The global sustainable packaging market is prognosticated to exhibit a positive growth trajectory in coming years, according to a Transparency Market Research (TMR) report. The market’s features a highly fragmented ecosystem, with presence of a large number of global, local, and regional vendors. Established players operating in the global sustainable packaging market are adopting supply chain integration practices to gain traction. Vendors procure raw materials in order to manufacture the end-product. Different distribution channels such as distributors, wholesalers and vendors are approached in order to ramp up their sales.
The players in this environmentally friendly packaging market are increasingly involved in M&A activities in order to acquire technical expertise and achieve a competitive advantage. In some cases, the manufacturing industry formed a direct partnership with application industries and strategic partnerships. Unilever has, for example, cooperated with packaging providers like ALPLA and MuCell Extrusion.
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Leading players in the global sustainable packaging market include Smurfit Kappa Group PLC, Ardagh Group S.A, WestRock LLC, Ball Corporation, and Gerresheimer AG.
TMR projects the global sustainable packaging market to rise at a 5.3% CAGR over the forecast period 2018 to 2026.
Europe, on account of large pool of established market vendors leads the global sustainable packaging market geographically. The high disposable incomes of people in the region contribute to the growth of this regional market. Among the different types of materials, the plastic segment is expected to gain precedence with a 5.0% CAGR over the forecast tenure.
Stringent Environment Regulations Promote Sustainable Packaging Market
In recent years we have witnessed a change in consumer preference towards recyclable and ecological materials. This is one of the principal drivers of sustainable packaging growth on the market. In the context of global environmental concerns relating to sustainable development and implementation of strict legislation by different governments, the use of sustainable packaging materials has expanded globally. Over the forecast period it will probably be possible to increase demand in the global sustainable packaging market for alternative materials such as bioplastics.
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Downsizing to Emerge as Prominent Market Trend
The key trends of industry include reduction or light weighting, increased recycling, recovery of waste, increased use of renewable products, increased utilization of recycled material and improvements in packaging and logistics. In the coming years it is expected that edible packaging products made of natural ingredients will become more popular. A range of international companies, including Hovis, have launched renewable polyethylene-based bread packaging. The packaging formats of Dixie Egg Company, Gillette Razors, and Wolfgang Puck Coffee, etc… are excellent. This style of packaging is not only environmentally friendly, these would be alluring enough for the customers. Such trends are expected to positively influence the global sustainable packaging market in the coming years.
But liquid biofuels are projected to hinder the global growth of sustainable packaging markets by high cost of raw materials used for making sustainable packaging such as bio-based monomers. The increasing campaigns by the government to educate consumers about the advantages of environmentally friendly products and the harmful effects of toxic packing materials are nevertheless expected to benefit industry growth during the forecast period.