The global green packaging market was valued at $267.5 billion in 2020, and is projected to reach $451.7 billion by 2028, registering a CAGR of 7.0%.

 

Green Packaging Market Analysis:

Rising concern about harmful effects of packaging waste like plastic and tin on the environment, among millennial, is expected to drive the green packaging market share technology in the next few days. Green packaging includes recycled, degradable, or reusable packaging material which does not pose much threat to the environment. It is the sustainable option for of packaging and is now widely accepted for reducing the emission of harmful gases in the air like Sulphur when treated or disposed. Such factors are anticipated to generate huge green packaging market revenue growth in the coming years.

However, high cost of the green packaging is likely to restrain green packaging market size growth. Also, lack of awareness among people, especially in rural areas, about the importance of sustainable packaging in improving environment quality is further likely to impede the market growth in future.

Due to growing demand for sustainable packaging products among customers owing to raised awareness about benefits of sustainable packaging on environment, many companies like Amcor have got opportunities to launch new sustainable packaged products in the market. Such factors are likely to flourish the market growth in the coming years.

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Green Packaging Market, Segmentation

The green packaging market is segmented based on type, application, and region.

Type:

Based on type, the global green packaging market is segmented into recyclable, reusable, and degradable. The recyclable green packaging sub-segment is predicted to have the highest revenue in the global market and register a revenue of $275.4 billion during the forecast period. The sub-segment growth is due to increased recycled sustainable packaging product launches by the companies. Also, growing demand among people for recycled packaging products due to rising knowledge among people about impact of using recycled products in reducing waste accumulation is further anticipated to generate huge revenues for green packaging market.

Application

Based on application, the global green packaging market is segmented into food & beverages, pharmaceuticals & healthcare, personal care, and others. The food & beverages sub-segment is predicted to have a dominating market share in the global market and register a revenue of $261.8 billion during the forecast period. Food & beverage industry is growing rapidly due to which demand for sustainable packaging solutions has also increased. Many companies like Nestle have introduced a policy for using recycled packaging materials for their products. Such factors are expected to drive the sub-segment market growth in future.

Region:

Based on region, the Asia-Pacific green packaging market is expected to observe the fastest growth and register a revenue of $112.5 billion in the predicted time span. The regional growth is attributed to the presence of well-established food & beverage industries where maximum amount of green packaging material is used. Also, strict government regulations and emphasis for companies to use recycled packaging materials for their products are further likely to increase the market growth of green packaging in the future.

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Key Players in the Green Packaging Market

The companies involved in the green packaging market are

  1. Amcor Limited
  2. E. I. DuPont de Nemours and Company
  3. Mondi Limited
  4. Sealed Air Corporation
  5. TetraPak International S.A.
  6. Ardagh Group Co.
  7. PlastiPak Holdings, Inc.
  8. Bemis Company, Inc.
  9. Uflex limited
  10. ELOPAK AS.

COVID-19 Impact on the Green Packaging Market

During the prevalence of COVID-19 pandemic, the green packaging market observed a moderate growth. Green packaging market growth experienced a positive growth in the COVID-19 time. As the viral infection became prevalent in the surroundings, across the world, people started focusing on adopting healthy habits among which shifting to sustainable packaging products is one. Sustainable packaging not only reduces environmental waste accumulation but also helps in reducing greenhouse gas emission. However, green packaging market size growth experienced a negative impact as many industries were forced to shut down their production unit due to strict regulations laid by the government with an aim to contain the effect and transmission of viral infection. As a result, the demand and requirement of green packaging was reduced which has impeded the market growth in the pandemic time period.

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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