Redding, California - June 20, 2024

Sustainable Packaging Market to be Worth $518.5 Billion by 2031

Sustainable Packaging Market Size, Share, Forecast, & Trends Analysis by Type (Recyclable, Reusable, Degradable), Material (Plastic, Paper & Paperboard, Bamboo, Metal, Others), Layer (Primary, Others), Sector (F&B, Automotive, Cosmetic & Beauty, Others), & Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Sustainable Packaging Market by Type (Recyclable, Reusable, Degradable), Material (Plastic, Paper & Paperboard, Bamboo, Metal, Others), Layer (Primary, Others), Sector (F&B, Automotive, Cosmetic & Beauty, Others), & Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the sustainable packaging market is projected to reach $518.5 billion by 2031, at a CAGR of 6.9% from 2024 to 2031. The growth of the sustainable packaging market is driven by government policies promoting eco-friendly packaging and a shift in consumer preferences towards environmentally friendly products. However, the high cost of sustainable packaging restrain the market’s growth.

Moreover, the increase in e-commerce sales, the rising emphasis on sustainability among companies, and the growing focus on promoting a circular economy are expected to create opportunities for stakeholders in this market. However, concerns about durability & product lifecycle and inadequate recycling practices & infrastructure are some of the challenges impeding the market’s growth.

Additionally, the emergence of sustainable packaging alternatives is a prominent trend in this market.

Based on type, the sustainable packaging market is segmented into recyclable packaging, reusable packaging, and degradable packaging. In 2024, the recyclable packaging segment is expected to account for the largest share of over 57.0% of the sustainable packaging market. This segment's large market share can be attributed to the widespread use of recyclable materials for packaging. This practice aims to conserve natural resources, reduce greenhouse gas emissions, and decrease waste in landfills. Additionally, major companies such as Nestlé S.A. (Switzerland), Hindustan Unilever Limited (India), and The Coca-Cola Company (U.S.) are actively adopting recycling strategies for packaging.

However, the degradable packaging segment is expected to record the highest CAGR during the forecast period. This segment’s growth is driven by the increasing demand for degradable packaging formats such as bags, boxes, and pouches. Degradable packaging has gained popularity among both brands and consumers as these types of packaging decompose naturally, resulting in less landfill waste and pollution.

Based on material, the sustainable packaging market is segmented into paper & paperboard, plastic, metal, glass, wood, bamboo, and other materials. In 2024, the paper & paperboard segment is expected to account for the largest share of over 42.0% of the sustainable packaging market. This segment’s large market share can be attributed to the increased adoption of paper & paperboard for packaging food across restaurants and the rising demand for corrugated cardboard, folding boxes, and cartons in e-commerce. Paper & paperboard are particularly favored for their capacity to effectively showcase detailed product information, promotional content, and advertising. Additionally, several companies are actively introducing recyclable paper & paperboard packaging solutions. For instance, in March 2023, AB Electrolux (Sweden) launched recycled and paper-based packaging. This EPS-free packaging is made from Forest Stewardship Council-certified paper-based materials and features a four-color print that uses 70% less ink.

However, the bamboo segment is projected to register the highest CAGR during the forecast period. This segment’s growth is primarily driven by its eco-friendly, renewable, and biodegradable properties. Companies are increasingly opting for bamboo in packaging due to its durability, versatility, and widespread availability.

Based on layer, the sustainable packaging market is segmented into primary, secondary, and tertiary. In 2024, the primary segment is expected to account for the largest share of over 46.0% of the sustainable packaging market. This segment’s large market share can be attributed to consumers’ rising preference for eco-friendly packaging products, resulting in the increased use of sustainable packaging in primary packaging to enhance brand positioning and reputation and the rising demand for primary packaging in the food & beverage and pharmaceutical sectors.

Moreover, the primary segment is projected to register the highest CAGR during the forecast period. This segment’s growth is driven by the increasing focus on sustainable and environmentally friendly packaging among companies and the growth of the e-commerce sector.

Based on sector, the sustainable packaging market is segmented into food & beverage, retail & e-commerce, cosmetic & beauty, fashion & apparel, chemicals, building & construction, pharmaceuticals & healthcare, electrical & electronics, automotive, industrial machinery & equipment, and other sectors. In 2024, the food & beverage segment is expected to account for the largest share of over 49.0% of the sustainable packaging market. This segment’s large market share can be attributed to the growing focus of F&B companies on sustainable practices, including the adoption of eco-friendly materials such as biodegradable plant-based packaging and the implementation of sustainable packaging strategies like recycling and reuse.

However, the retail & e-commerce segment is projected to register the highest CAGR during the forecast period. This segment’s growth is driven by factors such as the surge in e-commerce sales, the increasing eco-consciousness among consumers, prompting businesses to adopt sustainable practices, and the growing utilization of degradable packaging for secondary packaging in e-commerce.

Based on geography, the sustainable packaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 44.0% of the sustainable packaging market. Asia-Pacific’s significant market share can be attributed to the increasing consumer awareness about sustainable packaging, growing demand for food & beverage packaging, and the presence of numerous manufacturers in the region.

Moreover, the Asia-Pacific region is projected to register the highest CAGR of 8.0% during the forecast period. The growth of this regional market is driven by factors such as the expanding urban population, rising disposable incomes, increased e-commerce spending, government regulations promoting sustainable packaging, evolving consumer preferences, and rising environmental concerns across the region.

Key Players:

Some of the key players operating in the sustainable packaging market are Mondi plc (U.K.), Amcor plc (Switzerland), Tetra Pak International S.A. (Switzerland), Sealed Air Corporation (U.S.), Ball Corporation (U.S.), Crown Holdings, Inc. (U.S.), Smurfit Kappa Group plc (Ireland), Berry Global Group, Inc. (U.S.), International Paper Company (U.S.), Huhtamäki Oyj (Finland), Sonoco Products Company (U.S.), Elopak AS (Norway), DS Smith Plc (U.K.), ECOPACKABLES (U.S.), and Better Packaging Co. (New Zealand).

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Key Questions Answered in the Report:

• Which are the high-growth market segments based on type, material, layer, and sector?
• What was the historical market for sustainable packaging?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the sustainable packaging market?
• Who are the major players in the sustainable packaging market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the sustainable packaging market?
• What are the different strategies adopted by the major players in the sustainable packaging market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the sustainable packaging market, and how do they compete with other players?

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