- Sustainable Packaging Market is estimated to be $250.6 billion for 2018, and is expected to grow at a CAGR of 5.3% during the forecast period.
- Strict laws with regard to goods packaging by the government are driving the market.
- The market for sustainable packaging in North America is growing at a stellar rate.
The demand within the global market for sustainable packaging has been rising on account of advancements in the field of recycling and material reuse. Sustainable packaging involves the use of packaging materials that can be easily recycled and reused, and cause minimal damage to the environment. This, in turn, results in improved sustainability of the packaging materials and contributed towards environment conservation.
Sustainable packaging also involves life cycle assessment and life cycle inventory mechanisms in order to manufacture environment-friendly packaging materials. Furthermore, the easy availability of sustainable packaging materials is also a key consideration for market growth. It is prognosticated that the global market for sustainable packaging would expand at a stellar rate in the years to come.
Government Regulations to Propel Demand
The global market for sustainable packaging is projected to expand at a stellar rate in the years to come. This essentially owes to the stipulation of strict laws with regard to goods packaging by the government. Moreover, companies and organisations, in their quest to heed to their corporate social responsibility, are using sustainable packaging. Hence, the cumulative demand within the global market for sustainable packaging is projected to increase at a stellar rate in the years to come.
Growth of the Northern American Market
The market for sustainable packaging in North America is growing at a stellar rate due to advancements in the field of environmental sustainability. Several public and private sector initiatives have been taken to ensure a more pleasant and waste-free environment. This factor has played a pivotal role in enchanting the growth prospects of the regional market.