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Green Packaging Market is Projected to Rise $3,37,542.0 Million by 2031, Growing At a CAGR of 6.6% From 2022-2031
Green Packaging Market
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A wide range of oil-based polymer is currently used in packaging applications. This material is nonbiodegradable in nature and is difficult to recycle or reuse as it can become contaminated. Biodegradable plastics were developed from renewable resources to overcome the drawbacks of nonbiodegradable products.
Rise in awareness among consumers about green packaging techniques and surge in environmental concerns leading to sustainable packaging developments are the factors that drive the growth of the global green packaging market. However, high production and set up cost and lack of government initiatives especially in developing countries through subsidies for recycling hinder the market growth. On the other hand, stringent government regulations on non-degradable plastics along with increase in demand for recycled packaging products present new opportunities in the coming years.
According to the global green packaging market analysis, the market is divided by application, packaging type, material and geographical division. By application, it comprises personal care packaging, health care packaging, food & beverage packaging, and others. By packaging type, it includes recycled content packaging, reusable packaging, and degradable packaging. Based on the material, the market is segmented into plastic, metal, glass and others. By geography, it includes North America, Europe, Asia-Pacific, and LAMEA markets. Further, the report also covers the strategies adopted by key market players in order to sustain competitive environment and increase their market share.
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Based on application, the food & beverages segment held the highest market share in 2020, accounting for around three-fifths of the global green packaging market, and is estimated to maintain its leadership status throughout the forecast period. This is due to growth in consumer awareness about health and emergence of substitutes. However, the healthcare segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030. Medicines comprise complex chemical solutions that have the potential to react with the harmful chemicals in the packaging material and destroy the medicine composition. This factor is driving the healthcare green packaging segment.
Based on packaging type, the recycled content packaging segment accounted for the largest share in 2020, contributing to more than half of the global green packaging market, and is projected to maintain its lead position during the forecast period, owing to sustainable development. However, the degradable packaging segment is expected to portray the largest CAGR of 10.4% from 2021 to 2030, owing to wide scope of usage.
Utilization of degradable raw materials has shown major growth in developed and developing nations. In 2015, Europe demonstrated the maximum demand for bioplastics with potential to witness significant growth in the near future. Region wise, Asia-Pacific accounted for approximately one-fourth share of the total volume which leads to increase in green packaging market growth.
The key companies profiled in green packaging industry are Amcor Limited, E. I. DuPont de Nemours and Company, Mondi Limited, Sealed Air Corporation, TetraPak International S.A., Ardagh Group Co., PlastiPak Holdings, Inc., Bemis Company, Inc., Uflex limited, and ELOPAK AS.
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Key Benefits For Stakeholders:
• The report provides a quantitative analysis of the current green packaging market trends, estimations, and dynamics of the market size from 2020 to 2031 to identify the prevailing opportunities.
• The Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis and the market size and segmentation assist to determine the prevailing green packaging market opportunities.
• Drivers and restraints are analyzed depending on type in the green packaging industry.
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