Market Drivers:
• Government Initiatives towards Sustainable Packaging
• Shift in Consumer Preferences towards Recyclable and Eco-Friendly Materials
• Downsizing of Packaging
• Breakthrough in New Technologies
Application
• Food & Beverage packaging
• Healthcare packaging
• Personal care packaging
• Others (electronic appliances and home care packaging)
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Sustainable Packaging plays a very important part in retaining a long shelf life of products along with decreasing the negative impact of plastic and other chemical packaging on the environment. Sustainable Packaging is also known as Eco Friendly or Environmental or Green Packaging. Sustainable packaging is the development and use of packaging which results in improved sustainability. This involves increased use of life cycle inventory (LCI) and life cycle assessment (LCA) to help guide the use of packaging which reduces the environmental impact and ecological footprint.
The sustainable packaging market was valued at USD 201.60 billion in 2014, and is projected to grow at a CAGR of 7.17% from 2015 to 2020.Sustainable packaging plays a very important part in retaining a long shelf life of products along with decreasing the negative impact of plastic and other chemical packaging on the environment.
Stringent regulations regarding sustainability, coupled with changing preferences towards more sustainable packaging materials are some of the major factors for growth of the sustainable packaging industry. Degradable packaging is the fastest-growing process in the sustainable packaging market.
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Key Players:
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).