Shift of manufacturer’s preference for packaging from conventional to biodegradable packaging materials, is pinpointing the growth of the global sustainable packaging market. As indicated by the latest market report published by Transparency Market Research, titled ‘Sustainable Packaging Market’: Global Industry Analysis and Forecast 2018-2026,’ the global sustainable packaging market is estimated to be US$ 250.6 Bn for 2018, and is expected to grow at a CAGR of 5.3% during the forecast period (2018-2026).
Initiatives taken by sustainable packaging manufacturers to use environmental friendly packaging materials and technology in packaging products, has been supported by various organizations as well as governments. Sustainable packaging manufacturers are looking towards developing biodegradable plastics that will reduce carbon footprint. With a growing demand for a sustainability driven world, packaging experts and consumer products companies are focusing on “green packaging”.
By end use industry, the sustainable packaging market is segmented into food, beverages, automobile and electronics, chemical, pharmaceutical, agriculture, cosmetics & personal care. Food segment is further sub segmented into bakery & confectionery, dairy and meat & poultry. Beverages segment is further sub segmented into carbonated beverages and non-carbonated beverages. Among the end use, beverage segment is estimated to dominate the forecast period, with an estimated market value share of 29.8% in 2018.
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Chemical & pharmaceutical segment market during is expected to create incremental $ opportunity of US$ 28.6 Bn during the forecast period. Agriculture segment is estimated to reach an estimated market value share of 9.1% in 2026 during the forecast period. Among geographic market segments, the Europe region is anticipated to lead the global sustainable packaging market, during the forecast period. Europe region is projected to register the CAGR of 5.4%, during the forecast period, by value.
