Degradable packaging is the fastest-growing process in the "Sustainable Packaging Market". In the material segment, paper & paperboard packaging is projected to grow at the highest rate. In terms of application, the food & beverage packaging segment is the fastest-growing segment, followed by the personal care packaging segment.
Stringent regulations regarding sustainability, coupled with changing preferences towards more sustainable packaging materials are some of the major factors for the growth of the sustainable packaging industry. 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.
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Application of sustainable packaging in the food & beverage segment dominated the market in 2014. In terms of function, the active packaging segment, which consists of barrier packaging, anti-microbial packaging, and modified atmosphere packaging (MAP), held the largest share in 2014. This domination is mainly due to growing packaged food and beverage industry, particularly in emerging markets such as China, Brazil, and India.
Market On the Basis of Application:
• Food & Beverage Packaging
• Healthcare packaging
• Personal care packaging
• Others (home care packaging and electronic appliances)
Market On the Basis of Region:
• Asia-Pacific
• Europe
• North America
• Rest of the World (RoW)
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Market On the Basis of Process:
• Recycled content packaging
• Reusable packaging
• Degradable packaging
The sustainable packaging market is highly fragmented with several packaging manufacturers offering sustainable packaging solutions. The market is dominated by key players such as 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).
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Major companies have regional and local distributors to increase their shares in several countries. One of the major developments observed in the sustainable packaging market is mergers and acquisitions. Companies are adopting organic growth strategies such as new product developments to cope with the increasing demand for sustainable packaging solutions in emerging markets. These strategies have aided major companies to create a huge customer and partner base in these markets.
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