Sarasota, FL -- (SBWire) -- 01/15/2019 --Zion Market Research has published a new report titled "Sustainable Packaging Market by Material (Paper & Paperboard, Glass, Plastic, Metal, and Others), by Layer (Primary, Secondary, and Tertiary), by Process (Recycled Content, Degradable, and Reusable), by Function (Molded, Alternate Fiber, and Active), and by Application (Food & Beverage, Healthcare, Personal Care, and Other Applications): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024''. According to the report, the global sustainable packaging market was valued at around USD 250 million in 2017 and is expected to reach approximately USD 400 million by 2024, growing at a CAGR of slightly above 7% between 2018 and 2024.
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The sustainable packaging market can also be termed as green packaging market. Due to the growing end-users' concerns, this market is growing at a high rate. The major processes used for sustainable packaging includes recyclable, reusable, and biodegradable.
The growth in the food and beverages industry is one of the major factors fuelling the expansion of the sustainable packaging market. The consumption rate of food has been increasing rapidly over the past few years. The demand for packaged food with extended shelf life is gaining momentum across the globe. This, in turn, is giving impetus to innovation in this industry and meeting the increasing need of consumers. In various developing countries, the demand for food has increased rapidly. Healthcare, personal care, etc. make use of sustainable packaging, which is largely gaining traction. In the food and beverages industry, recyclable, metals cans result in nearly 80% of energy savings, which, in turn, is anticipated to contribute toward the growth of this market. A major restraining factor related to the global sustainable packaging market is the lack of awareness regarding the importance of sustainability in some emerging economies. However, the growing e-commerce industry is likely to provide many growth opportunities in the global sustainable packaging market.
The global sustainable packaging market can be segmented based on material, function, process, application, and layer. By material, the market includes paper and paperboard, plastic, metal, glass, and others. By layer, the market is segmented into primary, secondary, and tertiary packaging. By process, the market includes recycle, reusable, and degradable processes. The function segment includes active, molded, and alternate fiber packaging. Based on application, the sustainable packaging market is fragmented into food and beverage, personal care, healthcare, and others. The food and beverage segment is likely to be the dominant segment of this market in the future. Increase in the demand for packaged food and beverages is expected to drive the demand for sustainable packaging in the upcoming years.
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Based on regions, the sustainable packaging market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific held the most significant share of the sustainable packaging market in terms of volume during 2017. This can be attributed to the huge demand for food and beverages in developing regions, such as China, India, etc. The North American sustainable packaging market is also likely to witness noteworthy growth during the forecast time period.
Some major players of the global sustainable packaging market are Sealed Air Corporation, Bemis Company, Inc., Mondi PLC, Westrock Company, Sonoco Products Company, Smurfit Kappa Group PLC, Tetra Laval International S.A., Huhtamaki OYJ, BASF SE, and Amcor Limited, among others.
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This report segments the global sustainable packaging market as follows:
Sustainable Packaging Market: Material Segment Analysis
Paper & Paperboard
Plastic
Metal
Glass
Others
Sustainable Packaging Market: Layer Segment Analysis
Primary
Secondary
Tertiary
Sustainable Packaging Market: Process Segment Analysis
Recycled Content
Reusable
Degradable
Sustainable Packaging Market: Function Segment Analysis
Active
Molded
Alternate Fiber
Sustainable Packaging Market: Application Segment Analysis
Food & Beverage
Healthcare
Personal Care
Others
Sustainable Packaging Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Sustainable Packaging Market Is Set for a Rapid Growth and Is Expected to Reach Around $ 400 Million by 2024
Global sustainable packaging market expected to reach approximately USD 400 million by 2024, growing at a CAGR of slightly above 7% between 2018 and 2024. The growth in the food and beverages industry is one of the major factors fuelling the expansion of the sustainable packaging market.