Corporate Social Responsibility & Increasing Business Responsiveness
Dublin, Nov. 30, 2021 (GLOBE NEWSWIRE) — The “Global Sustainable Packaging Market Report 2021” has been added to ResearchAndMarkets.com’s offering.
The sustainable packaging market is projected to grow at a CAGR of 5.03% to reach US$348.919 billion by 2026, from US$247.435 billion in 2019.
Sustainable packaging is defined as an approach towards packaging that is sourced, developed, and used in a way that minimizes the environmental impact.
Green marketing is something only forward-looking businesses emphasized several years ago when it was unusual for businesses to take environmentally friendly initiatives. The current trend toward pursuing sustainable practices is not merely nice, it is becoming the new norm. Private and public organizations working together to speed up the environmental change, in keeping with market expectations, open up vast opportunities.
Food & beverage products are increasingly being packaged with sustainable materials, resulting in further growth for the market. A major catalyst in this process is the emergence of sustainable packaging materials that reduce the impact on the environment.
Even the cosmetics packaging industry is working towards creating more environmentally friendly packaging options that can take the cosmetics market to a whole new level. The market growth is also driven by initiatives to decrease the use of non-degradable packaging materials, the growth of sustainable packaging lines, and green packaging strategies.
After the COVID-19 outbreak became a pandemic, unfortunately, the focus began shifting away from sustainability to the virus and its impact. Additionally, the pandemic has caused a rise in plastic waste. It has been reported that a great deal of personal protective equipment (PPE) is being discarded carelessly Despite efforts to ban single-use plastics, the demand for bottled water, plastic bags, disposable wipes, and sanitizers is increasing.
Environmental concerns have led to a greater interest in sustainable packaging and processing operations due to consumer awareness. As part of sustainability initiatives, manufacturers have reduced the source material by downgrading, creating thinner and lighter packaging, and reducing waste. Modern consumers increasingly consider eco-friendliness, ethics, quality, safety, and product costs when selecting products. Legislative packaging regulations also enforce a number of these issues, which will benefit the global green packaging market.
As the packaging materials can be recycled, renewed, and reused, eco-friendly biodegradable wrapping materials like paper and paper boards contribute to maintaining the sustainability of the environment. Also, there is low awareness of the importance of sustainable packaging among consumers in developing countries.
High recycling rates and set up costs have, in turn, prevented many manufacturers from implementing sustainable packaging solutions. The World Bank estimates that global solid waste generation…
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