Dublin, November 30, 2021 (GLOBE NEWSWIRE) – The ‘Global Sustainable Packaging Market Report 2021’ has been added to ResearchAndMarkets.com offer.
The sustainable packaging market is expected to grow at a CAGR of 5.03% to reach US $ 348.919 billion by 2026, from US $ 247.435 billion in 2019.
Sustainable packaging is defined as an approach to packaging that is sourced, developed and used in a way that minimizes environmental impact.
Green marketing is something that only forward-looking companies emphasized years ago, when it was unusual for companies to take initiatives that were environmentally friendly. The current trend towards the pursuit of sustainable practices is not only pleasant, it is becoming the new normal. Private and public organizations working together to accelerate environmental change, in line with market expectations, open up vast opportunities.
Food and beverage products are increasingly packaged with sustainable materials, leading to further market growth. A major catalyst for this process is the emergence of sustainable packaging materials that reduce the impact on the environment.
Even the cosmetics packaging industry is striving to create more environmentally friendly packaging options that can take the cosmetics market to a whole new level. Market growth is also driven by initiatives to reduce the use of non-degradable packaging materials, the growth of sustainable packaging lines and green packaging strategies.
After the COVID-19 outbreak turned into a pandemic, unfortunately, the focus began to shift from sustainability to the virus and its impact. In addition, the pandemic has caused an increase in plastic waste. It has been reported that a large portion of personal protective equipment (PPE) is negligently discarded despite efforts to ban single-use plastics, demand for bottled water, plastic bags, disposable wipes and of disinfectants increases.
Environmental concerns have led to greater interest in sustainable packaging and processing operations due to consumer awareness. As part of sustainability initiatives, manufacturers have reduced raw material by downgrading, creating thinner and lighter packaging, and reducing waste. Modern consumers increasingly take into account environmental friendliness, ethics, quality, safety and cost of products when selecting products. Packaging legislative regulations also enforce a number of these issues, which will benefit the global green packaging market.
As packaging materials can be recycled, renewed and reused, environmentally friendly biodegradable packaging materials like paper and cardboard help maintain environmental sustainability. In addition, consumers in developing countries are not aware of the importance of sustainable packaging.
High recycling rates and installation costs have, in turn, prevented many manufacturers from implementing sustainable packaging solutions. The World Bank estimates that the global production of solid waste will reach 4.7 billion tonnes by 2050. The solid waste generated in the coming years will be so large that recycling capacity will not be able to keep up with production. A more environmentally friendly packaging solution is needed to reduce the huge amount of solid waste generated each year.
The rise of zero waste stores and the sharp increase in the use of refillable water bottles are just a few examples of how consumers are helping to reduce waste. A majority of individuals believe it is time to move away from single-use packaging in favor of packaging made from recycled materials.
Increase the responsiveness of businesses to consumers:
A change in consumer attitudes towards plastic packaging and waste is starting to affect businesses, and they are making changes accordingly. Sustainable practices are now a priority for businesses as they realize that losing paying customers will cost them if they are not properly implemented.
Pressure from consumers to be more environmentally friendly has led companies to adopt voluntary targets and initiatives that go beyond regulatory requirements. Many global brands, including Unilever, Nestlé and IKEA, have announced their commitment to eliminating single-use plastic waste over the next 10 years.
The emphasis on corporate social responsibility means that a company is committed to improving the environment and society, without contributing to its destruction. Walmart, one of the world’s largest retailers, recognizes its influence and has taken steps to play a leadership role in sustainable packaging. It aims to have 100% recyclable, reusable and compostable packaging. When retailers like Walmart make a statement like this, other business giants take it seriously.
Reduced carbon footprint, reduced shipping costs:
Many brands are concerned about their carbon footprint as it contributes to climate change and natural disasters. HP is one of those brands. With most of its products sold in the United States and Europe, HP wanted to design a sustainable packaging solution.
Environmentally friendly packaging with minimal impact on the environment, while protecting products during long journeys from the factory to the customer. HP began using virgin fiber produced from responsibly managed forests for its splines and coating. The fiber is extremely strong and was able to reduce packaging material by 29%, saving materials and maintaining protection. In addition, HP benefits from the reduced weight of the box, which reduces shipping costs and transport emissions.
Overcapacity could be a major obstacle for this industry. Non-biodegradable plastic bags remain the most popular packaging material in the world due to their lower cost. For this reason, packaging companies are unable to match their production capacity to their sales volume. It is expensive to use raw materials such as bio-based monomers, liquid biofuels, cellulosic fibers and biopolymers. As a result, the cost is passed on to consumers.
Impact of Covid-19 on the sustainable packaging market
Increasingly, end-user industries like personal care, food and beverage, and pharmaceuticals have suffered drastic revenue losses since COVID-19 went into effect.
In addition, the containment triggered by the Coronavirus has resulted in the cessation of the purchase of several important raw materials on the global market, which unfortunately has led to problems in obtaining raw materials, attracting workers and delivering them. some products. However, with the constant increase in demand, the sustainable packaging market is quickly returning to normal.
It is further believed that a robust market is available due to increased production activity and demand for storage and distribution applications.
By packaging material
By end user industry
Food and drink
For more information on this report, visit https://www.researchandmarkets.com/r/o1jmc7
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900