Sustainable Packaging Market Set for Rapid Growth by 2024
Deerfield Beach, FL -- (SBWIRE) -- 11/13/2017 -- By using sustainable packaging the shelf life of the product increases and it is eco-friendly too. It doesn't have harmful effects on the environment as compared to other non-biodegradable plastics that are used in packaging. The benefits of the sustainable packaging can be described as remove, reduce, recycle, renew, and re-use. The ecological footprint is minimized by using sustainable packaging. Sustainable packaging is used widely across all the industry verticals, but they are majorly used in industries such as FMCG, wholesale, food & beverages, retail trade, healthcare, etc.
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The sustainable packaging market is globally segmented into its material, function, process, layer, and application. On the basis of material, the global market is segregated into paper & paperboard, metal, plastic, and glass. Based on the function, the market is categorized into alternate fiber packaging, active packaging, and molded pulp packaging. On the basis of process, the global sustainable packaging market is divided into degradable packaging, recycled content packaging, and reusable packaging. Based on the layer, the global market is classified into primary, secondary, and tertiary. On the basis of application, the market is bifurcated into food & beverage packaging, personal care packaging, electronic appliances, healthcare packaging, and home care packaging.
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The increasing environmental consciousness among the people is the key factor that is driving the sustainable packaging market. The use of non-biodegradable plastics causes various harmful effects on the environment such as landfill, soil pollution, and loss of the soil fertility. Owing to these reasons stringent regulations are implemented by the government to improve the conditions of the environment. There are certain regions where the use of plastic bags is completely banned, thus triggering the growth of the sustainable packaging market. The factors that are affecting the market growth in a negative way are the low availability, high price as compared to the cheap alternatives. The raw materials that are required such as liquid biofuels, bio-polymers used in films, barriers, bio-based monomers, cellulosic and recyclable fiber, and additives are expensive which is affecting the sustainable packaging market.
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Geographically, the sustainable packaging market is diversified into regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The region that is the fastest growing market across the globe is Asia Pacific. The factors that favor for the market growth are the large consumer base and the increasing per capita expenditure. Asia Pacific market is followed by Europe and North America. The growth in the sustainable packaging market in the North American region is owing to the stringent government regulations and the increasing consumer preferences.
The key market players in the sustainable packaging market include Amcor Limited, Tetra Laval International S.A., WestRock Company, Sonoco Products Company, Sealed Air Corporation, Bemis Company, Inc., Mondi Plc, BASF SE, Smurfit Kappa Group PLC, and Huhtamaki OYJ.
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