Sustainable Packaging Market Revenue, Top Companies, Report 2033

Published Date : 30 May 2024

Sustainable Packaging Market Revenue and Opportunity

The global sustainable packaging market revenue was valued at USD 109.22 billion in 2023 and is poised to grow from USD 117.54 billion in 2024 to USD 225.78 billion by 2033, at a CAGR of 7.52% during the forecast period 2024 - 2033. Coupled with changing choices towards more sustainable packaging and increasing strict government regulations related to sustainability, these are expected to drive the growth of the sustainable packaging market.

Sustainable Packaging Market Statistics

Market Overview

A sustainable packaging market provides services in which products are packed using eco-friendly, safe materials such as metals, recyclable plastics, paperboard, and paper, and they can be easily biodegradable. The materials must be carried out to avoid tampering and contamination from biological, physical, and chemical sources. Such types of packaging are highly produced from renewable raw materials with minimum environmental impact during development, operation, and even after use. The rapid adoption of favorable government strategies and increasing awareness of reducing plastic waste are anticipated to enhance market growth. In addition, rising technological advancements in the market and developments in various industries such as electronics, pharmaceuticals, healthcare, cosmetics, and food are further attributed to accelerating the growth of the sustainable packaging market during the forecast period.

Increasing reduction of carbon footprint drives the market

Many consumers worry about their effect on their environment, and it directly affects the brands and products negatively. However, by moving to sustainable packaging, consumers can market their products and brands effectively. Consumers can minimize their CO2 emissions by decreasing the packaging using renewable or recyclable products. Customers can implement sustainable on-demand packaging styles. These involve biodegradable custom packaging and eco-friendly and compostable packaging. Consumers can move to lighter-weight materials to reduce the products' carbon footprint with the adoption of sustainable packaging. Recycled products greatly reduce the carbon footprint.

If the packaging is designed from natural materials such as cardboard, FSC-approved paper, and bamboo, then the growth of such items removes the carbon footprint of the environment, and sustainable packaging does the same thing. If consumers want their business to be carbon neutral, sustainable packaging is the best option for them. These are the major driving factors expected to enhance the growth of the sustainable packaging market.

However, the upfront cost of moving to sustainable packaging and limited raw material availability may restrain the growth of the market. This is mainly expected due to the high cost of renewable processing of sustainable packaging materials and the ups and downs in the cost of raw materials. These factors may challenge the growth of the market. In addition, there is inconsistency and limited availability of eco-friendly materials for packaging, which may impact the supply chain negatively. The limited availability of raw materials creates problems in addressing customers’ demands and planning their production schedules. These are some hindering factors that may restrain the growth of the sustainable packaging market.

Sustainable Packaging Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 109.22 Billion
Projected Forecast Revenue by 2033 USD 225.78 Billion
Growth Rate from 2024 to 2033 CAGR of 7.52%
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Sustainable Packaging Top Companies

  • Sealed Air Cor
  • Electrolux Group
  • Manpak
  • DS Smith
  • TetraPack International Company
  • Sonoco Products Company
  • Tetra Laval
  • Mondi
  • Evergreen Packaging
  • Amcor
  • Be Green Packaging

Recent Innovation in the Sustainable Packaging Market by Electrolux Group

  • In March 2023, Electrolux Group launched paper-based and recycled sustainable packaging with 70% less ink to reduce the environmental impact. This advanced eco-friendly packaging was used for AEG and Electrolux small appliances. The Expanded Polystyrene-free packaging is produced from paper-based materials with 70% less link with four0color print.

Recent Innovation in the Sustainable Packaging Market by Mondi Group

  • In May 2024, to replace the plastic shrink film used for bundling food and beverage products, a new secondary sustainable paper packaging solution with the name ‘TrayWrap’ was launched by Mondi Group. The innovative sustainable packaging option was used by a coffee brand in Sweden to ensure 12 coffee packages for transportation. TrayWrap consists of 100% recyclable kraft paper with no coatings.

Regional Insights

Asia Pacific dominated the sustainable packaging market in 2023. The increasing adoption of recycling plants with unique product development and growing government support for using sustainable packaging is expected to accelerate the growth of the market in the Asia Pacific. India, China, Japan, and South Korea are the major leading countries in the Asia Pacific region. In China, customers and businesses are becoming more sustainable, and the eco-friendly packaging trend is continuously growing.

Chinese companies help businesses get sustainable packaging that makes their customers happy at reasonable and approachable prices. Chinese companies can connect consumers with suppliers and niche factories that can make ideal packaging options for unique and novel products.

  • For instance, in May 2024, in China, for Avon’s Little Black Dress shower gels, beauty giant Avon and packaging leader Amcor launched the AmPrima Plus refill pouch in the Chinese market. This new refill pouch made with renewable materials reduces energy usage, 79% water consumption, 88% in reduction, and 83% in carbon footprint. This Chinese company uses 100% compostable, recyclable, and reusable packaging materials.

In India, Amazon company is the largest e-commerce and most demanding company. Almost 50% of customers order their products from Amazon with reduced packaging. Amazon delivers orders with recycling and renewable packaging in more than 300 cities in India. Amazon India avoided plastic packaging with 5,300 metric tons and started using sustainable packaging in the last 3 years.

  • For instance, in October 2023, in India, Pakka Limited, in collaboration with Brawny Bear, launched India’s first-ever compostable flexible packaging. Pakka is a manufacturer specializing in compostable packaging services. The aim behind this launch was to focus on sustainability packaging.

North America is estimated to grow significantly during the forecast period. The U.S. and Canada are the major countries, and both developments in reducing waste and promoting sustainability in the packaging industry are expected to drive market growth in North America. The government has executed regulations and policies to develop sustainable practices that have also driven the market growth in this region. The U.S. companies prefer more green packaging. Most of the customers favor plant-based and compostable packaging. Most customers prefer to pay extra for sustainable packaging. These are the major factors driving the growth of the sustainable packaging market in North America.

Market Potential and Growth Opportunity

Plant-based plastics and mushroom packaging

Bioplastics are made from renewable sources like sugarcane, potatoes, and corn. This is a major factor in polylactic acid, which has the benefit of compostable packaging while significantly reducing greenhouse gas emissions as compared to traditional plastics. In addition, Mycelium is the earthy root structure of mushrooms that can be cultivated in some days. Mycelium is compostable and biodegradable, and it aims for sustainable solutions when it comes to packaging products. Reusable packaging is a revolutionary loop system enabling customers to return their packaging for reuse and cleaning. These are the major opportunities expected to drive the growth of the sustainable packaging market in the coming future.

Sustainable Packaging Market News

  • In May 2024, for its Butter Leaf and Sandwich Leaf, Green Life Farms launched its new advanced packaging. This packaging was featured from reseal and peel containers with label structures for all products. All Green Life Farms packaging is produced from 100% reusable plastics, which fulfills the commitment of the company to innovation, quality, and eco-friendly sustainability
  • In April 2024, to help the cosmetics and food brands, FoodChain ID launched Sustainable Packaging Services, an expert-guided service and a suite of products. Sustainable Packaging Services integrates existing and new digital services that allow manufacturers to respond to and monitor changeable regulations on sustainable packaging.

Market Segmentation

By Packaging Type

  • Recycled content packaging
  • Reusable packaging
  • Degradable packaging

By Material

  • Glass
  • Paper
  • Metal
  • Plastic

By Application

  • Food & beverage
  • Personal care
  • Healthcare
  • Others

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