and investing wisely.

odegradable plastics such as cutlery, plastic bags, and packaging, have been motivated by environmental pollution concerns. As a result, manufacturers have also been focusing on expanding the usage of corn, sugar, and other crops in the production of biodegradable plastics.

Jilin Province and the tropical island of Hainan will adopt further prohibitions on single-use plastics and non-biodegradable food service goods by mid-2021, it was revealed. In 2021, for instance, Maine was the first U.S. state to pass a law-making firm responsible for packaging trash. Manufacturers will be responsible for the recycling and disposal of plastic containers, cardboard, and non-recyclable packaging under the Extended Producer Responsibility program. Later, Oregon became the second state in the U.S. to pass a packaging law.

Changing Consumer Behaviour to Lead to Market Expansion

According to a recent poll conducted by Capgemini on sustainability and transforming consumer behavior, 79% of consumers are altering their purchase patterns mostly owing to social responsibility, inclusion, and environmental effect. In addition, 53% of consumers and 57% of those between the ages of 18 and 24 have switched to lesser-known brands because they are more environmentally friendly. A bit more than 52% of customers claimed to have an emotional connection with sustainable companies or organizations.

Increasing Consumer Awareness to Escalate Market Revenues

Before purchasing a product, consumers assess a variety of things, including the brand image and packaging designs of the company. Consumers are aware of sustainable products and their significance in environmental protection as a result of government awareness initiatives and legislation. Numerous businesses face severe criticism from various consumer groups regarding their packaging practices and are under pressure to implement sustainable packaging alternatives.

Trends In Compact Packaging and Green Packaging to Favour Market Expansion

The increasing attention of key companies on packaging reduction to lower production costs is expected to boost market growth. For example, Rene just introduced (the Fab 5 Collection) with five various lip colours in a single tube, which not only expands the range of products available to clients but also minimizes the number of raw materials utilized in packaging. In addition, ladies favour it because of its compact packaging, which allows them to carry fewer products while receiving a greater variety.

Green packaging is a growing global trend that manufacturers must follow to remain competitive in the market. Typically, FMCG businesses conduct downsizing strategies to reduce their raw material prices. This feature will promote market expansion during the forecast period.

Manufacturers of personal care products are changing their focus to eco-friendly options by minimizing the number of raw materials utilized in product packaging. This is a result of evolving consumer packaging sustainability attitudes.

Corporate Strategies to Embrace Sustainable Packaging to Open Significant Opportunities

Diverse food service providers are substituting single-use plastic straws, closures, lids, caps, cups, and food trays with paper or compostable alternatives. This effort is anticipated to generate substantial growth prospects throughout the foreseeable future. To advance their green ambitions, companies such as Unilever and Procter & Gamble have begun incorporating post-consumer recycled plastics into their packaging solutions. Shortly, such meas- ures are anticipated to present prospective growth prospects for the key companies.

Government Subsidies Across the Globe to Pave Way to New Opportunities

As governments around the world are aware of the challenges posed by environmental issues, numerous efforts and legislation have been enacted to promote producers of sustainable packaging. Government efforts that provide subsidies to package makers, particularly in industrialized nations, offer market participants lucrative chances to increase their existing production output.

As a result of these government measures, significant market participants have begun investing in the creation of various recycling programs for waste packaging materials generated by industries and commercial establishments.

APAC Continues to be the Global Leader

Based on region, Asia-Pacific was the largest market in 2021, accounting for more than two-fifths of the worldwide sustainable packaging market share, and is anticipated to continue to lead the pack during the forecast period. The same segment is anticipated to exhibit the highest CAGR over the projection period, at 7.8%. In the Asia-Pacific region, urbanization has facilitated the expansion of the sustainable packaging market. In addition, the presence of big manufacturing enterprises, primarily in the healthcare, pharma- ceutical, and cosmetic sectors, contributes to the expansion of the regional market.

The largest Chinese e-commerce sites and expedited shipping companies have actively reduced their use of packaging materials. SF Express, for instance, utilized recyclable packing cartons that can be recycled approximately ten times on average. In domestic first-tier and numerous second-tier cities, the company has adopted more than one hundred thousand of these boxes, mostly to replace paper boxes and plastic bags and to reduce the use of foam blocks and tape. The company noted that its activities are in response to the need for sustainable growth in the logistics industry.