Newark, NJ, Aug. 20, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global eco-friendly food packaging market is expected to grow from USD 152.09 billion in 2019 and to reach USD 257.43 billion by 2027, growing at a CAGR of 6.8% during the forecast period 2020-2027.
The environmental degradation by the use of single plastic items has led to the development of a sustainable packaging for the food and beverages sector. Apart from this, the hectic lifestyle has increased the consumption of convenience food among the working population which has boosted the growth of eco-friendly food packaging in many regions. The eco-friendly food packaging also provides safety and is hygienic, which are some other reasons for the growing demand of the product.
The eco-friendly food packages use the renewable materials which do not cause any harm to the environment. It is basically made up from the biodegradable packaging materials and reusable. It also safeguards the quality of food and makes it safe for human consumption. Also, the less requirement of energy in the manufacturing process is another added benefit of the product. These packaging also reduces the burden on natural resources.
The increasing awareness among consumers in certain regions about the ill effects of plastic packaging has increased the market demand of the product. The manufacturers are also switching to the environment friendly food packaging following the regulations issued by the government related about ban on single-use plastics. However, the availability of cheap alternatives is hindering the market growth.
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Key players operating in the global eco-friendly food packaging market include Amcor, Ball Corporation, Sealed Air Corporation, Mondi Group, Tetra Pak, BASF, Westrock, Sonoco Products Company, Smurfit Kappa, Evergreen packaging, Printpak, Sustainable Packaging Industries, GWP, Paperfoam, Swedbrand Groups, Huhtamaki Oyj, Berryv Global, Winpak Ltd., Elopak among others. The manufacturers operating in the market are opting for expansion strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership, so as to gain the significant market share in the global eco-friendly food packaging market and strengthen their position. Tetra Pak and Amcor are some of the biggest manufacturers and suppliers of in the global eco-friendly food packaging market.
- In October 2019, Smurgit Kappa partnered with a speciality brewer, Vanhonsebrouck. The objective of this partnership was to initiate a production line and implement a circular supply chain for manufacturing of the recyclable cans.
Recycled Content Packaging segment dominated the market and held the largest market share of 37.43% in the year 2019
On the basis of the type segment, the global eco-friendly food packaging market includes degradable packaging, reusable packaging and recycled content packaging. Recycled content packaging dominated the market and held the largest market share of 37.43% in the year 2019. The recycled content packaging is cost-effective as some portion of the material can be utilized many times. It is made up from both the pre and post consumer materials. The waste which is produced during the manufacturing form the pre consumer material. This helps to reduce the cost and minimize the burden on natural resources.
Paper and Paperboard segment dominated the market and held the largest market share of 36.02% in the year 2019
On the basis of the material segment, the global eco-friendly food packaging market includes paper and paperboard, metal, glass, plastic and others. Paper and paperboard dominated the market and held the largest market share of 36.02% in the year 2019. The paper and paperboard materials are biodegradable and can be easily recycled. These materials are suitable for the ready to eat and frozen foods. It is cost comparative and is also safe for transportation purposes.
Active Packaging segment dominated the market and held the largest market share of 31.21% in the year 2019
On the basis of the technique segment, the global eco-friendly food packaging market includes active packaging, molded packaging, multipurpose packaging and alternate fiber packaging. Active packaging dominated the market and held the largest market share of 31.21% in the year 2019. Active packaging has more benefits as it helps to measure the attribute of the product. The nature of the packaging increases the shelf life of the product. It also displays the information about the quality of the product.
Food segment dominated the market and held the largest market share of 68.92% in the year 2019
On the basis of the application segment, the global eco-friendly food packaging market includes food and beverages. The food segment further includes bakery and confectionery, dairy products, meat products, fruits and vegetables and convenience food. The beverages segment further includes alcoholic and non-alcoholic beverages. Food segment dominated the market and held the largest market share of 68.92% in the year 2019. The eco-friendly packages are majorly used for the food products. The products such as meat, vegetables, fruits, etc, require being fresh for the consumption purpose. Apart from this, the growing hygiene practices among the consumers have increased the market growth.
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Regional Segment Analysis of the Eco-friendly Food Packaging Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global eco-friendly food packaging market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for the major market share of 38.92% in the year 2019. The growing working population in the region is increasingly demanding the convenience food, which in turn has increased the market demand for the product. However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The growing environmental degradation has resulted into the ban of the single-use plastic in many countries. This has resulted into adoption of eco-friendly packaging for food and beverages in the region.
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About the report:
The global eco-friendly food packaging market is analyzed on the basis of value (USD Billion), volume (Units), export (Units), and import (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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