According to a market report, published by Sheer Analytics and Insights, the total green packaging market was valued at $291.2 billion in 2021 and it is expected to reach $730.3 billion at a CAGR of 8.60% through the forecast period. Rising awareness among consumers regarding eco-friendly packages and green packaging usage are expected to fuel the industry's growth. With the help of government support, several industries have started rejecting single-use plastics over the few years. Food and beverage industries are widely adopting packages made from eco-friendly, reusable, degradable, and recyclable materials. Moreover, the foodservice industries are eager to adopt this kind of green packaging and replace single-use plastics such as straws, caps, cups, and food trays made of harmful plastics. Therefore, the increasing demand for green packages is anticipated to make a huge growth during the forecast period.
Major factors such as rising awareness among global consumers regarding environmental safety and other benefits of green packaging, and the adoption of reusable eco-friendly packages in manufacturing companies will further fuel the market growth over the forecast period. Based on materials, the green packaging market is segmented into glass, paperboard, metal, and others. Among these, the paperboard segment has dominated the market over the past few years. At present days, the oil-based polymer is widely used in green packaging applications. This kind of material is easy to recycle and reusable and it is also non-biodegradable. Furthermore, green packaging can decrease greenhouse gas such as carbon dioxide, methane, nitrous oxide, and water vapor as it uses fewer fossil fuels in its production. Food and beverage industries are becoming more aware of using green packing products due to the rise in health awareness among consumers. Based on type, the green packaging market is segmented into reusable packaging, recycled content packaging, and degradable packaging. The recycled content packaging segment is dominating the market, followed by reusable packaging.
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Based on the regions, the green packaging market is segmented into Europe, North America, Asia-Pacific, Latin America, and Africa. Among these regions, Asia-Pacific is expected to dominate the market during the forecast period. North America dominated the green packaging market in 2016 and U.S was the major contributor to green packaging products at that time. However, the Middle East and Africa are witnessing lower growth at present due to political and economic instability, and poor penetration of several end-users of green packaging. In developed countries, eco-friendly materials such as recyclable paper and plastics, plant-based biomaterial, organic fabrics, and bio-plastics are used in green packing because these products are easy to use and biodegradable. Many restaurants and public venues are moving to eco-friendly and green packing products which are anticipated to drive the market.
Key players such as Amcor Plc (Switzerland), DuPont Chemicals Company (U.S), Evergreen Packaging Company (China), Mondi Manufacturing Company (U.K), Nampak Manufacturing Company (South Africa), DS Smith Plc (U.K), Ball Corporation Aerospace Company (U.S), Sealed Air Company (U.S), and others are dominating the global green packaging market.
The Global Green Packaging Market Has Been Segmented Into:
The Global Green Packaging Market – By Type:
The Global Green Packaging Market – By Application:
The Global Green Packaging Market – By Regions:
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