Global Green Packaging Market is Expected to Grow at a CAGR of4.9% from 2021 to 2028

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Increasing consumer demand for eco-friendly packing and strict government guidelines are expected to contribute to market growth during the forecast period. Increasing awareness about environment protection and ecologic sustainability and increasing investments in green packaging are factors driving the global green packaging market.

Global green packaging market size is estimated at 300. 20 USD billion by 2028 and is anticipated to grow at a CAGR of 4.9% during the projected time frame (2021-2028). Green Packaging (sustainable packaging) is manufactured using recyclable, biodegradable, and environment-friendly materials. This packaging reduces energy consumption and environmental effects of packaging. Green packaging reduces the greenhouse gas emissions, has low carbon footprint, and reduces pollution and waste production during manufacturing.

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OVERVIEW

Increasing consumer demand for eco-friendly packing and strict government guidelines are expected to contribute to market growth during the forecast period. Increasing awareness about environment protection and ecologic sustainability and increasing investments in green packaging are factors driving the global green packaging market.

Lack of government support in the form of subsidies for recycling and shortage of space for storing recycled products are projected to hinder the market growth during the forecast period. However, recycling does not generate much profit to the firms as the process is long and labor-intensive. Thus, they charge need to incur additional charges to cover them. High setup and production cost are expected to restrain the adoption of green packaging.

The COVID-19 pandemic had a great impact on businesses and individuals as a whole. Due to increasing consumer awareness about safe and hygienic food, the demand for green packaging is expected to increase. Consumers are also more aware of the environment safety, which is expected to have a positive impact on market growth.

Market Segmentation of Green Packaging Market

Type of Green Packaging Market

By type, the green packaging market is classified into recyclable, reusable, and degradable. The recyclable segment is expected to observe the fastest growth during the forecast period. The segment growth can be because manufacturers are increasingly using recyclable materials which are reused to produce new packaging products. This reduces the amount of packaging waste and environment pollution. The recyclable materials include plastic, paper, metal, and glass.

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Application Analysis of Green Packaging Market

By application, the green packaging market is divided into food & beverage, healthcare, and beauty and personal care. The food & beverage segment is expected to hold largest market share during the forecast period. The segment growth can be attributed to increasing adoption of green packaging by various restaurants, food chains, and food packaging companies. Packaging manufacturers are increasingly focusing on sustainability and product safety. Increasing consumer demand for convenience food due to changing lifestyles is also contribute to segment growth.

Regional Analysis of Green Packaging Market

By region, the green packaging market is segment into North America, Europe, Asia Pacific, Middle East and Africa, South America. Asia Pacific is expected to dominate the market during the forecast period. The regional market growth can be attributed to increasing population and resulting increased demand for fast-moving consumer goods (FMGC) products and consumer durables. Increasing focus on environmental concerns in countries such as India, China, Japan and South Korea is expected to augment the Asia Pacific market.

Increasing awareness among the population about renewable and eco-friendly packaging, growing food & beverage industry, and low labor cost are also expected to accelerate the regional green packaging demand during the forecast period.

Key Development

  •  In June 2021, Amcor launched eco-friendly powdered chocolate pack in South America. It is the first designed-to-be recycled plastic packaging of chocolate in the region. The new product reduced carbon footprint by almost 53% than the previous packs.
  • In April 2021, Amcor developed AmSky, first recyclable polyethylene-based thermoform blister packaging. This reduced 70% carbon footprints as compared to alternatives.
  • In January 2020, Sealed Air Corporation introduced new bubble wrap packaging made with 90% recycled content. The recycled content was obtained from industrial waste which would end in landfills.

Market Segmentation

By Type

  • Recyclable
  • Reusable
  • Degradable

By Application

  • Food & Beverage
  • Healthcare
  • Beauty and Personal Care

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Key Companies listed

The major companies listed in the Green Packaging Market include Amcor, Mondi, Ardagh Group Co., Sealed Air, Ball Corporation, TetraPak International S.A., and Uflex.

These companies are spread over North America, Europe, South America, and Asia Pacific markets, which empowers it to take into account clients over the globe. The company’s leading position in the Green Packaging Market is endorsed by its wide product portfolio.

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