Farmington, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Green Packaging market is projected to grow from USD 267.83 Billion in 2022 to USD 385.34 Billion in 2030, exhibiting a CAGR of 5.3% during the forecast period 2022-2030. Green packaging, which is also called sustainable packaging, uses the least amount of energy and has the least negative effect on the environment. Instead of using things like plastic and Styrofoam, green packaging uses materials that can be broken down and reused. Green packaging also reduces the amount of power it uses and the number of greenhouse gases it gives off.
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Since green packaging uses less carbon than traditional synthetic packaging, it helps to improve the long-term health of both people and the environment. Green packaging also needs ways to cut down on the waste and pollution that are made during production. The growing interest in protecting the environment and living in a sustainable way is one of the most important things driving the market. This, along with strict laws on environmental sustainability and a trend in the business world to use renewable resources in production, is driving demand growth.
Green Packaging Market Recent Developments:
- In June 2021, Amcor launched eco-friendly chocolate packs in South America. The company has designed and manufactured recycled plastic packaging for powdered chocolate. This packaging reduces our carbon footprint by 53% over our previous packaging.
- In April 2021, Amcor developed a groundbreaking packaging solution for medical packaging. The new AmSky blister system is the latest addition to our portfolio of recyclable medical packaging products.
Green Packaging Market Segmentation Analysis:
Based on the type of packaging, the market is divided into recycled content packaging, reusable packaging, and degradable packaging. Reusable packaging came in second, after packaging made from recycled materials. Increases in collection operations and processing capacity, along with more companies using recycled content packaging to show they care about the environment and make their products stand out, would help recycled content packaging grow. Industry groups, brand owners, packaging companies, and others will help the growth of this segment by promoting sustainability programs that make it easier to recycle different kinds of packaging materials.
In the global green packaging market, the food and beverages segment is the largest. Most of the demand for food and beverage packaging comes from convenience foods, which are easy to carry, last a long time, and are easy to make. Foods that are easy to get include frozen foods, snacks, finger foods, drinks, and more. The food products usually take less time to make and are served in hot containers that are ready to go. Convenience foods are used a lot more than they used to be. This is because people's busy lives and the growing number of older people are driving up demand.
Regional Outlook:
In 2020, 36.7% of the market's revenue came from Europe. This was because the European Union and other European countries had strict rules about the use of single-use plastics. The European Directive brought in the idea of a "circular economy," which has set goals and rules for being environmentally friendly. European companies are starting to follow circular economy plans by using materials that can be reused, recycled, or broken down.
In terms of value, Asia Pacific is second in 2020. This is because there are more and more government rules and programmes in the area that encourage manufacturers to use greener packaging. China, which makes more things than any other country, is making changes to the way it packages things and the materials it uses to make them more eco-friendly. Because China ships so many products, this move will have a big effect on the growth of markets in the area. The Australian government has set a goal of making all packaging recyclable by 2025 or earlier. This will cause the market value to rise sharply over the next few years.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 5.3% from 2023 to 2030 |
| Market Size in 2022 | USD 267.83 Billion |
| Revenue Forecast by 2030 | USD 385.34 Billion |
| By Type | Recycled Content Packaging, Reusable Packaging, Degradable Packaging |
| By Applications | Food & Beverages, Consumer Products, Shipping, Chemicals, Others |
| By Companies | Amcor Limited, Mondi Limited, Sealed Air Corporation, TetraPak International, Ardagh Group, PlastiPak Holdings, Bemis Company, Uflex limited, ELOPAK., others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Green Packaging Market dynamics:
Market drivers:
With the help of digital marketing, consumers are becoming more aware of how harmful single-use plastics are. This, along with strict regulations on single-use plastics, is helping the green packaging industry grow as a whole. The green packaging industry is growing because of the country's rules and because responsible consumers give green packaging more value and prefer products that come in sustainable packaging. Food companies are using things like lids, cups made of thick paper, paper straws, and so on that break down over time. In recent years, these things have helped the green packaging industry grow as a whole.
Market opportunities:
Several developed countries, such as North America, have strict rules about packaging that is good for the environment. These countries are also raising awareness about how the waste from packaging affects the environment. The public and manufacturers are becoming more aware because of the reports from important organisations. For example, the Environmental Protection Agency says that every year the world makes about 80 million metric tonnes of packaging waste, which has a big effect on the health of everyone around the world. A report in the U.S. says that the country makes about 4% of the solid waste that is made around the world, even though it only has about 2% of the world's population. Because of these reports, the government has put in place two more rules to make sure that packaging is managed well.
Market restraints:
The growth of the green packaging industry is affected by how government policies and consumer attitudes change. As packaging is recycled, its strength decreases, which could affect the quality of the product inside. For example, it could get mixed up with the food or medicine it holds and change the value of the product.
Green Packaging Market Key Segments Covered:
Top Market Players:
Amcor Limited, Mondi Limited, Sealed Air Corporation, TetraPak International, Ardagh Group, PlastiPak Holdings, Bemis Company, Uflex limited, ELOPAK., others.
By Types
- Recycled Content Packaging
- Reusable Packaging
- Degradable Packaging
By Application
- Food & Beverages
- Consumer Products
- Shipping
- Chemicals
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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