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Packaging And Design

Sustainable Packaging Market Set To Double In Size Over Coming Decade: FMI

By Steve Wynne-Jones
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Sustainable Packaging Market Set To Double In Size Over Coming Decade: FMI

The global market for sustainable packaging is set to double in size over the course of the next decade, to be worth $533.9 billion (€490.1 billion) by 2033, new data from Future Market Insights (FMI) has found.

For the current year, the market is expected to be valued at $266.4 billion (€245 billion).

According to Future Market Insights, as consumers become more aware of environmental issues, demand for sustainable packaging solutions is on the rise.

This includes eco-friendly and biodegradable packaging, as well as compostable and recyclable solutions, with demand for plastic-free packaging set to accelerate over the coming years in particular, it added.

Read More: Consumer Goods Firms 'Shifting Gears' On Sustainable Packaging

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Cost-Effective Solutions

'While demand for sustainable packaging solutions is growing, manufacturers face several challenges in meeting this demand,' FMI said. 'One of the biggest challenges is finding cost-effective and scalable solutions for producing sustainable packaging materials.

'Another challenge is meeting regulatory requirements and ensuring that sustainable packaging materials meet the same quality standards as traditional packaging materials.'

A Growing Market

Between 2018 and 2020, the sustainable packaging industry grew at a CAGR of 5.8%, driven by the growing popularity of biodegradable and compostable packaging solutions, FMI said.

Between 2020 and 2022, during the COVID-19 pandemic, demand accelerated, according to FMI, with the market growing at a CAGR of 6.2%.

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'The COVID-19 pandemic further accelerated the demand for sustainable packaging, as consumers became more conscious of their impact on the environment and the health risks associated with single-use plastics,' it noted.

Since last year, the market has continued to gain pace, growing at a CAGR of 6.5% between 2022 and 2023.

Read More: Fresh Food Packaging Market Set To Be Worth €193bn By 2033

© 2023 European Supermarket Magazine – your source for the latest packaging news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.

 

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