GREEN PACKAGING MARKET ANALYSIS

Green Packaging MarketSize and Trends

Global Green Packaging Market was valued at US$ 2,08,000 Mn in 2022 in terms of revenue, exhibiting a CAGR of 4.97% during the forecast period (2023 to 2030).

Green packaging refers to usage of packaging materials and implementation of manufacturing methods that have low impact on energy consumption and environment. Green packaging involves the usage of recyclable and biodegradable materials and thus is referred as energy-efficient or sustainable packaging. Furthermore, bio-degradable plastics, bio-based plastics, Solid Bleach Sulfate, and recycled papers are some of the key materials used for the manufacture of green packaging products. Factors such as wide-spread awareness among consumers regarding environmental safety and benefits of green packaging are the key factors propelling growth of global green packaging market. Moreover, initiatives of regulatory bodies in recommending adoptions of eco-friendly alternatives by the manufacturers, will further boost growth of the global green packaging market during the forecast period.

Figure 1. Global Green Packaging Market Value Share (%),By Region, 2022

 North America dominated the global green packaging Market in 2022, accounting for 35 % share in terms of revenue, followed by Europe, Latin America, Asia Pacific and MEA, respectively.

Global Green Packaging Market- Trends- Growing Prevalence of Sustainable Food Packaging

Green packaging uses eco-friendly materials such bio plastics, recyclable paper and plastics, plant-based biomaterials, organic fabrics, and repurposed goods. These goods can easily replace conventional plastics and have a smaller impact on the environment because it is simple to use and is naturally biodegradable. These substances do not react with food, thus preventing contamination and other negative environmental effects. This reason is driving market demand for eco-friendly food packaging. As these technologies, make it simple to deliver comfort food, it has been an enabling factor in motivating customers to switch to convenience foods. In 2018, the European Union drastically strengthened its regulations on packaging and packaging waste. By 2030, all plastic packaging must be recyclable, with 55 percent success rate. In today’s world, only around 30% of plastic packaging is collected. The maintenance of product quality, dose and dispensing, convenience of use and storage, and the provision of crucial information regarding product use and ingredients, are all vital roles that are fulfilled by the product packaging. For instance, L'Oreal announced the creation of the first paper-based cosmetic tube, in October 2019, to enhance packaging's environmental impact. Hence, all these factors is growing the global green packaging market CAGR across the globe in the recent years.