Pune, India -- (SBWIRE) -- 03/20/2019 -- The Infinium Global Research analyzes the Sustainable Packaging Market over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global sustainable packaging market. It will help a lot of decision-makers to develop strategies and find new opportunities in the global markets of sustainable packaging. The market size of the sustainable packaging market was worth USD 225.44 billion & 92.89 million metric tons in terms of value and volume in 2017 and USD 319.18 billion and 124.72 million metric tons in 2024 respectively. It is expected to grow at a CAGR of 5.14% & 4.40% between 2018 and 2024 in terms of value and volume respectively.

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Market Insight

Sustainable packaging is the development and use of packaging for improvement in sustainability. Sustainable packaging reduces the environmental impact of as it involves use of life cycle inventory and lifecycle assessment techniques. Sustainable packaging emphasizes recycling and reusing of the packaging materials to improve the quality of human lives and reduce environmental hazards of metals and plastic packaging materials. High demand for sustainable packaging in food & beverage and cosmetic industry highlights the growth potential for the sustainable packaging market.

Furthermore, Growing awareness about sustainable packaging drives the growth of the sustainable packaging market. Moreover, growing applications of sustainable flexible packaging boost the growth of the sustainable packaging market. However, the high cost of raw materials may hamper the growth of the sustainable packaging market. Going further, growing e-commerce industry is expected to create fruitful opportunities for the growth of the sustainable packaging market.

Sustainable Packaging Market is Bifurcated into Material, Packaging Type, and Application.

Market Segmented by Material

Material type segment is categorized into paper & paperboard and plastic. The growing environmental concerns and favorable government regulations to reduce the use of non-degradable packaging material favours the growth of the paper-based sustainable packaging market. In addition, the ongoing innovations to produce lightweight, water-resistant and pollution free materials create growth opportunities for the sustainable packaging market.

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Market Segmented by Packaging Type

Packaging type is segmented into trays bags, boxes, bottles & jars, films, pouches & sachets, drums, and IBC. Growing consumer's preference towards internet-based shopping is expected to escalate the demand of sustainable packaging box.

Market Segmented by Application

Application type segment is categorized into food, beverages, automobile& electronics, chemical, pharmaceutical, agriculture, and cosmetics and personal care. The goal of sustainable food packaging is to contain food in a cost-effective way that satisfies industry requirements and consumer desires, by preserving food safety and reduces environmental impact. Sustainable packaging extending the shelf life of foods that in turn boosts the growth of the sustainable packaging market.

Regional Analysis

Among the geographies, Asia-Pacific dominated the sustainable packaging market, closely followed by the European region. The growth in the Asia-pacific region is promoted by the rapid adoption of sustainable packaging by China and Japan. Moreover, the presence of a large consumer base, increasing per capita expenditure, and increasing government focus on adoption of eco-friendly solutions fuel the growth of sustainable packaging market in the Asia Pacific region. Furthermore, the stringent governmental laws for packaging and guidelines for promoting sustainable packaging support the growth of the sustainable packaging market in the European region.

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