Our in-depth analysis has segmented global sustainable packaging market into the following segments:
Global sustainable packaging market is further classified on the basis of region as follows:
Global sustainable packaging market is anticipated to flourish at a CAGR of 7.5% over the forecast period. Further, growing awareness among people regarding the benefits of sustainable packaging is the key growth driver of global sustainable packaging market.
On the basis of application, the market is segmented into food and beverages, healthcare packaging, personal care packaging and others. Moreover, food and beverages packaging is expected to project a highest CAGR by the end of 2024. Furthermore, primary packaging by layer segment accounted for the largest market share in 2016.CLICK TO DOWNLOAD FREE SAMPLE
In the regional platform, Asia-Pacific region is estimated to be the biggest market in sustainable packaging in 2016. Additionally, Asia-Pacific region is believed to continue its dominance during the forecast period owing to huge adoption of sustainable packaging by various sectors such as healthcare. The major countries witnessing the augmented demand for sustainable packaging are Japan, China and India. Likely, rising adoption of green packaging products and rise in per capita income are envisioned to foster the growth of sustainable packaging market in the region.
North America accounted for second largest market in sustainable packaging owing to stringent environmental regulations taken by government for the environmental safety. In North America, U.S. captured the biggest sustainable packaging market in 2016. Further, increasing research and development activities by major key players is also predicted to bolster the growth of sustainable packaging market. Europe is anticipated to witness a tremendous growth during the forecast period. U.K. and France are the major countries witnessing the augmented demand for sustainable packaging owing to growing environmental concerns.
Rising environmental concerns and growing public awareness about eco-friendly products are envisioned to be the dynamic factor behind the rapid growth of sustainable packaging market over the forecast period. Further, rising consumer demand for the use of sustainable packaging for various food products is projected to boost the demand for sustainable packaging by the end of 2024. Likely, growing concerns related to waste generation along with increasing demand for eco-friendly packaging materials are predicted to positively impact the growth of sustainable packaging market.
Moreover, strict governmental policies for the safety of environment coupled with availability of incentives and support from the government is one of the major factors behind the growth of sustainable packaging market. Further, innovative sustainable packaging products are also believed to flourish the growth of sustainable packaging market.
However, high cost of raw materials used for making sustainable packaging such as bio-based monomers, liquid biofuels is anticipated to hinder the growth of the sustainable packaging market globally.