Sustainable packaging solutions market to witness rapid growth

According to Future Market Insights' recent publication, rapid growth in the sustainable packaging market is driven by eco-conscious consumers' demand for innovative solutions. The market is expected to reach US$490.5 billion by 2034, as advancements in materials and circular economy principles develop.

Sales of sustainable packaging solutions are being driven by increasing consumer demand for eco-friendly products, rising awareness about the harmful effects of plastic packaging, and stringent government regulations. The industry also saw a surge in innovation and research activities aimed at developing new sustainable materials and packaging solutions in the last decade.

The market is anticipated to be primarily driven by factors such as the development of new sustainable materials and packaging solutions, the increasing adoption of circular economy principles, and the growing popularity of eco-friendly packaging among e-commerce sellers.

"Public research institutions and privately owned companies are engaging in research and development activities driven by the continued growth in demand for green packaging solutions across various industries. So, the coming decade is expected to witness a surge in the adoption of bio-plastics, paper-based packaging, and reusable packaging solutions," says Ismail Sutaria (Lead Consultant, Packaging and Materials).

FMI shares the following information in their market study:

• -The adoption of sustainable or eco-friendly packaging solutions is likely to surge at a 4.1% CAGR through 2034.
• -Germany is the leading supplier of sustainable packaging materials in Europe and is likely to grow at a 4% CAGR by 2034.
• -A higher consumption of eco-packaging materials in the United Kingdom is likely to drive the regional industry at 5.4% from 2024 to 2034.
• -China dominates Asia in the production of recyclable packaging products and is poised to thrive at 7.1% CAGR through 2034.
• -India is emerging as a promising market with an estimated CAGR of 7.6% from 2024 to 2034.
• -Based on the material type, the use of paper and paperboard packaging is rising and is estimated to capture 38.2% of global sales in 2024.
• -Sales of sustainable bags are higher than other packaging types and are estimated to contribute to a 25.4% revenue share in 2024.

Sample report from FMI: https://www.futuremarketinsights.com/reports/sample/rep-gb-16824

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