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Environmentally Friendly Packaging Market 2024-2033 - Size, Growth & Key Trends
Environmentally Friendly Packaging Market
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According to The Business Research Company's, The environmentally friendly packaging market size has grown strongly in recent years. It will grow from $229.81 billion in 2023 to $246.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to rise in consumer awareness about the environmental impact, government regulations, circular economy principles, shift in consumer preferences, rise in healthcare sector .
The environmentally friendly packaging market size is expected to see strong growth in the next few years. It will grow to $331.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rising fmcg sector, growing food industry, expansion of e-commerce, growing electronics industry, rise in disposable income. Major trends in the forecast period include plant-based and biodegradable materials, minimalist packaging, smart packaging, lightweight packaging, transparency and eco-labeling.
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Market Drivers and Trends:
Increasing awareness about environmental concerns among consumers is expected to propel the growth of the environmentally friendly packaging market. People across the world are aware of the current environmental pollution and its drastic effects on the climate. Purchasing environmentally friendly packaging by customers decreases plastic usage. According to a study conducted by Mastercard Inc., a USA-based financial technology company, in 2021, across 24 countries, 54% of adults after COVID-19 feel that it is important to decrease their carbon footprint. Furthermore, in 2021, 75% of US consumers are concerned about the environmental impact of the products they buy. Thus, increasing awareness about environmental concerns among consumers is driving the growth of the environmentally friendly packaging market.
New product innovations are the key trends gaining popularity in the environmentally friendly packaging market. Major companies operating in the market are introducing new products to strengthen their position in the market, such as PET containers made from post-consumer recycled content (PCR) resin. For instance, in December 2022, Singha Corporation Co. Ltd., a Thailand-based beverage company, launched 100% biodegradable packaging. The company aims to reduce plastic waste by 2 million pieces per year, which is equivalent to a decrease in greenhouse gas emissions of 30,930 kilograms of carbon dioxide equivalent (kgco2e) per year.
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Major Key Players of the Market:
Amcor plc, Bemis Company Inc., Tetra Laval International SA, Mondi Group, BASF SE, ELOPAK Group, E. I. du Pont de Nemours and Company (DuPont), Ardagh Group S.A., Ball Corporation, Crown Holdings Inc., DS Smith plc, Emerald Packaging Inc., Nampak Limited, Plastipak Holdings Inc., Sealed Air Corporation, Smurfit Kappa Group plc, Sonoco Products Company, WestRock Company, Sgf packaging Co. Ltd, Tetra Pak International S.A., Uflex Limited, Huhtamaki Oyj, Constantia Flexibles Group GmbH, Innovia Films Limited, Winpak Ltd., Biopak Pty Ltd., Vegware Ltd., Eco-Products Inc., Stora Enso Oyj, Evergreen Packaging LLC, International Paper Company
Environmentally Friendly Packaging Market 2024 Key Insights:
• The environmentally friendly packaging market size is expected to see strong growth in the next few years. It will grow to $331.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Consumer Awareness Drives Growth Of Environmentally Friendly Packaging Market
• Innovations In Environmentally Friendly Packaging
• Western Europe was the largest region in the environmentally friendly packing market in 2023
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