Sustainable Packaging Market Size Garner CAGR 7% by 2026
admin | December 12, 2019 | 0 | PharmaAcumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Sustainable Packaging Market By Product (Recycled, Degradable, Re-usable), By Material (Paper, Metal, Plastic, Glass), By Application (Health care, Food & Beverages, Personal care) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026.”
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Drivers and Restraints
One of the market’s key drivers is growing awareness of environmental conservation and sustainable living. That, combined with stringent government environmental protection acts and the industrial trend of integrating renewable manufactured products into the manufacturing process, also significantly catalyzes the growth of the market. In addition, as part of their Extended Producers Responsibility (EPR), various industries have begun to include sustainable packaging. Healthcare and food & beverage firms opt for environmentally friendly packaging items such as glass, paper, metal and plastic that can be reused easily.
The factors that negatively affect market growth are low availability, high price compared to the packaging of plastics. Essential raw materials such as bio-polymers used in films, biofuels, liquid bio-based monomers, recyclable fiber, and additives are costly, impacting the demand for sustainable packaging. Nevertheless, market growth is witnessing few setbacks due to the high production cost of sustainable packaging products compared to conventional packaging products and the lack of mass awareness, especially in low-per capita income countries.
Europe held principle market share in 2018 whereas Asia Pacific is projected to grow at fastest CAGR during forecast period
In 2018, North America had the second largest position in the global market for sustainable packaging. The market is driven by factors such as growing people’s awareness towards environmental issues and high per capita income. In addition, strong government regulations and growing clean and green initiatives by various sector of the society for sustainable packaging also lead to the growth of the industry.
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Europe held the principle market share in 2018 and anticipated to grow in the forecast phase at a good CAGR. In the sustainable packaging industry, two converse trends continue to play a key role, namely online media and the need for super-comfortable and self-indulgent products. The cocooning / homing movement also allows an increasing number of people to socialize at home instead of going out, as evidenced by the ongoing success of large packs such as cookies, sweet and savory treatments and still light food.
Asia Pacific is expected to grow at a substantial growth rate of during projected time period, led by China. In China, a shift in market conditions, shifts in consumer demand and actions shape sustainable packaged consumer goods. Moreover, in India, although the country has a well-established recycling environment, it is severely poor to penetrate sustainable packaging concepts. Recent initiatives like Swachh Bharat would drive the sustainable packaging market during the forecast period.
The sustainable packaging market in Latin America held a significant market share in 2018 and is expected to grow steadily in the mid-term forecast. Some of the major crises in Latin America, such as Brazil’s post economy crisis, have been hoping for recovery since the start of 2018. Nevertheless, no such general turnaround has yet been seen, while some companies reported faster growth in 2018, others were struggling to turn a declining trend around. Sustainable packaging volume sales in all fast-moving consumer goods continue to grow even in the face of such strong market volatility: alcoholic and non-alcoholic beverages, packaged food, cosmetics and personal care, etc. help to boost the market.
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- Bag-in-box Packaging Machine Market – The global market is expected to grow at noteworthy CAGR around 5.2 % throughout the forecast period and reach around US$ 160 million by 2026.
- Pharmaceutical Packaging Market – The global market is expected to grow at noteworthy CAGR of 7.9 % throughout the forecast period and reach around US$ 112 billion by 2026.
- Thermoforming Packaging Market – The global market size is estimated to hit at nearly US$ 74.47 billion by 2026 with rising CAGR of more than 6.5% from 2019 to 2026.
In the global sustainable packaging industry, the Middle East & Africa region has a considerable share. The market is however anticipated to grow due to strict government initiatives mainly in Gulf countries in the Middle East region. In addition, the growing prevalence and enhanced public efforts to enhance green planet efforts contribute to the growth of the economy.
Africa has the least share of the worldwide sustainable packaging industry in Africa owing to bad economies and civil war effects.
Key Players & Strategies
Major players include in this report are Smurfit Kappa Group PLC, Amcor Limited, Gerresheimer AG, Sonoco Products Company, Ardagh Group S.A, Crown Holdings, Inc., Ball Corporation, The Mondi Group plc, WestRock LLC, DS Smith Plc, International Paper Company, and others.
FAQs
- What will be the market value of sustainable packaging in the forecast period? The market value of sustainable packaging is anticipated to be around US$ 255 Bn in 2026.
- What will be the growth rate of sustainable packaging market? It is anticipated to grow over 7% CAGR amid the forecast period.
- Which region held the maximum share of the sustainable packaging market? Europe held maximum share in 2018.
- Which region is projected to grow at a fastest rate during the forecast period? Asia Pacific is projected to grow at a fast pace during forecast period.
- What is the main driver of sustainable packaging market? Growing awareness of environmental conservation and sustainable living is main driver of the market.
- Which factor curbs the growth of sustainable packaging market? Factors such as low availability, high price compared to the packaging of plastics restrain the market growth.
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