The ubiquitous nature of polymers has led to a widespread demand for sustainable polymers in numerous industrial applications. However, a lack of well laid out guidelines, product development pathways and certifications has resulted in a lot of commotions and confusions within the polymer value chain. Herein, a meticulous review is conducted on the topic of polymer sustainability shedding light on the standards, product declarations, biobased-biomass concepts, product carbon footprint, etc. It is critical that companies significantly contribute to such sustainability efforts in lieu of market readiness and competitive advantages. Any discussion within the sustainability horizon references a couple of terms/abbreviations/concepts. In this article, such key terminologies and concepts related to polymer sustainability are reviewed with a holistic outlook on the widespread approaches within the polymer sustainability horizon. In the polymer raw material manufacturers, the mass balance approach has gained more momentum with International Sustainability and Carbon Certification (ISCC). Product carbon footprint, life cycle analysis and third-party certifications were noted as the three key factors of sustainability engagement, with polymer manufactures placing sustainability commitments and targets for carbon emissions control. It is foreseen that a collaborative network between academic research, raw material manufacturers and the upstream companies and consumers will drive the sustainable polymer products market.