May 22, 2024
Global Sustainable Packaging Market

Sustainable Packaging Market Drives Growth in Demand for Eco-Friendly Products

Sustainable packaging has become integral to maintaining environmental sustainability and reducing carbon footprint. With growing environmental consciousness among consumers and stringent government regulations, packaging companies are increasingly adopting recyclable and biodegradable materials for packaging. Sustainable packaging solutions help companies meet sustainability goals and appeal to eco-conscious customers. They are made from recycled or renewable plant-based materials like paper, bamboo, or agricultural byproducts and can be reused, recycled or composted after usage. They play a crucial role in eliminating plastic waste and reducing emissions. The global sustainable packaging market is driven by government initiatives promoting sustainable practices and voluntary corporate commitments to combat climate change.

The global Sustainable Packaging Market is estimated to be valued at US$ 302.64 Bn  in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing popularity of plant-based packaging materials is a key trend in the sustainable packaging market. Packaging manufacturers are increasingly adopting renewable and natural materials like paper, bamboo, agricultural residues and bioplastics derived from plant-based sources like sugarcane, cassava and corn starch. Plant-based materials have low environmental footprint and can be recycled or composted easily at the end of product life. Their ability to decompose without harming the environment is driving their usage in food packaging, consumer goods, pharmaceuticals and other industries. Moreover, innovative technologies allow plant-based materials to mimic the functionality of petroleum-based plastics, further enhancing their desirability for sustainable packaging applications.

Porter’s Analysis
Threat of new entrants: The sustainable packaging market features high costs for new entrants owing to stringent regulations and standards. Barriers are moderately high.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutable products. However, the demand for sustainable options is increasing bargaining power.

Bargaining power of suppliers: Suppliers have moderate bargaining power since raw materials suppliers are fragmented. However, sourcing certified and environment-friendly materials adds to their power.

Threat of new substitutes: Threat of substitutes is moderate as alternatives like reusable packaging are available but not widely accepted. Sustainable packaging offers novel advantages.

Competitive rivalry: The market sees high competition owing to the presence of numerous global and local players. Companies compete on offerings, pricing, and innovation.

Key Takeaways

The Global Sustainable Packaging Market Size is expected to witness high growth over the forecast period driven by stringent regulations and increasing consumer demand for eco-friendly options.

Europe dominates the market currently owing to strict mandates and higher consumer awareness. Regional growth will be led by countries adopting green protocols to curb waste. The Asia Pacific region is expected to witness the highest growth on account of rapid economic development and expanding manufacturing sector raising environmental concerns.

Key players operating in the sustainable packaging market are KaVo Dental, Nakanishi inc., Foshan Gladent medical instrument Co.,Ltd, TEALTH FOSHAN MEDICAL EQUIPMENT CO., LTD, Chirana, coxo Medical Instrument Co., Ltd., Dabi Atlante, Carlo De Giorgi, Henry Schein, Inc., DENTALEZ, Inc., Aseptico Inc., Sinol Dental Limited., Guilin Woodpecker Medical Instrument Co.,Ltd., MDK Dental, Beyes, NINGBO HPDOVE DENTAL INSTRUMENTS CO., LTD., Ivoclar Vivadent Pty Ltd. These players focus on innovation, expansion, and partnerships for business growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it