Sustainable packaging involves using packaging materials and manufacturing processes that are environmentally friendly and minimize negative impacts on the environment and human health. Some examples of sustainable packaging materials include recycled paper, bio plastics, biodegradable plastics and glass. These materials reduce use of raw materials, energy consumption in manufacturing and results in less waste. The global Sustainable Packaging Market is estimated to be valued at US$ 262.07 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for eco-friendly packaging products is a major trend propelling growth of the sustainable packaging market. Customers globally are increasingly aware about the adverse impacts of conventional plastic packaging on the environment and human health. This has resulted in rising preference for sustainable packaging alternatives made from recycled or biodegradable materials. Various regulations have also been implemented globally to ban single use plastics and encourage use of sustainable options. Major corporations have committed to transitioning to more sustainable packaging in response to customer demand as well as looming regulations. Continuous advancements are being made to sustainable packaging materials and technologies to further improve performance, sustainability attributes and competitive pricing compared to conventional packaging.
SWOT Analysis
Strength: Global Sustainable Packaging Market Size is gaining prominence among consumers and businesses due to increased environment awareness. Biodegradable and recyclable packaging materials provide a competitive advantage over traditional packaging.
Weakness: High initial costs involved in switching to sustainable packaging solutions. Limitations in functionalities of certain sustainable materials compared to traditional packaging.
Opportunity: Stringent government regulations towards single-use plastics and packaging waste recycling are driving demand. Growing e-commerce sector presents an opportunity for sustainable and recyclable packaging formats.
Threats: Availability of cheaper alternatives poses pricing challenges. Collection and recycling infrastructure is still in development phase in many regions.
Key Takeaways
The global sustainable packaging market is expected to witness high growth over the forecast period.
Regional Analysis: North America currently dominates the market due to stringent regulations and early awareness regarding sustainability. However, Asia Pacific is projected to emerge as the fastest growing regional market with countries like China, India, and Japan promoting sustainable packaging.
Key players operating in the sustainable packaging market are KaVo Dental, Nakanishi inc., Foshan Gladent medical instrument Co.,Ltd, TEALTH FOSHAN MEDICAL EQUIPMENT CO., LTD, Chirana, coxo Medical Instrument Co., Ltd., Dabi Atlante, Carlo De Giorgi, Henry Schein, Inc., DENTALEZ, Inc., Aseptico Inc., Sinol Dental Limited., Guilin Woodpecker Medical Instrument Co.,Ltd., MDK Dental, Beyes, NINGBO HPDOVE DENTAL INSTRUMENTS CO., LTD., Ivoclar Vivadent Pty Ltd. Innovation and product development are the focus areas for these companies to strengthen their market positions. Strategic partnerships with end-users are also guiding business expansion plans of major sustainable packaging providers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
