Selbyville, Delaware, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Green Packaging Market was valued at USD 287.5 billion in 2023 and is projected to be worth USD 550 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
This growth is largely fueled by a surge in environmental awareness among consumers. As individuals and businesses become increasingly eco-conscious, there is a significant push for sustainable packaging alternatives. This transition is prompting companies to embrace green packaging solutions designed to minimize environmental impacts, including the use of biodegradable materials, recycled content, and reduced packaging waste.
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The heightened demand for eco-friendly products and corporate sustainability initiatives serves as a major driving force behind this market's expansion. Additionally, regulatory pressures are playing an essential role in the evolution of the green packaging market. Governments across the globe are instituting stringent regulations aimed at reducing plastic pollution and fostering sustainable practices. Policies such as recycling mandates, plastic bans, and incentives for using compostable or recyclable materials encourage companies to shift toward greener packaging options. Adhering to these regulations helps businesses avoid fines while enhancing their image as environmentally responsible entities.
The green packaging market can be categorized based on material types, including reusable packaging, recycled content packaging, and degradable packaging. The reusable packaging segment is projected to grow at a CAGR of over 10% during the forecast period. This growth is driven by increasing awareness of environmental issues among consumers and businesses alike. Reusable packaging is favored for its ability to significantly cut waste and conserve resources compared to single-use alternatives, making it a popular choice among eco-conscious consumers.
In terms of packaging types, the green packaging market is divided into primary, secondary, and tertiary packaging. The primary packaging segment is expected to lead the market, with revenues projected to exceed USD 300 billion by 2032. This type of packaging, which directly encases and protects the product, is crucial for consumer convenience. Its importance in maintaining product safety, extending shelf life, and enhancing usability contributes to its significant demand across various sectors, such as food and beverages, pharmaceuticals, and personal care.
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In 2023, North America accounted for over 25% of the global green packaging market. There is a notable shift among North American consumers and businesses toward prioritizing sustainability, propelled by growing environmental consciousness and the demand for eco-friendly solutions. This trend is driving the accelerated adoption of green packaging alternatives. Moreover, governments in North America are reinforcing this shift by implementing rigorous regulations and incentives to promote sustainable practices, further encouraging businesses to invest in green packaging solutions.
Green Packaging Market Players
Companies including Amcor, Ball Corporation, DuPont, Mondi, Sealed Air, TetraPak, WestRock are some firms working in green packaging industry.
The green packaging market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD million) from 2021 to 2032, for the following segments:
Market, By Material
- Recycled content packaging
- Paper
- Plastic
- Metal
- Glass
- Others
- Reusable packaging
- Drum
- Plastic container
- Others
- Degradable packaging
Market, By Packaging Type
- Primary
- Secondary
- Tertiary
Market, By End-Use Industry
- Food and beverages
- Healthcare
- Cosmetics and personal care
- Electronics
- Others
Market, By Function
- Active
- Intelligent
- Modified atmosphere packaging (MAP)
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
