NEWARK, DEL, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The global green packaging film market value is expected to rise from US$ 11,767.2 million in 2024 to US$ 20,875.3 million by 2034. This estimated growth is expected to be driven by a healthy CAGR of 5.90% in the green packaging film market over the next decade.
The demand for green packaging solutions is rising in the food packaging sector as eateries seek packaging options that are recyclable, disposable, and degradable for branding purposes and customer acquisition. As a result, manufacturers increasingly use polyhydroxyalkanoates (PHA) and starch-based plastics to manufacture packaging apt for different end users.
Mass awareness about the environmental impact caused by plastics is a primary factor in the green packaging film market expansion. Increasing fresh and frozen food packaging consumption also fuels its demand in the food industry.
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“Countries in the Asia Pacific are expected to provide a significant seedbed for green packaging films. Increasing government regulations prohibiting the circulation of traditional plastic bags is expected to shift the focus of manufacturers on green packaging solutions for a sustainable future ahead,” says Ismail Sutaria, Principal Consultant at Future Market Insights
Key Takeaways from the Green Packaging Film Market Report:
- The North America region displays its supremacy in the global green packaging film market by acquiring a share of 24.10% in 2024. The United States is expected to expand within the region at a CAGR of 2.70% through 2034.
- Germany is predicted to register a CAGR of 3.60% through 2034, whereas the United Kingdom is anticipated to record a CAGR of 3% through 2034. Regionally, Europe is predicted to obtain a share of 21.30% in 2024.
- China and India are the leading Asian countries that display relatively higher CAGRs of 6% and 6.5% through 2034. These countries demonstrate significant potential both as a consumer and as a producer of green packaging films.
- Pouches are the leading product type that consumers of green packaging films prefer. FMI analysts report pouches to record a share of 24.40% in 2024.
- The food sector is the leading consumer of green packaging films, contributing to significant overall product sales. The segment is predicted to account for a top share of 32.60% in 2024.
Building Blocks to Win More Customers for Green Packaging Film:
With the help of government regulations on packaging waste, key manufacturers of green packaging films are finding significant opportunities to grow. More businesses are thus opting for green packaging films to reduce their carbon footprint.
Players are motivated to develop functional, practical, and cost-efficient green packaging solutions to induce more product sales. Apart from these tactics, leading companies are partnering, collaborating, merging, and acquiring smaller companies to boost their competitiveness in the market.
New Developments Taking Place in the Green Packaging Film Market:
- BASF SE partnered with Fabbri Group in February 2020 to create a new cling film for fresh food packaging. Under this partnership, Fabbri Group is expected to manufacture stretch films called Nature Fresh, composed of certified bio-based bioplastic and compostable films. This partnership increased BASF SE's market share in Italy's biodegradable films market.
- Walki Group obtained Plasbel, a Spanish leader in eco-friendly packaging solutions, in April 2021. This acquisition is predicted to extend the access to food packaging solutions range in Europe. This acquisition is a crucial step, as Walki aims to boost the recyclability and circularity of packaging materials.
The Key Payers Are:
- Amcor
- Bemis
- Berry Global
- CCL Industries
- Constantia Flexibles
- Dow Chemical
- DuPont
- Eastman Chemical
- ExxonMobil
- Innovia Films
- Mondi
- Sealed Air
- Smurfit Kappa
- Tetra Pak
- Toppan Printing
- UFlex
- Cosmo Films
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Key Segmentations:
By Product Type:
- Bags
- Pouches
- Wrapping Films
- Liners
- Other product types
- Bags
By Material:
- Poly Lactic Acid (PLA)
- Starch Blend
- Polybutylene Adipate Terephthalate (PBAT)
- Polyhydroxyalkanoates (PHA)
- Other Plant-Based
By End Use:
- Food
- Beverages
- Pharmaceutical
- Personal Care and Cosmetics
- Building and Construction
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Except Japan
- Japan
- The Middle East and Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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