Green Packaging Market Emerging Trends, Growth Factors, Business Opportunities and Forecast to 2031

The global green packaging market size was valued at $1,64,176.6 million in 2020, and is projected to reach $3,37,542.0 million by 2031, registering a CAGR of 6.6% from 2022 to 2031.

Bioplastics are used as raw material and are the new ecological alternative to oil-based polymers with a promising growth in pharmaceutical sectors.

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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.

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.

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Food & beverage packaging was the highest revenue generator with around 60% of the total revenue generated by application in green packaging market. This segment includes packaging of FMCG products, dairy products, and beverages. Health care is one of the fastest growing industries which employs green packaging. 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 health care green packaging segment.

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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