packaging, industries are concentrating on creating bio-based PVCs. Cargill announced the addition of Biovero bio-based plasticizer to its portfolio of bio-industrial solutions in October 2021. This product is used for a wide range of product manufacturing applications, including the production of flooring, clothing, wires, cables, and plastic films and sheets for its industrial customers in North America, with plans to expand the offering globally. It is anticipated that situations like this will encourage the use of sustainable PVCs in the upcoming years.
Asia-Pacific Expected to Have Significant Growth
The largest Chinese e-commerce sites and rapid delivery providers have been actively reducing the use of packaging materials. For instance, recyclable packaging boxes, which can be recycled an average of around ten times, were being used by SF Express. In first-tier and several second-tier domestic cities, the corporation has adopted more than 100,000 such boxes, mainly to replace paper boxes and plastic bags and cut down on foam blocks and tape. The business added that its initiatives are in response to the nation's need for sustainable growth in the logistics sector.
Concerns over environmental pollution have prompted directives from Beijing and the possibility of a ban on conventional plastics, such as single-use non-biodegradable plastics like cutlery, plastic bags, and packaging. As a result, manufacturers have also been concentrating on the increased use of corn, sugar, and other crops to develop biodegradable plastics. It was announced that by mid-2021, the Jilin Province and the tropical island of Hainan would implement broader bans on single-use plastics and non-biodegradable food service goods.
Sustainable Packaging Market Players
WestRock Company announced a partnership with Recipe Unlimited to implement a series of recyclable paperboard packages aimed at diverting 31 million plastic containers from landfills across Canada each year. The package started appearing in Swiss Chalet restaurants in October 2021 and is available at all locations.
Sealed Air announced a collaboration on an advanced recycling initiative that will focus on recycling flexible plastics from the food supply chain and remaking them into new certified circular food-grade packaging.
DS Smith introduced a corrugated cardboard box for the e-commerce shipment of medical devices. The corrugated cardboard box features a single-material solution instead of glued packaging with a single-use plastic insert.
Mondi and converter Fiorini International collaborated to develop a new paper packaging option for Italian premium pasta product manufacturer Antico Pastificio Umbro. When applied to all pasta products, the new packaging, which is 100% recyclable, could reduce the amount of plastic used by up to 20 tons annually.
Article provided by Mordor Intelligence