Sustainable packaging products help reduce carbon emissions and conserve natural resources by using bio-based and recycled materials. They are durable, lightweight and carry product information in an eco-friendly manner. Sustainable packaging plays a vital role in attaining sustainability goals and curbing the adverse environmental impact of excessive plastic usage.
The global Sustainable Packaging Market is estimated to be valued at US$ 302.64 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing adoption of bio-based and recycled materials
The key trend propelling the growth of the sustainable packaging market is the increasing adoption of bio-based and recycled materials by packaging manufacturers. Bio-based materials such as corn starch, cellulose, vegetable oils and bioplastics are gaining popularity as they have lower carbon footprint and are renewable. Similarly, the usage of recycled materials such as paper, aluminum, steel and glass from post-consumer waste is also growing. Major packaging companies are focusing on utilizing recycled content to manufacture packaging products. For instance, Amcor has achieved 35% recycled content targets for packaging produced in North America and Europe.
SWOT Analysis
Strength: The sustainable packaging market possesses strong growth opportunities owing to the rising concerns for environmental protection. Government support and policies encourage adoption of sustainable packaging solutions.
Weakness: High initial costs associated with transitioning to sustainable packaging. Lack of standard norms and regulations in some regions hinders smooth growth.
Opportunity: Growing awareness about reducing plastic waste and carbon footprint drive the demand. Stringent government rules on single-use plastic creates a favourable regulatory environment.
Threats: Availability of cheaper alternatives poses pricing challenges. Economic slowdowns impact market growth.
Key Takeaways
Global Sustainable Packaging Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
The Asia Pacific region currently dominates the market owing to rapid growth of end use industries and supportive government policies promoting sustainability.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it