Sustainable packaging market worth $303.60 billion by 2020
The report "Sustainable Packaging Market by Material (Paper & Paperboard, Plastic, Metal, Glass), Process (Recycled, Reusable, Degradable), Function (Active, Molded Pulp, Alternate Fiber), Application (Food & Beverage, Healthcare, Others) & Layer - Global Forecast to 2020" published by MarketsandMarkets, The Market was valued at USD 201.60 Billion in 2014, at USD 303.60 Billion by 2020, and is projected to grow at a CAGR of 7.17% from 2015 to 2020.
The market report defines and segments the Sustainable Packaging Market with analysis and forecasting of the global revenues for the sustainable packaging industry. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
The segmentation considered for this report is based on function, layer, process, material, application, and region. The market has been segmented on the basis of material into paper & paperboard, plastic, metal, glass, and others (foamed plastics and wood) The market for paper & paperboard is projected to witness the highest growth from 2015 to 2020. The market has been further segmented on the basis of application into food & beverage packaging, healthcare packaging, personal care packaging, and others (electronic appliances and home care packaging). Based on application, the food & beverage packaging segment is projected to grow at the highest rate from 2015 to 2020. The layers of sustainable packaging include primary, secondary, and tertiary packaging. Primary packaging segment accounted for the highest market share of the total Sustainable Packaging Market in 2014.
The Sustainable Packaging Market was valued at USD 201.60 Billion in 2014, at USD 303.60 Billion by 2020, and is projected to grow at a CAGR of 7.17% from 2015 to 2020. Factors such as stringent laws regarding sustainability, growing packaging industry, and change in consumer preferences towards sustainable and eco-friendly packaging materials drive the Sustainable Packaging Market. However, cost of recycling acts as a restraint to the market. Growth in the economically improving Asia-Pacific region provides an opportunity to the Sustainable Packaging Market to grow even further. Overcoming the problems caused due to fluctuations of raw material prices is a challenge faced by the Sustainable Packaging Market.
Leading players in the Sustainable Packaging Market include Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Tetra Laval International S.A. (Switzerland), Mondi plc (South Africa), WestRock Company (U.S.), BASF SE (Germany), Sonoco Products Company (U.S.), Smurfit Kappa Group PLC (U.S.), Sealed Air Corporation (U.S.), and Huhtamaki OYJ (Finland). The main strategies adopted by the sustainable packaging companies are mergers and acquisitions. The requirements of the manufacturers to adhere to standards set by governments for sustainable packaging make it essential for the manufacturers to continually invest in research and development activities for innovative solutions. Companies are also adopting inorganic growth strategies such as agreements and joint ventures to cope with the increasing demand of sustainable packaging in the key emerging markets. These strategies have aided companies to create a large customer and partner base in the key markets.