GLOBAL SUSTAINABLE PACKAGING MARKET

 From 2022 to 2027, the market analyzed, or the global market for sustainable packaging, is anticipated to grow at a CAGR of 7.55%. Many businesses have started to abandon the sustainability goal of eliminating plastic as a result of the COVID-19 epidemic. According to certain research, the virus can spread through cardboard and plastic, which led to an increase in the use of single-use packaging materials in supermarkets, such as cling film for fruits and vegetables.

The interest in sustainability has increased dramatically in recent years, especially among consumers. Sustainable packaging has received a lot of attention since the Circular Economy concept has acquired major traction. Governments have also responded to public concerns over packaging waste, particularly single-use packaging waste, on every continent. To reduce environmental waste and enhance waste management procedures, regulations are being implemented.

According to a survey by the Ocean Conservancy, 8 million metric tons of plastic enter the ocean annually, adding to the estimated 150 million metric tons that are already churning around in the world's oceans. This is roughly equivalent to dumping one garbage truck from New York City's streets worth of plastic into the ocean every minute of every day for a year. According to the survey's findings, 2025 is predicted to be a watershed year for environmentally friendly packaging. A little over 40% anticipate using innovative products and sustainable techniques during the next five years. Companies are already planning how to use sustainable packaging to create a circular economy, including using compostable or biodegradable materials and redesigning containers to cut waste or eliminate it altogether.

Due to consumers' rising preference for environmentally friendly packaging, industries are concentrating on creating bio-based PVCs. Cargill announced the addition of Biovero bio-based plasticizer to its portfolio of bioindustrial solutions in October 2021. This product is used for a wide range of product manufacturing applications, including the production of flooring, clothing, wires, cables, and plastic films and sheets for its industrial customers in North America, with plans to expand the offering globally. In the upcoming years, it is anticipated that situations like this would encourage the use of sustainable PVCs.

The largest Chinese e-commerce sites and rapid delivery providers have been actively reducing the use of packaging materials. For instance, recyclable packaging boxes, which can be recycled an average of around ten times, were being used by SF Express. In first-tier and several second-tier domestic cities, the corporation has adopted more than 100,000 such boxes, mostly to replace paper boxes and plastic bags and cut down on the use of foam blocks and tape. The business added that its initiatives are in response to the nation's need for the sustainable growth of the logistics sector.

The market for environmentally friendly packaging is quite fragmented. Amcor Limited, TetraPak International SA, Mondi PLC, WestRock Company, BASF SE, Sonoco Products Company, Smurfit Kappa Group PLC, Sealed Air Corporation, and Huhtamaki OYJ are a few of the important players.

To Get The Market Report Click Here: GLOBAL SUSTAINABLE PACKAGING MARKET

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