IndustryARC, in one of its latest reports, predicted that the sustainable packaging market size is forecast to reach $869.2 million by 2026, after growing at a CAGR of 8.8% during 2021-2026. Due to the Covid-19 palindrome, the sustainable packaging market has been severely hit. The nationwide lockdown paused all manufacturing activities which led towards the declination in the demand and supply for sustainable packaging in the year 2020. The sustainable packaging market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
The top 5 players in the sustainable packaging industry are:
1. Amcor Limited
2. Bemis Company, Inc.
3. Tetra Laval International S.A.
4. Mondi PLC
5. Westrock Company
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1. The paper segment is the largest revenue generating segment held a share of more than 30% in the market in 2020, due to increased government campaigns to educate consumers about the benefits of paper packaging and environmentally friendly products, that are expected to benefit the growth in the industry.
2. Primary packaging held the largest share of more than 30% in the sustainable packaging market in 2020. Primary packaging is the packaging which protects the product the most closely. Also, it can be named retail or consumer packaging. Primary packaging is used for bottle and can packaging in the beverage industry, or where the drink is stored in. Primary packaging in the pharmaceutical industry refers to the blister packages which contain a certain medication.
3. Recycle content packaging held the largest share of more than 25% in the sustainable packaging market in 2020. Consumers are increasingly concerned about the environmental impact of packaging, and as part of the solution, many retailers are seeing recycled content in packaging.
4. Active packaging held the largest share of more than 30% in the market in 2020 due to its wide use in the sustainable packaging market. The potential of nanotechnology is actively explored in the food packaging sector including active packaging. Thereby the transformation of active compounds from micro to nanoscale provides a new opportunity.
5. Food & Beverage sector held the largest share of more than 35% in the sustainable packaging market in 2020 and is projected to grow at a CAGR of 12.5% during the forecast period 2021-2026. Sustainable packaging has become a necessity in the food and drink industries.
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Market Drivers and Challenges:
1. Increasing demand for sustainable packaging in the personal care and healthcare industry: Manufacturers are worried about the impacts of packaging on the environment and make efforts to minimize, reuse and recycle. Because of the cost-efficiency, increasing energy and resin costs will make these environmentally friendly measures especially appealing.
2. Growing government initiatives towards sustainable packaging: The Department for Industry, Energy & Industrial Strategy is looking to be a front runner in sustainable packaging growth. Together with states and territories and industry, the Australian Government is working to reduce the amount of plastic waste, with an increase in recycling and reducing environmental effects
3. Instability in the price of raw materials: Fluctuation in raw material prices will hinder the overall sustainable packaging market size during the forecast period. The market pattern of raw materials with their present ups and downs is influenced mainly by supply and demand. Due to the COVID-19 pandemic, shortage in the supply and demand of raw materials has been seen owing to which the price of raw materials has reached to its peak. Hence, increase in raw material prices will further create hurdles for the sustainable packaging market in the projected period.
4. Lack of awareness of the value of sustainable growth in many developing economies: The most popular respondents are mindful of the environmental effects of packaging, environmental conservation; recycling and the sense of duty are the primary factors for buying. In order to buy environmentally friendly products, the consumers need to have the knowledge or be willing to seek knowledge and information. Hence, public’s view of sustainability, vocabulary differences and an inconsistent approach to sustainable packaging is due to the lack of consumer awareness, which is restraining the growth of the market.
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