by The global Botanical Packaging Market is estimated to be valued at US$ 120.0 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Botanical packaging products are eco-friendly and sustainable packaging solutions made from plants and plant-derived materials. They provide moisture protection and are suitable for packaging foods, cosmetics, pharmaceuticals, and other products.
Market key trends:
One of the major trends in the botanical packaging market is the growing demand for hemp-based packaging materials. Hemp is considered more sustainable than wood and plastic-based packaging. It is a fast-growing crop that requires less water than trees and it helps eliminate dependence on non-renewable resource based packaging materials. Hemp fibers used for packaging are strong, lightweight and biodegradable. They provide an alternative to plastic-based packaging without compromising on performance. This is fueling the growth of hemp as the fastest growing segment in the botanical packaging market during the forecast period.
Segment Analysis
The Global Botanical Packaging Market is segmented on the basis of packaging type, material type, end-use industry and geography. By packaging type, flexible packaging is the dominating sub-segment due to its advantages such as lightweight, moisture resistance and cost-effectiveness. By material type, the paper & paperboard segment dominates other materials as paper & paperboard is renewable and sustainable in nature.
Key Takeaways
Market size: The global botanical packaging market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for sustainable packaging solutions from food & beverage industry.
Regional analysis: North America region is expected to dominate the global market over the forecast period owing to stringent government regulations regarding usage of eco-friendly packaging in the region. The Asia Pacific region is expected to exhibit the fastest growth rate during the forecast period owing to growing food packaging industry in the region.
Key players: Key players operating in the botanical packaging market are Amcor Limited, Ball Corporation, Smurfit Kappa Group, Ardagh Group, Gerresheimer AG, DS Smith Plc, Constantia Flexibles Group, WestRock Company, Uflex Ltd., Mondi Group, Bemis Company, Inc., Tetra Pak International S.A., SIG Combibloc Group AG, Huhtamäki Oyj, Crown Holdings, Inc. Amcor Limited and Ball Corporation are identified as the dominant players owing to their large product portfolio and robust distribution network globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
