Sustainable Packaging Material Market: Current Analysis and Forecast (2022-2028)

Sustainable Packaging Material Market: Current Analysis and Forecast (2022-2028)

Global Sustainable Packaging Material Market is expected to grow at a significant rate of around 8% during the forecast period. The demand for sustainable packaging materials is witnessing an uptick on account of the shifting preference of hotels, restaurants, and cafes toward packaging materials that are quite sustainable and have no impact on the environment. In 2018, Hilton Hotels & Resorts following its 2030 environmental and social targets, also pledged to phase out all plastic straws and stop using plastic water bottles in meetings & events. The waste generated by packaging and packaging materials is enormous and represents a major part of the total global waste that includes disposables used for several purposes. For instance, in 2018, the packaging waste generated in the EU was estimated at 174.1 kg per inhabitant varying from 67.8 kg per inhabitant in Croatia and 227.5 kg per inhabitant in Germany. Also, in the EU, During 2008-2018, paper and cardboard was the leading packaging waste material with around 31.8 million tonnes in 2018. This material is followed by plastic and glass generating 14.8 million tonnes & 14.5 million tonnes of waste in 2018, respectively. Owing to the increasing waste generation coupled with lowered recycling rate is harming the earth’s environment which in turn is driving the growth sustainable packing material market.

In 2019, Asia was the major producer of bioplastics, accounting for 45% of global production. 0.79 million hectares of land was used to grow renewable stocks for bioplastic production which is 0.02% of the global agricultural area and this will remain the same despite the predicted growth of bioplastic production. This will have no impact on 97% of the global agricultural area that is being used for pasture, food, and feed. This growing attention towards environmentally friendly products is increasing the use of eco-friendly food packing in the region

BASF SE, Amcor Plc, Westrock Company, Sonoco Products Company, TetraPak International SA, Sealed Air Corporation, Mondi PLC, Ball Corporation, Ardagh Group SA, Smurfit Kappa Group PLC, etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst material type, paper & paperboard category to witness higher CAGR during the forecast period”

Based on material type, the market is segmented into paper & paperboard, plastic, metal, and glass. The paper & paperboard segment is expected to witness a robust CAGR during the forthcoming years. Paper and paperboard containers are biodegradable and are more sustainable than plastic, making them more acceptable to consumers. Some factors that make paper and paperboard containers environment-friendly and sustainable are that they are recyclable, reusable, save energy, and conserve natural resources.
"Amongst process, the recycled segment to hold a significant share in the market in 2020”

On the basis of process, the market is categorized into recycled, reusable, and degradable. Among these, the recycled segment grabbed the major market share and dominated the market in 2020. Recyclable materials such as paper, plastic, glass, and metal. By using these materials again as raw materials to make new packaging products, companies are able to lessen the pollution that comes from packaging trash. Moreover, the benefits of recycled content packaging would be facilitated by increased usage of recycled content packaging by companies seeking to differentiate their products and demonstrate environmental sustainability, as well as expanded collecting and processing capacity.

“Asia Pacific to hold a significant share in the market”

In 2020, Asia Pacific held a significant share of the global Sustainable Packaging Material market. A rise in the café, hotels, and restaurants across the region coupled with the growth of the travel and tourism industry and the rising attractiveness of Quick Service Restaurants (QSRs) among millennials. As per Statista, the number of food service establishments worldwide varied greatly by region in 2020. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second highest number of food service establishments was Latin America with over 2.3 million.

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