Press release
COVID-19 Impact on Eco-Friendly Food Packaging Market will reach nearly $248.7 billion in revenue by 2026
Eco-Friendly Food Packaging Market
Our report includes:
Technological Impact
Social Impact
Investment Opportunity Analysis
Pre- & Post-COVID Market Scenario
Infrastructure Analysis
Supply Side & Demand Side Impact
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According to a new report published by Research Dive, the global eco-friendly food packaging market is projected to generate revenue of $248.7 billion by 2026, at a CAGR of 5.3% in the forecast time from 2019 to 2026. The global market segmentation has been done on the basis of type, application, and region. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market. As per our analysts, shift in the manufacturing operations, for example, Transcend Packaging company has modified its operation to produce face shields instead of food packaging materials due to continuous spread of COVID 19 is significantly driving the growth of the market. However, strict government rules and prohibition on transport are expected to hinder the eco-friendly food packaging market growth.
Reusable Packaging Segment has Dominant Market Share
Based on type, the overall market is segmented into reusable packaging, recycled content packaging, and degradable packaging. Among these, reusable packaging segment dominated the market in the year 2018 and is expected to register for $144.8 billion in 2026. Reusable packaging is a key component in the recycling of eco-friendly food packaging market. In addition, growth in the takeaway and food delivery mainly in the APAC region due to social- distancing to avoid the cause of COVID will accelerate the growth of the market in the projected time.
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Healthcare Application Will Grow at a Significant Rate throughout the Forecast Years
On the basis of application, the eco-friendly food packaging market is classified into food & beverages, personal care, healthcare, and others. The market for healthcare will witness to rise at a faster rate of 6.0% CAGR and is predicted to register for $31.3 billion till the end of 2026. Rapidly increasing spread of COVID-19 around the world is expected to drive the need of packaging of healthcare products; this factor will fuel the market size in the forecast time. Personal careapplication segment accounted for amanifest market size and is projected to experience considerable growth during the forecast time.
Regional Outlook and Major Market Players
Asia-Pacific market has dominated the global market share, and is estimated to reach up to $64.4 billion till 2026. This dominance is attributed to the increasing demand for expediency foods owing to the busy life style of customers. This expected rise in the Asia-Pacific market is majorly due to swing in customer preferences towards eco-friendly and recyclable packaging materials and this aspect is predicted to boost the
market growth in the projected time.
The most prominent players in the global eco-friendly food packaging market include Mondi Group, Amcor, Ball Corporation, Tetra Pak, Crown Holdings Inc., Evergreen, Elopak, Printpack, Sealed Air Corporation, Westrock, and others.
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About Us
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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