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Global Sustainable Packaging Market Forecast To Grow 7.5% By 2024

sustainable packaging market growth 20204
Amazon Frustration-Free Packaging. Credit: Amazon

The strategic market research consulting service Research Nestor forecasts that the global sustainable packaging market will grow 7.5% CAGR by the end of 2024 in a report published recently.

Called “Sustainable Packaging Market: Global Demand Analysis & Opportunity Outlook 2024,” the 2017 report looks at the market size, market share by region, market segmentation, key players, as well as the growth drivers and challenges.

According to the report, rising environmental concerns and growing public awareness about eco-friendly products are expected to drive the rapid growth of sustainable packaging market over the forecast period. In particular, consumer demand for sustainable food product packaging is projected to be a large driver.

“[S]trict governmental policies for the safety of environment coupled with availability of incentives and support from the government is one of the major factors behind the growth of sustainable packaging market,” the report says. “Further, innovative sustainable packaging products are also believed to flourish the growth of sustainable packaging market.”

Challenges remain, however. They include the high cost of raw materials used for making sustainable packaging like bio-based monomers and liquid biofuels, according to Research Nestor.

Research Nestor says that key players in the global sustainable packaging market include:

Amcor Ltd.
Tetra Laval International SA
Westrock Company
Mondi Plc.
Sonoco Products Company
Sealed Air Corporation
Huhtamaki OYJ
Silgan Holdings Inc.

Top consumer-facing companies are increasingly seeking to form partnerships with the packaging industry to tackle waste. Several have their own initiatives for sustainable packaging, including Target and Amazon.

In the United States, the holiday shopping season kicked off Friday and continues on Cyber Monday. Air Cargo World noted that online shopping has grown “greener” with packaging waste reduction efforts from retailers like Amazon, which introduced its Frustration-Free Packaging nearly 10 years ago in an effort to cut back the overall amount of materials used. According to Amazon, the initiative has already eliminated 181,000 tons of packaging material and 307 million shipping boxes.

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