Green Packaging Market Growing at 6.6% CAGR to Hit USD 337.54 Billion by 2031

Food & beverage along with others have accounted for more than three-fourths of overall share in the application segment. Rise in hygiene & health awareness among consumers has escalated the demand for green packaging with applications in sustainable packaging. Moreover, stringent government regulation on nondegradable plastics along with increase in demand for recycled packaging products have favored the green packaging market trends. Furthermore, reverse logistics in packaging industry has made it easier to move municipal garbage to recycling plants.

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The global green packaging industry generated $164.17 billion in 2020, and is anticipated to generate $337.54 billion by 2031, witnessing a CAGR of 6.6% from 2022 to 2031.

Leading Market Players

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
ELOPAK AS

Covid-19 Scenario

During the outbreak of the COVID-19 pandemic, production hubs of green packaging were temporarily closed, which had a negative impact on the growth of the market.
In addition, disruptions in the supply chain and lack of skilled workforce availability due to partial or complete lockdown hampered the market growth.
However, the global green packaging market is expected to witness a V-shaped recovery post-pandemic.

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The food & beverages segment to maintain its leadership status throughout the forecast period

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.

The Recycled Content Packaging segment to maintain its lead position during the forecast period

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.

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Europe, followed by North America, to maintain its dominance by 2030

Based on region, Europe, followed by North America, held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global green packaging market. This is due to technological advancements and stringent government regulations in the region. However, the LAMEA region is expected to witness the fastest CAGR of 7.3% during the forecast period. Technological developments in South America and other countries in the region are anticipated to increase the growth of the green packaging market in LAMEA.

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