Initiatives taken by sustainable packaging manufacturers to use environmental friendly packaging materials and technology in packaging products, has been supported by various organizations as well as governments. Sustainable packaging manufacturers are looking towards developing biodegradable plastics that will reduce carbon footprint. With a growing demand for a sustainability driven world, packaging experts and consumer products companies are focusing on “green packaging”.
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Rampant Plastic Packaging Waste Prompts at Emergency of Adopting Sustainable Packaging Solutions
“More than 200 million tons waste created by plastics cause major landfill issues”. This is majorly reduced by the use of sustainable packaging. Changing lifestyle has created the demand for packaging, consumers started investing more on packed food & beverages. The global demand for packaging has increased substantially in the last couple of decades, and packaging manufacturers have now been focusing on the use of biodegradable plastics as opposed to conventional plastics. This global push has led to the growth in demand for sustainable packaging solutions.
Manufacturers in Asia Pacific region are concerned about the rising packaging waste. High consumption rate of plastic packaging products has created millions of tons of waste. Policy makers are playing a major role in creating a sustainable environment. So, governments in the APAC region are emphasizing on biodegradable and bio plastics for packaging. Government organizations actively support and promote the use of bioplastics.
Paper & paperboard segment is expected to dominate the market throughout the forecast period with an estimated market share of 55.1% in 2018, during the forecast period. Plastic segment is estimated to register a CAGR of 5.0% during the forecast period. PLA segment is expected to create incremental $ opportunity of US$ 10.2 Bn during the forecast period. Metal (Aluminium) segment is estimated to register a value of US$ 33.3 Bn in 2018 and is expected to reach 52.1 Bn by the end of the forecast period (2028). ‘Others’ segment is projected to register a CAGR of 4.6% during the forecast period.
European Market Continues to be the Top Adopter
The European region is estimated to account for the largest share in sustainable packaging market on the backdrop of high concentration of the packaging manufacturers and rise in disposable income of the consumers. North America is expected to trail in sustainable packaging market as the region has highest per capita consumption of packaging. The MEA region is estimated to contribute small but rapidly growing market share in sustainable packaging market. Growth in sustainable packaging market in Latin America region is expected to be moderate during the forecast period.
Few of the key players in the global sustainable packaging market include Sonoco Products Company, Amcor Limited, Gerresheimer AG, Smurfit Kappa Group PLC, Ball Corporation, Ardagh Group S.A, Crown Holdings, Inc., WestRock LLC, DS Smith Plc, The Mondi Group plc, International Paper Company, Berry Global Inc, Bemis Company, Inc., Sealed Air Corporation, Reynolds Group Holdings Ltd, Tetra Pak International S.A, Genpak LLC, Huhtamaki OYJ, Tetra Laval International S.A., and Reynolds Group.