New York, USA, Aug. 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global eco-friendly food packaging market is anticipated to generate a revenue of $248.7 billion by 2026, growing exponentially at a CAGR of 5.3% during the forecast period (2019-2026).
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The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figures Pre- and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the market has recorded a CAGR of 5.3% in the past few months, while it was estimated to be 5.5% in the pre-pandemic scenario. This decline is mainly due to the prevalence of nation-wide lockdowns across the globe during the pandemic. Thus, restaurants and hotels were completely shut down, resulting in decreased demand for ordering food from outside due to the hygiene apprehensions. Moreover, the procurement of raw materials required to cook food was mere impossible, owing to the stringent travel restrictions imposed by the government. These factors are expected to impede the growth of the market during the forecast period.
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Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size of eco-friendly food packaging has been witnessing a significant downfall compared to the pre-pandemic estimations. The real-time market size reached a revenue of $159.8 billion, while it was anticipated to be $182.6 billion in an evaluation before the advent of the novel virus. High risk of contamination owing to the disposal of non-biodegradable products and extortionate cost of equipment for recycling food packaging products are expected to restrain the growth of the global eco-friendly food packaging market during the forecast period.
Post Pandemic Insight
As per the report, the global eco-friendly food packaging market is expected to recover by 3rd/4th quarter of 2022. However, reopening of restaurants and hotels owing to the eased lockdown restrictions is expected to drive the growth of the market. Moreover, increasing adoption of eco-friendly products among people in the modern world is further expected to create massive opportunities for the growth of the market in the near future.
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Key Players of the Market
The major players of the market include
- Westrock
- Amcor
- Mondi Group
- Ball Corporation
- Evergreen
- Crown Holdings Inc.
- Tetra Pak
- Printpack
- Elopak
- Sealed Air Corporation
and many more. These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years.
For instance, in December 2020, A.P Moller Holding, a dominant integrated container logistics company, acquired Faerch Group, a dominant European manufacturer of sustainable food packaging solutions, in order to increase investments in supplementary recycling amenities to meet the increasing demands of the customers.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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