New York, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global green packaging market is predicted to grow at a tremendous CAGR of 7.0%, thereby garnering a revenue of $451.7 billion in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the green packaging market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Growing awareness among people about the benefits of green packaging is expected to be the primary growth driver of the green packaging market in the forecast period. Additionally, sustainable packaging of various products by major companies is expected to help the market grow in the forecast period.
Opportunities: The introduction of biodegradable packaging materials for the packaging of various products is anticipated to offer numerous growth opportunities to the market in the forecast period.
Restraints: High cost of green packaging, however, might restrict the growth of the green packaging market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The green packaging market, too, faced a similar situation. The shutdown of various industries during the pandemic and decrease in demand for green packaging was the main reason behind the decline in the growth rate of the market.
Segments of the Market
The report has divided the market into certain segments based on type, application, and region.
Type: Recyclable Sub-Segment to be the Most Dominant
By type, the recyclable sub-segment is expected to be the most dominant and register a revenue of $275.4 billion by 2028. The increasing popularity of recyclable packaging products due to their advantages including biodegradability is anticipated to help the market register positive growth during the forecast period.
Application: Food & Beverages Sub-segment to Have the Maximum Share
By application, the food & beverages sub-segment of the green packaging market is expected to hold the maximum market share and surpass a revenue of $261.8 billion during the forecast timeframe. The rapidly growing food & beverages industry has led to an increase in demand for food packaging which is predicted to augment the growth rate of this sub-segment.
Region: Market in the Asia-Pacific Region to be Most Lucrative
By regional analysis, the green packaging market in the Asia-Pacific region is projected to be the most lucrative and register a revenue of $112.5 billion in the analysis timeframe. The immense increase in awareness about sustainable packaging solutions for products and growing role of recycled packaging in reducing waste landfills are expected to be the two main factors behind the growth of the market in this region.
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Prominent Market Players
Some prominent market players in the green packaging market are
- Amcor Limited
- TetraPak International S.A.
- Bemis Company, Inc.
- E. I. DuPont de Nemours and Company
- Ardagh Group Co.
- Uflex limited
- Mondi Limited
- PlastiPak Holdings, Inc.
- ELOPAK AS
- Sealed Air Corporation
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in September 2021, Huhtamaki, a Finland-based consumer packaging company, announced the acquisition of Elif, a leading sustainable packaging solutions provider. This acquisition is expected to further consolidate the position of Huhtamaki as a leader in the green packaging industry in the coming period.
Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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More about Green Packaging Market:
- Green Packaging: An Innovative Approach for Leading a Sustainable Life on Earth
- The Global Green Packaging Market to Witness a Boost in Growth with Acquisitions like That of Choose Packaging by Hewlett-Packard
