Press release
Green Packaging Market Trend to Reflect Tremendous Growth of $3,37,542.0 Million With A CAGR of 6.6% by 2031
Green Packaging Market
According to the report, 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.
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.
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Market Segments:
By Application
Personal Care
Healthcare
Food & Beverage
Others
By Packaging Type
Recycled Content Packaging
Reusable Packaging
Degradable Packaging
By Material
Paper
Plastic
Metal
Others
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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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
Key Findings of the Study
Recycled content packaging held the major share in the market accounting near 60% of the total green packaging market.
The European region is expected to continue to lead the market followed by North America during the forecast period.
The North America along with Asia-Pacific account for more than half of the total share in 2020.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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