New York, USA, April 25, 2022 (GLOBE NEWSWIRE) -- According to Research Dive, the global green packaging market is estimated to generate a revenue of $451.7 billion by 2028 and grow at a CAGR of 7.0% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the green packaging market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per our analysts, the increasing awareness among people regarding the benefits of green packagings, such as reducing greenhouse gas and packaging waste, and protecting the environment is the major factor expected to boost the growth of the green packaging market over the forecast period. In addition, the introduction of biodegradable packaging materials like biopolymers and bioplastics for the packaging of various products such as food & beverages by companies is another factor predicted to propel the market growth by 2028. Moreover, strict regulations by governments to use sustainable packaging for products packaging and the growing focus of companies on using recycled packaging materials are projected to create huge growth opportunities for the green packaging market over the forecast period. However, the high cost of green packaging is estimated to restrict the market growth in the projected timeframe.
Stay Ahead of your Competitors, Grab an Exclusive PDF Sample of the Green Packaging Market@ https://www.researchdive.com/download-sample/8577
COVID-19 Impact on the Green Packaging Market
The COVID-19 pandemic has had a moderate impact on the global green packaging market growth. The negative impact on the market growth is majorly owing to the lockdown restrictions imposed by governments to prevent the spread of coronavirus, due to which most of the industries stopped their manufacturing units. This severely affected the requirement of green packaging material for product packaging. However, the rising preference of people for online shopping during the pandemic period has increased the demand for green packaging as e-commerce stores use paper packaging for delivering products.
Click here! To Get in Touch with our Expert Analyst & Avail of Full Report - $2999 (Read-Only)
Recyclable Sub-segment to Hold Highest Revenue
By type, the recyclable sub-segment is predicted to account for $275.4 billion by 2028 and is expected to have the largest revenue share during the analysis period. This is mainly due to the growing popularity of recycled packaging products owing to their advantages like biodegradability. In addition, recycling packaging waste helps in reducing environmental pollution and decreases energy wastage.
Food & Beverage Sub-segment to Hold the Majority of Market Share
By application, the food & beverage sub-segment is estimated to generate a revenue of $261.8 billion by 2028 and is anticipated to hold the maximum market share in the green packaging market over the forecast period. This sub-segment growth is mainly due to continuous growth in the food & beverages industry across the world, which is rapidly increasing the demand for recyclable food packaging to reduce the amount of waste produced by the food companies.
Europe Region to be Most Dominant
By region, Europe is projected to garner a revenue of $157.6 billion by 2028 and subjugate in the green packaging market during the forecast period. The rapid growth of the region can be attributed to the market penetration of green packaging products by key market players like Amcor. In addition, the strict rules of governments in the region to increase the use of sustainable or green products is another factor expected to amplify the growth of the regional market in the forecast years.
Region: Europe Region has an Aggressive Growth rate for Green Packaging Market (Avail Customization)
Prominent Market Players
Some of the top players of the global green packaging market are
- 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.
These players are applying various strategies to gain a competitive edge and stronghold in the global industry. – Inquire and Avail access to the key Companies Development Strategic Full Report@ https://www.researchdive.com/purchase-enquiry/8577
For instance, in January 2022, Amcor, a leader in developing & producing responsible packaging solutions across the globe, announced the launch of a new platform of green paper-based packaging products, ‘AmFiber,’ which aims to redefine the capabilities of traditional paper packaging to meet consumer’s changing needs.
Some Trending Article Links:
Analyst Review: The Global Green Packaging Market to Witness a Boost in Growth with Acquisitions like That of Choose Packaging by Hewlett-Packard
Blog: Green Packaging: An Innovative Approach for Leading a Sustainable Life on Earth
