What is the estimated market of sustainable packaging
The market for sustainable packaging is growing rapidly and is expected to reach $274.81 billion by 2027, according to a report by MarketsandMarkets. The market is expected to grow at a compound annual growth rate (CAGR) of 9.6% between 2020 and 2027. There are several factors driving the growth of the sustainable packaging market. One major factor is the increasing awareness of the environmental impacts of traditional packaging materials, such as plastic. Consumers and businesses are increasingly looking for packaging options that are more environmentally friendly and sustainable. Additionally, governments around the world are implementing regulations to reduce the use of traditional packaging materials and promote the use of sustainable alternatives. This is further driving the demand for sustainable packaging. Sustainable packaging materials include bioplastics, paper, and cardboard, as well as recycled materials such as plastic and glass. These materials are becoming increasingly popular as alternatives to traditional packaging materials, as they have a smaller environmental footprint and can be recycled or composted after use.