New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global eco-friendly food packaging market is projected to garner a revenue of $248.7 billion by 2026 and grow at a CAGR of 5.3% during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the Market Size Pre and Post the Covid-19 Pandemic
According to the report, the real-time market size has considerably decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $159.8 billion in 2020, while its estimations were $182.6 billion in the pre-pandemic scenario. The availability of cheaper products and substitutes is expected to be the main factor hampering the growth of the global eco-friendly food packaging market during the forecast period. In addition, various engineering problems related to the manufacturing of eco-friendly food packaging materials is another factor predicted to hinder the market growth by 2026.
Factors Impacting the CAGR Figures Pre and Post the Covid-19 Pandemic
According to the report, the eco-friendly food packaging market is expected to grow at a CAGR of 5.3% during the forecast period, while it was anticipated to be 5.5% in the pre-pandemic scenario from 2019-2026. The requirement of costly equipment for recycling of food packaging products is expected to create hindrances in the full-fledged growth of the market in the forecast period. In addition, eco-friendly food packaging materials are manufactured by using soybeans or corn due to which there is a risk of contamination owing to the pesticides sprayed on these crops. Moreover, these packaging materials may produce methane when they are buried in landfills; methane is more dangerous than carbon dioxide for climate change. This has led to a decrease in demand for eco-friendly packaging, which is projected to restrict the growth rate of the eco-friendly food packaging market.
Post Pandemic Insight
As per the report, the global eco-friendly food packaging market is expected to recover by the 3rd /4th quarter of 2022. The shift in consumer preferences towards eco-friendly and recyclable materials is predicted to increase the demand for eco-friendly food packaging. This growth in demand is expected to get translated into growth in the market in the post-pandemic period. Government-led efforts in order to keep the businesses afloat by providing them with the necessary funds is projected to bolster the global eco-friendly food packaging market growth post the pandemic stress.
Significant Market Players
Some significant players in the eco-friendly food packaging market include
- Mondi Group
- Crown Holdings Inc.
- Printpack
- Amcor
- Evergreen
- Sealed Air Corporation
- Ball Corporation
- Elopak
- Westrock
- Tetra Pak
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions.
For instance, in May 2022, Inno-Pak, a leading US-based food packaging manufacturer, announced the acquisition of Stalk Market, a compostable and sustainable food packaging manufacturer. This acquisition by Inno-Pak is aimed at increasing the company’s portfolio in eco-friendly packaging solutions which will eventually help the company to expand its foothold in the market.
The report also sums up many crucial aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Eco-friendly Food Packaging Market:
- 4 Eco-Friendly Food Packaging Trends in the Market Right Now
- How has COVID-19 Pandemic Impacted the Eco-Friendly Food Packaging Industry?
