SUSTAINABLE PACKAGING MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Increasing Policy Support and Regulations is significantly driving the growth of Global Sustainable Packaging Market. Governments across the world are introducing stringent regulations and policies to curb plastic waste generation and promote use of sustainable and eco-friendly packaging options. For instance, European Union passed a directive in 2019 banning select single-use plastic items like straws, cutlery, and plates by 2021. The directive aims to reduce marine plastic litter and move EU countries towards more circular economy. Similarly, governments in many Asian and Latin American countries have either banned or imposed heavy tax on single-use plastic bags and Styrofoam containers.  These increasing regulatory pressures are encouraging packaging manufacturers and brands to shift towards more sustainable packaging materials and solutions. Many major brands and retailers have announced commitments and targets to use recycled content in their packaging or make them reusable/recyclable by certain timelines. For example, major retailers like Walmart, Target, and Aldi have targets that 100% of their private label packaging will be recyclable, reusable or compostable by 2025. Food and beverage giants like PepsiCo, Coca-Cola, and Nestle have also committed to use minimum 25% recycled plastic in their bottles by 2025. According to United Nations Environment Programme (UNEP) report published in 2022, plastic pollution has severe economic impacts with losses estimated at $3-12 billion to marine ecosystems annually. The report also highlighted need for global agreement on fixing plastic pollution.