New York, USA, May 15, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global green packaging market is projected to generate a revenue of $561.6 billion and rise at a healthy CAGR of 8.7% over the estimated period from 2022 to 2031.
As per our analysts, the rising awareness of adverse environmental impacts of plastics and other non-biodegradable materials among individuals globally has increased the demand for green packaging which is expected to fortify the growth of the green packaging market over the analysis timeframe. Moreover, the growing demand for sustainable packaging among consumers globally due to its various advantages such as cost-effectiveness, reducing the environmental impact of packaging, conserving resources, and reducing waste is predicted to create immense growth opportunities for the market over the forecast period. However, the high cost of raw materials may hamper the growth of the market throughout the estimated timeframe.
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Segments of the Green Packaging Market
The report has divided the market into segments based on packaging type, application, and region.
Packaging Type: Recyclable Sub-Segment to be Most Productive
The recyclable sub-segment held the largest share of the market in 2021 and is expected to continue steady growth over the analysis period. The increasing use of recyclable materials such as paper, glass, plastic, and many more as raw materials by manufacturers to reduce excess pollution and create new packaging products is expected to magnify the growth of the market sub-segment during the forecast period.
Application: Food & Beverage Industry Sub-Segment to be Most Profitable
The food & beverage industry sub-segment generated the highest market share in 2021. The increasing adoption of molded pulp packaging and compostable packaging by many restaurants, fast food chains, casual dining venues, and packaged food companies is predicted to bolster the growth of the market during the analysis period.
Europe Region Held the Biggest Market Share in 2021
The Europe region of the green packaging market generated the highest revenue in 2021. This is mainly due to the strict government regulations on the use of single-use plastics. Furthermore, the increased government initiatives on the use of green packaging solutions, and the growing technological advancements are expected to fuel the regional growth of the market over the forecast period.
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Covid-19 Impact on the Green Packaging Market
The rise of the novel coronavirus brought several uncertainties across various industries, but it has had a moderate impact on the green packaging market. This is mainly because of the increasing use of paper-based packaging for delivering products as many consumers shifted their preferences from offline shopping to online shopping. Moreover, the rising demand for green packaged products such as beverages among consumers has further increased the market growth over the pandemic. However, the high transmission rate of the coronavirus and the shutting down of many manufacturing units have affected the market during the crisis.
Key Players of the Green Packaging Market
The major players of the market include Be Green Packaging
- DS Smith
- Amcor
- Sealed Air
- Tetra Laval
- Ball Corp
- DuPont
- Nampak
- Evergreen Packaging
- Mondi
These players are broadly working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product developments to obtain a leading position in the global industry.
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For instance, in April 2021, Amcor, a leading developer and producer of flexible packaging announced its partnership with Nestlé, the world’s largest food and beverage company to adopt sustainable packaging for enviro-conscious consumers across the globe.
Further, the report also presents other important aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic developments.
More about Green Packaging Market:
- How Green Packaging Addresses the Ecological Concerns Related to Plastic Concerns?
- Growing Demand for Sustainable Packaging among Consumers Globally to Propel the Growth of the Global Green Packaging Market by 2031
