Green Packaging Market to Reach US$ 334 Billion by 2028 | CAGR of 5.3%

According to the recent report by IMARC Group, titled "Green Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global green packaging market size reached US$ 246 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 334 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028. Green packaging, also known as sustainable packaging, refers to a type of packaging that uses sustainable materials and manufacturing processes to reduce environmental degradation. It incorporates plant-based plastics, recycled packaging materials, and biodegradable products for manufacturing different products. Apart from this, green packaging involves the utilization of renewable energy sources, like biofuels, wind, and solar, in the transportation process. The combination of all these processes helps in reducing the carbon footprints, as well as creating a balance in the environment. As a result, several manufacturers are shifting from conventional synthetic packaging to sustainable variants.

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Global Green Packaging Market Trends:

Green packaging has gained traction in most countries on account of the increasing environmental concerns. Coupled with this, rising transportation and energy costs are also contributing to the growth of the market. Moreover, adverse consumer perception for conventional packaging and government pressure to shift toward eco-friendly materials have provided a thrust to the market growth. In recent years, several brands have incorporated green packaging solutions to reduce their carbon footprint. For instance, Nestlé SA invested about US$ 2.1 Billion in January 2020 to shift from virgin plastics to food-grade recycled plastics. Moreover, the company is supporting start-up companies with the latest green solutions by launching a venture fund with US$ 260 Million. Similarly, H&M AB, a clothing-retail company, has taken a step toward green packaging by dispatching their online orders in biodegradable and sustainable paper packaging in selected areas from 2021.

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Competitive Landscape With Key Players:

• Uflex limited
• ELOPAK AS
• Amcor Limited
• DuPont
• Mondi Limited
• Ardagh Group Company
• PlastiPak Holdings
• Bemis Company
• Sealed Air Corporation
• TetraPak International S.A.

Also Read Top 10 Players in Global Green Packaging Market (Sustainable Packaging): https://www.imarcgroup.com/top-10-players-global-packaging-market

Breakup by Packaging Type:

• Recycled Content Packaging

o Paper
o Plastic
o Metal
o Glass
o Others

• Reusable Packaging

o Drum
o Plastic Container
o Others
• Degradable Packaging

Breakup by End Use Industry:

• Food Industry
• Beverage Industry
• Healthcare Industry
• Personal Care Industry
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

NOTE: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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