Global Green Packaging Market was valued at US$ 2,08,000 Mn in 2022. According to the Global Green packaging Market Report, By Form (Strips, Powder), by Application (Bakery, Confectionery, Dairy, Canned Meat/ Poultry Products, Beverages, Sauces, Creams & Dressings, Dietic Products, and Others), Bacteriological (Culture Media, Microbiology), Technical Applications (Cosmetology, Medical Application), and others), and by Regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA)), published by Coherent Market Insights.
Global green packaging market was valued at US$ 2,08,000 Mn in 2022. Green packaging market is expected to exhibit a CAGR of 4.97% over the forecast period (2023 –2030), to reach US$ 3,06,700 Mn by 2030.
Global Green Packaging Market - Impact of Coronavirus (Covid-19) Pandemic:
The occurrence of COVID-19 pandemic has proved to have a moderate impact on green packaging market size growth. As the impact of COVID-19 pandemic has had a severe impact on the health and wellbeing of the people across the world, the fear of infection and its severe symptoms have settled in the patients. Amid high rate of corona virus transmission and prevalence of serious symptoms, government had imposed lockdown, worldwide, due to which many industries stopped their manufacturing units. Thus, the requirement of green packaging material for product packaging decreased severely. This factor has decreased the green packaging market share growth in the pandemic year. However, green packaging market also experienced a positive growth in the COVID-19 pandemic period. During pandemic, people shifted their shopping preference towards online shopping. E-commerce generally uses paper-based packaging for delivering products. This factor is likely to flourish the market growth in the pandemic time period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/green-packaging-market-820
Key Trends and Analysis of the Global Green Packaging Market:
- On the basis of material, paper and paperboard segment dominated the global green packaging market in 2016 and is expected to lead the market throughout the forecast period. This segment is gaining popularity due to rising demand for eco-friendly and biodegradable packaging material since paper is 100% recyclable, compostable, and biodegradable.
- On the basis of process type, recycled content packaging is projected to have a significant share in the global green packaging market. This segment is gaining popularity, owing to its benefits associated with reduced energy consumption and reduced carbon footprint. During the period from 2007 to 2015, the Coca-Cola Company managed to reduce its CO2 emission by 86,939 tons by adopting recycled packaging materials such as corrugated carbon, newsprint, paperboard, steel, glass, and others.
- Among end-use, food and beverage led the market in 2016 and is expected to remain dominant throughout the forecast period. Rapid adoption of green packaging products among the manufacturers operating in the food and beverage industry is one of the key factors driving growth of the global green packaging market.
Key Takeaways of the Global Green Packaging Market:
- North America dominated the global green packaging market in 2016 and is projected to retain its position throughout the forecast period. The region is projected to witness a CAGR of 5.04%, in terms of revenue, during the forecast period. The demand for re-usable packaging has surged in the U.S., thus making U.S. a prominent contributor to the growth of the green packaging market in North America. Furthermore, in 2016, Amcor Ltd., one of the leading players operating in the field of green packaging, acquired Alusa, one of the largest flexible packaging manufacturers in Latin America. This acquisition will allow Amcor Ltd. to address a broader base of consumers in both Latin America and North America.
- Asia Pacific is projected to be the fastest growing market, expected to exhibit highest CAGR of 8.85% during the forecast period, followed by Latin America. Rising awareness about environmental concerns among the consumers has altered their preference, and this has resulted in a shift in focus among the manufacturers toward green packaging. Moreover, significant presence of multiple players operating in the food and beverage industry is another key factor propelling growth of the green packaging market in Asia Pacific.
- Major players operating in the market of green packaging include Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, Graham Packaging Company Incorporation, and Huhtamaki OYJ, among others.
