Top 25 Sustainable Packaging Companies, Worldwide 2023

360 Quadrants releases its list of “Top 25 Sustainable Packaging Companies, Worldwide 2023” in partnership with MarketsandMarkets. The report recognizes the standouts in the sustainable packaging market ranging from mid-sized enterprises to Fortune 500 companies. The vendor evaluation was conducted on over 200 companies, of which the top 25 were categorized and recognized as the new economic quadrant leaders. 

Key trends highlighted in 360 Quadrants:

• The sustainable packaging market by layer is segmented into primary, secondary, and tertiary. Among these, the primary packaging market dominated the overall sustainable packaging market with a share of about 45%. This dominance is mainly due to the rising application of glass and plastic packaging in the food & beverage and industrial sectors.
• Due to rising concerns over single-use plastics, FMCG companies and retailers are switching to more sustainable options and are rethinking their overall packaging systems. This will create a huge impact on the overall sustainable packaging industry. With this new landscape, there will be many opportunities for partnerships and new product research.
• Among the different packaging materials such as paper & paperboard, plastic, metal, and glass, the paper & paperboard segment accounted for the largest share (40%), followed by plastics in the overall sustainable packaging market in 2022.
• The processes for sustainable packaging were segmented into recycled content packaging, degradable packaging, and reusable packaging. The demand for such types of packaging will be boosted by the acceleration in global activities. It was observed that recycled content packaging dominated the sustainable packaging market; however, the demand and growth of reusable and degradable packaging are expected to rise soon.
• Developing markets such as China, Brazil, and India are emerging as growth frontiers for sustainable packaging. In 2022, the Asia Pacific region dominated the global sustainable packaging market, accounting for nearly 42% of it. The market for sustainable packaging is observed to be mature in developed regions such as North America and Europe.
• It is also due to the fact that governments worldwide are taking steps to encourage the use of green packaging. Several countries are incentivizing businesses with tax exemptions for compostable packaging. In the UK, packaging containing less than 30% recycled materials will be subject to higher taxation. Such initiatives are set to boost the growth of the sustainable packaging market. Additionally, companies are making efforts to increase their sustainability goals.
• The leading market players adopted mergers and acquisitions as the key strategies due to intense competition in the market. Some of the top key players in the market are Amcor Ltd. (Switzerland), Tetra Laval International (Switzerland), Sealed Air Corp. (USA), Mondi Group (UK), and WestRock Company (USA).
• Companies in the sustainable packaging domain are adopting various other strategies as well to strengthen their footprint in the market. For instance, in November 2022, Amcor announced an investment of USD 3 million in PulPac, a Swedish company providing disruptive manufacturing technology for low-cost, high-performance fiber-based packaging. Another company, Coveris (USA), collaborated with leading poultry producer Moy Park (UK)to launch a new recyclable stand-up pouch for Tesco (UK) ready-to-eat chicken. It also extended its strategic development by acquiring Norwich-based flexible packaging production and trading firm Four 04 Packaging.