February 25, 2024
Global Sustainable Packaging Market

Sustainable Packaging Market Is Expected To Be Flourished By Growing Awareness For Biodegradable And Recyclable Materials

The global Sustainable Packaging Market is primarily engaged in designing, manufacturing, and distribution of eco-friendly packaging solutions made from renewable and recyclable materials. Sustainable packaging reduces the ecological impact of packaging and aims to optimize the use of resources. It includes bioplastics made from agricultural byproducts like corn starch and sugarcane, paper & paperboard from responsibly managed forests, aluminum from recycled sources, and molded fiber packaging made from recycled newspapers and magazines. The rising environmental concerns and awareness among consumers have driven the demand for sustainable alternatives to plastic packaging. Growing regulations to ban single-use plastics have also encouraged companies to shift toward sustainable options.

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 Dynamics:
The key drivers propelling the growth of the Sustainable Packaging Market include growing awareness among consumers about the harmful effects of single-use plastics on the environment and stringent government regulations regarding plastic waste management and recycling targets. Additionally, increasing focus on Corporate Social Responsibility (CSR) initiatives by leading consumer brands is encouraging them to opt for sustainable packaging solutions made from recyclable and compostable materials. Furthermore, continuous technological advancements to develop innovative bio-based materials like bio-PET, polylactic acid (PLA), and bio-polyethylene (bio-PE) for packaging applications using agricultural feedstocks are also fueling the demand for sustainable alternatives. However, high costs associated with sustainable packaging compared to conventional plastics and complex recyclability continue to restrain the market to some extent.

Segment Analysis
The sustainable packaging market is segmented by material type into paper & paperboard, plastic, metal, and glass. The paper & paperboard segment dominates the market and accounts for over 30% market share in 2024. Paper & paperboard provides numerous sustainability benefits such as biodegradability, recyclability and renewability. Due to rising environmental awareness among consumers and regulations favoring eco-friendly packaging, the paper & paperboard segment is expected to continue dominating the market during the forecast period.

PEST Analysis
Political: Stringent government regulations regarding the usage of single-use plastic and policies promoting sustainable development are expected to drive the adoption of sustainable packaging. Economic: High initial costs of sustainable packaging but offer savings over the long run due to improved shelf life and reuse/recyclability of packaging materials. Social: Rising environmental consciousness among consumers and stakeholders is increasing the demand for sustainably sourced and environment friendly packaging solutions. Technological: Advanced material science is enabling development of innovative barrier packaging materials that provide similar protection as conventional plastics but with improved sustainability.

Key Takeaways
Global Sustainable Packaging Market Size is expected to witness high growth during the forecast period.

Regionally, North America dominates the market currently due to stringent regulations and high consumer awareness regarding sustainability. Europe is also an important market for sustainable packaging due to strong government push for circular economy initiatives in the region.

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. Stakeholders are focusing on collaborations and new product launches to consolidate their position in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it