As per Zion Market Research study, The Sustainable Packaging Market was worth around USD 265.9 Billion in 2021 and is estimated to grow to about USD 358.3 Billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.10 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.
Key Industry Insights & Finding of the Sustainable Packaging Market Reports:
- As per the analysis shared by our research analyst, the Sustainable Packaging Market is expected to grow annually at a CAGR of around 5.10 % (2022-2028).
- Through the primary research, it was established that the Sustainable Packaging Market was valued approximately USD 265.9 Billion in 2021 and is projected to reach to roughly USD 358.3 Billion by 2028.
- Asia Pacific is attributed to the growing government regulations and initiatives that are encouraging manufacturers to opt for green packaging.
- North America is expected to show considerable growth in the market due to the aggressive efforts put forth by the governments in the region.
- The government of Canada has established numerous recycling infrastructures to facilitate recycling in the country and has imposed a major ban on the use of polystyrene containers and cups, intending to lower the disposal of solid waste.
Sustainable Packaging Market: Overview
The Sustainable Packaging Market was worth around USD 265.9 billion in 2021 and is estimated to grow to about USD 358.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.10 percent over the forecast period. The report analyzes the private hospital market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the private hospital market.
Sustainable packaging is the use of packaging materials and solutions that are biodegradable and readily recycled and reused. Sustainable packaging materials are harmless to the environment which means that they are safe for the environment. Sustainable packaging methods also have a positive impact on the environment. The growing consumer awareness regarding sustainable packaging, the strict bans regarding the usage of single-use plastics, rising environmental concerns caused by the packaging waste that ends up in landfills are some of the major factors that will drive the growth of the market in the forecast period. Furthermore, rising research and development capabilities, rising need for flexible packaging materials and solutions, and rising technical breakthroughs in packaging equipment and technology are some of the other factors that will push market expansion in the future years. The business is expected to increase steadily in the future years as a result of the expanding food and beverage industry, which is increasingly adopting packaging produced from biodegradable and recyclable materials. Single-use plastic straws, lids, closures, caps, cups, and food trays are being replaced by goods made of paper or biodegradable alternatives in the food service business. Moreover, stringent regulations imposed by the government on the use of non-biodegradable packaging solutions, increased proliferation of the e-commerce industry, and rising availability of space-saving packaging solutions will contribute to the growth of the market in the approaching years.
Read more of the latest industry news and developments here: April 2022 Single Issue form – International Confectionery Magazine (in-confectionery.com)