Biodegradable Packaging Is Fastest Growing Segment Fueling The Growth Of Sustainable Packaging Market
Sustainable Packaging Market The Global Sustainable Packaging Market is estimated to be valued at US$ 262.7 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Sustainable packaging involves the development and use of packaging products and systems that minimize environmental impacts throughout all life cycle stages including production, distribution, utilization and post-use stages. Biodegradable packaging such as those made from paper are gaining traction due to rising environmental concerns. Market key trends: One of the key trends in the sustainable packaging market is growing demand for biodegradable materials from the food and beverage industry. Packaging materials derived from plants are seeing increased adoption especially for food packaging applications as they are compostable and break down into water, carbon dioxide and biomass after disposal. ...