Green Packaging Market size is expected to grow USD 319.3 billion by 2027

The global green packaging market size is expected to grow from USD 210.4 billion in 2020 to USD 319.3 billion by 2027, at a CAGR of 7.2% from 2021 to 2027. With the increasing demand for packaging across the end-user industries, the packaging waste generated is also rising. According to the United States, Environmental Protection Agency (EPA,) packaging contributes to almost 77.9 tons of municipal solid waste per year, almost 30% of the total waste, and packaging represents a staggering 65% of all household trash. Further, owing to growing concern about single-use packaging waste, various countries worldwide are banning the usage of single-use plastic. For instance, the European Parliament has approved a law to ban single-use plastic in the region by 2021.

Moreover, the consumer also wants investment in the environmentally friendly packaging solution, which will foster the studied market growth. According to a recent survey by GlobalWebIndex, 42% of consumers said packaging made from recycled or sustainable materials was crucial in their everyday purchase habits, and 57% of consumers reported that they are willing to pay more for environmentally friendly packaging.

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Further, the use of single-use packaging such as plastic bags and polythene, among others, contributes to the increasing carbon footprint having some serious impact on the environment. Also, to ensure sustainability and reduced carbon emissions, the key is to move away from traditional linear economy principles where items are produced, used, and discarded and instead adopt a circular economy by designing waste and pollution and keeping products and materials constantly in use through recycling and re-purposing.

COVID-19 Impact on the Global Green Packaging
COVID-19 outbreak has affected international trade and global supply chains of essential and non-essential goods and services. With the spread of COVID-19 across the world, businesses have suffered significantly. The studied market has been negatively impacted due to the pandemic. Many governments have postponed the ban of single-use plastic, and the pandemic witnessed growth in usage of plastic packaging due to significant growth in online shopping and e-commerce. With the outbreak of COVID-19, many companies have begun shifting away from the sustainability goal of banning plastic. Some studies have suggested that the virus can be passed on through cardboard and plastic, which has resulted in increased usage of single-use materials across supermarkets to wrap products, like cling film for fruit and vegetables.

Moreover, due to pandemics, the non-recycled single-use plastic waste, majorly from medical equipment, food delivery, and takeout, has witnessed a significant rise across the globe. The public's protective equipment (PPE) is being discarded carelessly. The shifting back of single-use plastic bans has heightened the demand for bottled water, plastic bags, disposable wipes, and sanitizers.

Global Green Packaging Market Dynamics
Drivers: Stringent Government Regulations
In the European Union, the Single-Use Plastics Directive and the publication of the new EU Commission's European Green Deal have led to a strong dynamic, which will even intensify in 2020. As a result, the main aspects of the European legal framework for plastics are currently under revision. This provides new opportunities for the green packaging market to play an essential role in achieving a resource-efficient, low-carbon circular economy pursued by the European Union.

In the US, state-wide bans against plastic bags are being implemented. Eight states have passed legislation banning single-use plastic bags, with three Hawaii, Oregon, and California in effect as of February 2020.

Restraints: Lack of Supply of Bio-plastics and Related Materials
There is a worldwide shortage of PLA (resin) to increase the demand for sustainable alternatives for regular plastic disposables; there is a worldwide shortage of PLA (resin). Companies like biofutura that biobased supply products have faced stock problems worldwide; only a few factories produce the raw material for PLA products. Natural calamity, such as floods, tornados, and earthquakes, also affects the supply of bioplastic and biodegradable packaging solutions. These raw materials are mostly based on fruits, vegetables, and agricultural products.

Also, the raw materials for bioplastics may come from crop biomass that can face competitive pressures from agricultural and biofuels interests. In addition, the use of genetically modified bacteria and plants in the production of crops for Bioplastics is controversial, as some believe they may lead to systematic degradation of biodiversity in ecosystems in the future.

Opportunities: Increasing Focus by Major Brands/Company's to achieve Net zero
The increasing use of non -recyclable, non -biodegradable plastic packaging solutions leads to a high carbon footprint in the environment. Thus, to reduce the carbon footprint from the environment, various major players, such as Amazon, Google, and Tetrapak, aim to achieve net-zero, which is expected to create immense opportunities for the green packaging market.

In October 2020, Google pledged to use 100 % plastic-free and recyclable packaging for its products by 2025. It has also pledged to use 50 % recycled or renewable materials where plastic is currently used in its products. Also, the firm has committed to receiving zero waste to landfill certification for all its manufacturing sites by 2022.

Scope of the Report
The study categorizes the green packaging market based on type and end-users at the regional and global levels.

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By Type of Packaging Outlook (Sales, USD Million, 2017-2027)
Recycled Content Packaging
Paper
Metal
Plastic
Glass
Reusable Packaging
Drums
Plastic Containers
Intermediate Bulk Container
Other Reusable Packaging
Degradable Packaging
By End-Users Outlook (Sales, USD Million, 2017-2027)
Food
Beverage
Pharmaceutical
Personal Care
Other End-user Industry
By Region Outlook (Sales, USD Million, 2017-2027)
North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The recycled content packaging segment is projected to account for the largest market share by type of packaging
Based on type, the global green packaging market is divided into recycled content packaging, reusable packaging, and degradable packaging. In 2020, the recycled content packaging segment accounted for the largest market share of 75.9% in the global green packaging market. Companies' most common sustainable packaging techniques include downsizing or light-weighting packaging and increasing the use of recycled content and renewable materials. Therefore, the use of paper and cardboard in various parts of the business is increasing. It also ensures the packaging is eco-friendly and recyclable for future usage.

As with most industries today, sustainability is one of the fastest-growing influences of purchases in the beauty and personal care industries. Sustainable sourcing of raw materials, such as metals in personal care and cosmetics, has gained popularity. Many cosmetics manufacturers and retailers have launched recycling initiatives for packaging, as most of the packaging in cosmetics and skincare is considered difficult to recycle.

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Asia Pacific accounts for the highest CAGR during the forecast period.

Based on the regions, the global green packaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global green packaging market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific. The region's growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.

After the Asia Pacific, Europe is the fastest-growing region, with a CAGR of 6.7%, during the forecast period. Packaging manufacturing is a significant contributor to the UK's GDP. According to the Department for Environment Food & Rural Affairs (GOV.UK), it generates around GBP 11 billion annual sales. It employs a workforce of approximately 85,000 people, according to the Department for Environment Food & Rural Affairs (GOV.UK). According to BBC's Blue Planet II documentary, an estimated eight million metric tons of single-use plastics enter the ocean each year from the region.

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Key Market Players
The green packaging market is mildly concentrated in nature with few numbers global players operating in the market such as Amcor Limited, E. I. du Pont de Nemours and Company, Mondi Limited, Sealed Air Corporation, TetraPak International SA, Ardagh Group Co., PlastiPak Holdings, Inc., Bemis Company, Inc, Uflex limited, and ELOPAK AS.

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