Sustainable Packaging Market Analysis
The sustainable packaging market is set to witness a spend growth of nearly USD 90 billion with spend momentum to accelerate at a CAGR of over 6% between 2019-2024. The growing necessity of rendering operations sustainable is driving buyers from the food and beverage, chemical, cosmetics, personal care, and pharmaceutical adopt sustainable packaging measures. Buyers from the food and beverage sector is exhibiting an exponential demand for sustainable packaging solutions as they are experiencing a high demand for convenient and branded food and beverages. The increasing stringency of the environment-related regulations is serving as a driving factor towards the adoption in the sustainable packaging market.
Top Spending Regions in the Sustainable Packaging Market
According to forecasts, North America followed by Europe will dominate the global sustainable packaging market. Their spend share is expected to increase owing to the prevalence of stringent environmental regulations and legislations.
Request for a FREE Sample Report @ https://procurement.spendedge.com/report/sustainable-packaging-market-procurement-research-report?utm_source=Off_Page&utm_medium=Off_Page&utm_campaign=2022-ch-W5
North America
The changes observed in end-consumer preferences and in their purchase patterns are governing the demand in the sustainable packaging market in this region. Large brands are reorienting their packaging strategies to meet the growing demand for sustainable packaging.
Europe
Stringent environmental regulations and legislations are compelling buyers to partner with suppliers who are known to adhere to waste disposal and directives that govern the use of recycled content. In 2015, the EU passed a revised regulation called packaging and packaging waste directive, which stated rules for the production, marketing, using, refilling, and recycling of containers that contain beverages.