Global Green Packaging Market is expected to reach USD 237.8 billion by 2024. Green Packaging is also termed sustainable packaging or energy-efficient packaging. It has a low impact on the environment and energy consumption. The packaging involves the usage of biodegradable and recyclable materials. There are various materials available in the market for the production of green packaging products like recycled papers, biodegradable plastics, solid bleach sulfate, and bio-based plastics. The Green Packaging Market is estimated to grow at a significant CAGR of 5.7% over the future period as the scope and its applications are rising enormously across the globe.
Strict government policy regarding sustainability, rising use of edible packaging material, increasing packaging companies, and rising consumer awareness regarding advantages of eco-friendly materials are documented as major factors of the Green Packaging Market that are estimated to enhance the growth in the years to come. However, the high cost of production and varying raw material cost may restrain overall market growth in the coming years. Green Packaging Industry is segmented based on type, application, and region.
Degradable packaging, recycled content packaging, and reusable packaging are the types that could be explored in Green Packaging in the forecast period. Reusable packaging includes plastic containers, drums, and others. On the other hand, recycled content packaging includes glass, paper, metal, plastic, and others. The recycled content packaging sector accounted for the largest market share over 57.5% and is estimated to lead the overall market in the coming years. This may be because of the high demand in the food and beverage sector. Also, recycle packaging may extend the life of products and is made of strong materials. It can be reused and extends the shelf life of products.
The market may be categorized based on applications like healthcare, food & beverages, personal care, and others that could be explored in Green Packaging in the coming years. Food & beverage segment accounted for the largest market share over 58.6% of Green Packaging and is estimated to continue its dominance in the coming years. This may be because of the high demand from food and beverage industries for packaging products and the growing numerous restaurants and diners. Also, the healthcare segment is estimated to grow at a significant CAGR in the coming years.
Globally, North America accounts for the largest market share of Green Packaging and is estimated to lead the overall market in the upcoming period. The reason behind the growth could be government initiative to promote eco-friendly products and a strict policy against the use of products harming the environment and raising awareness amongst the populace. The United States is a major consumer of Green Packaging in this region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second-largest region with a significant market share as promising governing inclinations. However, Asia Pacific is estimated to grow at the fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise government initiatives for acceptance of environment-friendly solutions, rising awareness amongst consumers regarding eco-friendly products, and high demand for sustainable practices. Developing countries like India and China are the major consumer of Green Packaging in this region.
The key players of the Green Packaging Market are Be Green Packaging, Amcor Limited, Evergreen Packaging, BASF SE, Rexam, DuPont, Sealed Air, DS Smith, Tetra Laval, and Mondi. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Green Packaging Type Outlook (Revenue, USD Million, 2015 - 2024)
• Recycled Content Packaging
• Reusable Packaging
• Plastic Container
• Degradable Packaging
Green Packaging Application Outlook (Revenue, USD Million, 2015 - 2024)
• Food and Beverage
• Personal Care
• Health Care
Green Packaging Regional Outlook (Revenue, USD Million, 2015 - 2024)
• North America
• the Asia Pacific
• Rest of the World (RoW)
Research Support Specialist, USA
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