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Understanding the Sustainable Packaging Market
The global sustainable packaging market is experiencing a significant surge, driven by increasing consumer awareness and stringent environmental regulations. As businesses worldwide recognize the importance of reducing their carbon footprint, the demand for eco-friendly packaging solutions is on the rise. This shift not only aligns with global sustainability goals but also offers lucrative opportunities for businesses willing to adapt and innovate.
According to a report by Grand View Research, the sustainable packaging market was valued at USD 237.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2021 to 20281. This growth is fueled by the increasing adoption of recyclable and biodegradable materials, which cater to the evolving preferences of eco-conscious consumers.