Green Packaging Market Size to Surpass US$ 467.72 Bn by 2029

London, March 25, 2022 (GLOBE NEWSWIRE) -- The global green packaging market size was valued at US$ 290.32 billion in 2021. The globe is witnessing climate change, increased pollution levels, and increasing prevalence of chronic diseases. Therefore, the demand for the eco-friendly and health-friendly products is gaining rapid traction across the globe. The stringent government regulations pertaining to single-use plastic and government ban of plastics in several countries are the major factors that drive the growth of the global green packaging market.

Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1585

Moreover, the shifting consumer preference towards eco-friendly packaging and rising awareness regarding the negative effects of traditional packaging on the environment is augmenting the demand for the green packaging. The surging adoption of the green packaging across various industry verticals such as food & beverages, healthcare, and personal care is expected to drive the growth of the global green packaging market during the forecast period. The top FMCG manufacturers such as Unilever and Procter & Gamble are committing to shift completely towards sustainable packaging. These initiatives by the top companies across the globe are promoting the growth of the global green packaging market.

Report Highlights

• Based on the packaging type, the recycled content packaging segment dominated the global green packaging market in 2020, accounting for a market share of over 61%. This is attributed to the high usage of various recyclable materials like glass, paper, and plastic for the production of green packaging. The easy and low cost availability of recycled content packaging has fostered the growth of this segment across the globe.
• Based on the application, the healthcare is estimated to be the most opportunistic market during the forecast period. The stringent government regulation regarding the packaging and safety of the various medical devices and drugs is expected to drive the growth of this segment.

Ask here for more customization study@ https://www.precedenceresearch.com/customization/1585

Regional Snapshot

Europe accounted for a market share of around 37% and dominated the global green packaging market in 2020. This is attributed to the stringent government regulation regarding the use of packaging materials. The European government strictly focuses on the sustainability and encourages the adoption of the sustainable packaging solutions. Moreover, the increased consumer awareness regarding the benefits of the green packaging significantly drives their buying decisions in Europe. Therefore, the increased awareness regarding green packaging and increased adoption of green packaging in Europe has fostered the growth of the market.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The huge demand for the packaged food and FMCG products in the region is expected to drive the growth of the green packaging market. Hindustan Unilever, a fully owned subsidiary of Unilever has committed to shift towards the sustainable packaging by 2025. The increasing initiatives at corporate level is stimulating the market growth in the region. Moreover, the surging number of manufacturing facilities of various industries such as food & beverages, healthcare, and personal care is expected to drive the market growth in the forthcoming years. The rising government initiatives to promote the adoption of green packaging is further fueling the market growth across Asia pacific.

Market Dynamics

Driver

Surging demand for the sustainable packaging in food industry

The green packaging involves usage of materials such as bioplastics, organic fabrics, recyclable plastics and paper, and refurbished materials, which are biodegradable in nature have less environmental impacts. The increasing demand for packaged food is a major contributor to the accumulation of plastic wastes. Therefore, the demand for the green packaging is surging in the food industry for achieving sustainability. Hence, the growing food and beverages industry is expected to drive the growth of the green packaging market during the forecast period.

Restraint

Low profit margins

The manufacturers operating in the green packaging industry operates at a very minimal margin. The plastic use involves low cost and the recycled plastic manufacturers faces a tough competition from the traditional packaging. Thus, the low profit margins discourages the manufacturers to indulge in the green package manufacturing activities. This may hamper the market growth in the forthcoming period.

Opportunities

Rising involvement in developmental strategies

The top market players are constantly engaged in various developmental strategies like partnerships and expansion of manufacturing units, which is expected to present lucrative growth opportunities to the market players during the forecast period. For instance, in April 2021, Amcor and Nestle entered into a partnership for the development of sustainable packaging solution. Amcor is helping Nestle to shift towards sustainable packaging in Australia.

Related Reports

• Advanced Packaging Market Research Report 2022 to 2030
• Temperature Controlled Packaging Solutions Market Research Report 2022 to 2030
• Bag-in-Box Container Market Research Report 2022 to 2030
  
  

Challenges

Low awareness in the underdeveloped markets

There is a lack of awareness among the people regarding the benefits of the green packaging. Moreover, the various industries in the underdeveloped regions prefers plastic packaging owing to its low cost and high durability, which is a major constraining factor. The increased penetration of the traditional plastic packaging in the underdeveloped regions is the major challenge faced by the green packaging market players.

Market Segmentation

By Packaging Type

• Recycled Content Packaging
  • Glass
  • Paper
  • Plastic
  • Metal
  • Others
• Reusable Packaging
  • Plastic Container
  • Drums
  • Others
• Degradable Packaging
  
  

By Application

• Personal Care
• Food & Beverages
• Healthcare
• Chemical
• Shipping
• Others

By Material

• Paper
• Plastic
• Metal
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

Click Here to View Full Report Table of Contents

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1585

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R