World over, the continual focus on reducing ecological footprint and environmental impact in the packaging industries has shaped many an exciting paradigms in recent decades. Over the past few years, the concept of sustainable packaging has been witnessing widespread popularity and has been high on public perception. The concept encapsulates a variety of criteria broadly blending industrial sustainability expectations and objectives with business considerations of performance and cost.
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The value chain of sustainable packaging spans across environmental-friendly sourcing, manufacturing, transporting, and recycling, with government regulations playing a key role. The essential elements include responsible sourcing of packaging materials, higher adoption of clean production technologies and renewable energies, designing packaging to be functional as well as safe throughout the lifecycle, and at the end allows for an efficient recycling.
Which factors underpin the rise in demand for sustainable packaging?
The concept continues to make incremental improvements toward achieving the ultimate goal of sustainable packaging for producers and end users alike. The burgeoning number of mindful consumers is also adding to the momentum of the market’s growth. Driven by unabated popularity the market for sustainable packaging will rise at a healthy clip over the forecast period of 2016–2024, according to Transparency Market Research.
Sustainable packaging are extensively demanded in verticals such as food and beverages, industrial goods, pharmaceutical, and healthcare, which has been constantly driving the growth of the market. Of note, brands in consumer packaged goods industry are increasingly capitalizing on sustainable packaging concepts to meet their industrial green objectives. Furthermore, stringent implementations of governmental regulations in various developing and developed nations have provided a fillip to eco-friendly recycling initiatives by end-use industries.
Which trends underline the competitive dynamics of the market?
The market landscape is fairly competitive with several players opt for strategic collaborations and mergers and acquisitions to gain a firm foothold herein. They are also inclined to introduce innovative ideas in sustainable packaging and launch advanced products. With various multinational packaging companies committed to use more recyclable materials, this will unlock exciting prospects in the coming years. For instance, Amcor Limited, which produces rigid and flexible packaging, has pledges to make all packaging recycle and reusable.