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Sustainable Packaging Market Set for CAGR of 7.2% by 2020

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According to a report released this past week by Report Buyer, Kent, U.K., the sustainable packaging market is projected to grow at a CAGR of 7.17% from 2015 and 2020. The growth in this market is driven by factors such as the growth in the packaging industry, especially in developing economies; strict laws regarding sustainability, and increasing awareness about the importance of eco-friendly packaging materials.

The market in the Asia-Pacific region is projected to register the highest growth by 2020 due to the significant investments in the packaging industry, as well as its growing economy. The growth of this region is supplemented by the rising demand for recyclable and reusable packaging materials in developing economies such as India and China.

Growing environmental concerns and awareness about the importance of sustainable packaging solutions have driven this market globally. Also, growth of e-commerce and downsizing of packaging are some of the other major drivers contributing to the growth of the sustainable packaging market. However, factors such as high cost of recycling and poor recycling facilities can hinder the growth of this market. Overcoming the challenges arising due to fluctuations of raw material prices can prove to be vital to the growth of this industry.

This report covers the sustainable packaging market in major regions such as North America, Europe, Asia-Pacific, and RoW. The sustainable packaging market is segmented on the basis of material, process, function, layer, application, and region. 

Paper and paperboard packaging material is projected to be the fastest growing segment, in terms of material, in the next five years. Recycled content packaging is projected to dominate the sustainable packaging market, in terms of process, from 2015 to 2020. Similarly, the function segment is projected to be dominated by active packaging, while food and beverage packaging is projected to be the fastest-growing application of sustainable packaging from 2015 to 2020. 

The report analyzes various marketing trends and establishes the most effective growth strategy in the market. It identifies market dynamics such as drivers, restraints, opportunities, and challenges. Major sustainable packaging companies such as Amcor Ltd. (Australia), Bemis Co. (U.S.), Tetra Laval International (Switzerland), Mondi plc (South Africa), WestRock Co.(U.S.), BASF (Germany), Sonoco Products Co. (U.S.), Smurfit Kappa Group (U.S.), Sealed Air Corp. (U.S.), and Huhtamaki OYJ (Finland) have also been profiled.
 

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