Green Packaging Market Synopsis
Global Green Packaging Market Size was valued at USD 274.1 million in 2021. The Green Packaging industry is projected to grow from USD 290.81 Million in 2022 to USD 440.18 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022 - 2030).
Green Packaging referring to the sustainable packaging solution is increasingly gaining prominence in the market. Leverage to the ecological concerns growing at an alarming rate, this packaging type is designed to be gentle on the environment leaving the lesser impact during manufacture, usage and disposal. Developed with the recyclable material, Green Packaging Market Growth unlike the other packaging solutions, creates less waste during its manufacturing process while consuming less energy.
Due to all these qualities, Green Packaging is extensively used for food packaging, pharmaceutical packaging, cosmetics and personal care packaging. Wide uptake of this packaging type in the burgeoning industries mentioned above allows the Green Packaging market to garner phenomenal traction on the global platform.
Imposing governmental regulations and legislation to adopt the sustainable packaging solutions are impacting the market growth positively increasing its uptake especially in the FB Pharmaceutical industry. Moreover, initiatives from CPA (The Green Packaging Alliance), a Green industry initiative, with the mission to promote Green Packaging; are providing an added impetus to the growth of global Green Packaging Market. To an extent.
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In addition, factors that drive the market growth include; rising population and growing per capita income that increases consumer’s purchasing power. Simultaneously, restricted use of plastic packaging material in some of the developed regions the major driving force for the rising demand for the Green packaging.
On the other hand, high production cost and volatility in the cost supply of the raw material is restricting the market growth. Also, factors such as poor recycling facilities and strict recycling acts are undermining the potentials of the market.
Green Recyclable Packaging Market – Segments
For the convenience of the report and enhanced understanding; the market of Green Packaging is segmented in to 3 key dynamics.
By Applications: Personal Care, Food Beverages, Pharmaceuticals Healthcare, among others.
By Packaging Types: Comprising Recycled Content Packaging, Degradable Packaging, etc.
By Regions: North America, Europe, APAC and Rest of the World.
Green Packaging Market – Geographical Analysis
Asia-Pacific region, emerging as the fastest growing market for Green Packaging. Attributing to the large consumer base existing in the region coupled with the governmental encouraging programs emphasizing on the uptake of eco-friendly solutions; APAC is expected to register a fabulous CAGR during the forecast period.
North America dominates the global Green Packaging Market with the largest market share. The US among other countries in the region, accounts for the largest market driving the regional growth. This growth attributes to the augmented uptake of green packaging solutions among the burgeoning industrial and manufacturing sectors in the country.
Green Packaging Market – Competitive Analysis
The market of Green Packaging market is competitive and fragmented owing to the presence of several big small market players forming a competitive landscape. Key players are adopting the strategic trend of business expansion in the emerging markets.
Key market players are keen on taking care of ecological norms. In order to manufacture cardboard boxes without affecting the containers’ strength or durability; they reinforce corrugation inside the panels. This resultantly reduces both cost and wastage.
In order to survive and create new markets; manufacturers rely on innovation. Therefore, they keep themselves abreast of the new technological developments and latest consumer trends by developing human capital. They don’t hesitate to continually invest their time money in to the new age developers for the latest technologies which can increase productivity and add value
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Key Players:
Bemis Company, Inc. (US), Amcor Limited (Australia), Tetra Laval International S.A. (Switzerland), WestRock Company (US), Mondi Plc. (South Africa), BASF SE (Germany), Smurfit Kappa Group PLC (U.S.), Sonoco Products Company (U.S.), Sealed Air Corporation (US) and Huhtamaki OYJ (Finland) are some of the leading players of the Global Green Packaging Market. Profiling them in its analysis, MRFR explores strategies that keep them at the forefront of competition
Industry/ Innovation /Related News:
March 28, 2018 – Government of China announced that the country is all set to adopt Green packaging standards by September this year. The country has taken this decision to help tackle the extensive pollution erected due the disposal of conventional encasements.
March 03, 2018 – Lidl Aldi (UK) – the individual groups of discount supermarket chains under one common brand – announced their green packaging plans by 2022. While Aldi is pledged to 100% reduction in waste for its own-label packaging making it recyclable reusable by 2022, while the retailer - Lidl committed to reduce 50% of waste in all product packaging by 2025.
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