Consumers are increasingly concerned about the environmental consequences of packaging, and businesses are under pressure from consumers and governments to use eco-friendly packaging for their products.
Eco-friendly solutions aim to reduce the amount of product packaging and promote the use of renewable/reusable materials. It also enables companies to cut back on packaging-related expenses, eliminate the use of toxic materials in packaging production, and provide easy recycling options.
The global eco-friendly packaging market is expected to grow to about $257 billion by 2029, according to Data Bridge Market Research. The company outlines six segments based on type, material type, product type, technique, layer, and application in its report.
The report highlights unique factors for China, the U.S., and Germany driving their global sustainable packaging market dominance.
- The growing demand for more sustainable packaging of fast-moving consumer goods in Asia positions China as the leader in that segment.
- As food-packaging companies adopt more eco-friendly packaging, the report projects the U.S. to dominate efforts to maintain that effort.
- With regulatory agencies and the public pressuring companies to reduce or eliminate waste from single-use packaging, Germany is in the best spot to outshine other countries.
High costs and poor recycling infrastructure hampers greater adoption of sustainable packaging, according to the report.
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