The sustainable packaging market in Asia-Pacific is projected to have the fastest growth between 2017 and 2026 compared to other regions, according to a forthcoming report from MarketResearch.biz. High demand for sustainable packaging products from emerging economies such as India and China will drive that growth, the analysis says.
Called “Global Sustainable Packaging Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2026,” the upcoming report estimates a CAGR percentage for the forecast period, and offers insights about trends, drivers, restraints, opportunities, and challenges in the target market.
“Increasing adoption of sustainable packaging in various end-use industries such as FMCG [fast-moving consumer goods], and food and beverages, coupled with stringent rules by governments in developed economies for use of plastic packaging products are key factors driving growth of the global sustainable packaging market,” MarketResearch.biz says.
Increasing public awareness about environmental conservation as well as rising demand for single-use packaging products are also factors expected to drive the market during the forecast period, the report says.
Cost will be a challenge, however, since sustainable packaging products remain expensive. “Additionally, preference for cheaper plastic-based packaging products by manufacturers in emerging economies is anticipated to hamper growth of the global sustainable packaging market to a significant extent,” according to MarketResearch.biz.
A number of different firms have predicted growth in the global sustainable packaging market. Last year Research Nestor forecast the global sustainable packaging market to have a CAGR of 7.5% by the end of 2024.
Asia-Pacific currently dominates the global sustainable packaging market in terms of revenue, the MarketResearch.biz report notes. This is due to the general public increasing its use of eco-friendly packaging products, and to an uptick in preference for sustainable packaging by end-use industries in the region.
Companies mentioned in the report:
- Crown Holdings
- Bemis Company
- Ball Corporation
- Anchor Packaging
- Tetra Pak
- Silgan Holdings
- Reynolds Group
In June, Amcor reported that the proportion of middle-class consumers in India is growing, creating increased demand for product safety, freshness, effectiveness, and convenience. At the same time, more than three quarters of the total shampoo volume in the country is sold in multilayer laminated sachet packaging that isn’t easily recyclable.
“Amcor colleagues around the globe are already collaborating with each other and outside experts to develop environmentally smarter alternative formats for the small-sachet market,” the company says.