Fort Collins, Colorado, April 03, 2024 (GLOBE NEWSWIRE) -- The Green Packaging Market size was valued at USD 305.6 Billion in 2023 and is anticipated to grow CAGR at 6.7% to reach USD 546.4 Billion By 2032.
The need to reduce plastic dependence and sustainability has been widely felt across the packaging industries. Green packaging refers to biodegradable and recycled materials in the packaging process to reduce wastage from the growing number of packaging waste ending up in landfills.
According to the UN Environment Program, 85% of the total plastic produced is used for packaging purposes, including single-use plastic. After that, this material is dumped in landfills or treated as unregulated waste. However, single-use plastic has grown in the past few years as it facilitates packaging for larger materials and is a cost-effective solution.
Green packaging is widely preferred for the medical, food, and beverage industries as it helps avoid contact with any outside agent that affects the food or medicine quality and prevents food from getting spilled. However, heavy usage of single-use plastic for packaging results in high emission levels as its production emits greenhouse gases, thus harming the environment. This has resulted in governments and people becoming aware of the consequences and demanding cleaner packaging solutions, resulting in the growing adoption of green packaging solutions.
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Segmentation Overview:
The global green packaging market has been segmented into packaging type, end-user, and region. Based on packaging type, the green packaging market segmentation includes packaging with recycled content, reusable packaging, and degradable packaging. Recycled content holds a significant share of the packaging type segment of the green packaging market. It includes materials like paper, plastic, metal, glass, and other materials that can be used repeatedly without compromising the packaging quality.
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Green Packaging Market Report Highlights:
- The global green packaging market growth is anticipated at a CAGR of 6.7% by 2032.
- Government regulations play a crucial role in augmenting the green packing industry. Governments across the globe have formulated regulations regarding reusing and recycling, and the use of biodegradable material for packaging to meet their net zero carbon goals.
- Increasing government campaigns to educate consumers about the benefits of eco-friendly products and packaging material and the harmful effects of toxic materials used in these products are expected to favor industry growth over the forecast period.
- Based on end-user, food & beverages hold a significant share of the green packaging market. It is estimated that more than 50% of food & beverage companies use green packaging solutions, with paper bags holding a major share in packing food items. Paper bags are preferred for carrying fresh fruits and vegetables and storing food items as the paper material helps maintain the texture and freshness of food without altering its properties like in plastic containers.
- Europe holds a significant share of the green packaging market, with countries like Germany and Wales holding a substantial share in this region. According to Earth.org, around 40% of the packaging waste generated in Europe is paper and cardboard, followed by plastic and glass, and ends up in landfills. To reduce this wastage, the European Parliament has agreed to reduce, reuse, and recycle the waste to promote sustainable packaging solutions.
- Some prominent players in the green packaging market report include Amcor Limited, Sealed Air Corporation, Mondi Plc., UFlex Limited, DuPont Inc., Ball Corporation, Tetra Pak Global, Plastipak Packaging Inc., Nampak Ltd., Braskem SA, and others.
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Green Packaging Market Segmentation:
By Packaging Type: Recycled Content Packaging (Paper, Plastic, Metal, Glass, Others), Reusable Packaging (Drum, Plastic Container, Others), and Degradable Packaging
By End-user: Food & Beverages, Personal Care, Healthcare, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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