Green Packaging Industry Overview
The global green packaging market size was valued at USD 274.15 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2020 to 2028.
Growing consumer awareness regarding sustainable packaging, together with the strict bans regarding the usage of single-use plastics, are expected to fuel the industry growth. The industry is anticipated to grow at a steady rate owing to the growing food and beverage industry that is increasingly adopting packaging made from degradable and recyclable materials. The foodservice industry is replacing single-use plastic straws, lids, closures, caps, cups, and food trays with products made from paper or compostable alternatives. The product demand in the foodservice industry will continue to grow on account of changing consumer preferences towards convenience and packaged foods.
Gather more insights about the market drivers, restrains and growth of the Global Green Packaging market
The market in the U.S. is projected to exhibit high growth in the years to come on account of a growing consumer base that places high importance on the packaging of consumer goods and foods and beverages. The manufacturers in the region are adapting to changing consumer preferences and moving towards more sustainable alternatives. Many global players in the consumer goods sector, such as Unilever and Procter & Gamble, have been using post-consumer recycled plastics in their packaging solutions to further their green initiatives. Hindustan Unilever Limited, a subsidiary of Unilever, has committed to using 100% recyclable packaging by 2025 and has switched from commodity polymers to performance-based polymers.
The trend is followed by premium clothing brands, such as H&M, which is aiming for a 100% circularity in the value chain and uses organic chemicals for labeling and printing for safer recycling of the product. Such initiatives have grown considerably, resulting in a global trend of green packaging that most companies will be compelled to adopt, to stay relevant in the market. The practice of green packaging is exercised by companies that sell Fast Moving Consumer Goods (FMCG), which have lower profit margins per unit and are inflexible to cost markups. These companies are implementing light weighing initiatives to save costs on raw materials as well as transport. Consumer behavior directly influences packaging solutions in food and beverage applications.
Despite the COVID-19 pandemic, the food & beverage industry has witnessed significant growth and is expected to continue to grow over the forecasted period, positively impacting the green packaging industry. The food & beverage industry is consistently catering to the consumer’s convenience by offering on-the-go consumption products, which are expected to cause a rise in demand for packaging in food & beverage applications. The healthcare packaging market has faced enormous challenges regarding sustainable packaging, which increased post-COVID-19. This is due to the numerous constraints that companies face during the manufacturing process of packaging products.
Hygiene is one of the most critical issues in healthcare packaging, where the industry has not yet adopted recycled raw materials in products, such as sterile barrier packages. This reluctance results from a lack of assurance in the packaging product’s biocompatibility with the medicine or drug. Major players in the industry are reinventing packaging materials and rethinking designs by collaborating with end-user companies. The collaborative efforts work towards increasing the reusability, energy efficiency, and use of recycled and degradable materials.
Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.
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Green Packaging Market Segmentation
Grand View Research has segmented the global green packaging market on the basis of type, application, and region:
- Green Packaging Application Outlook (Revenue, USD Billion, 2017 – 2028)
- Food & Beverages
- Personal Care
- Green Packaging Type Outlook (Revenue, USD Billion, 2017 – 2028)
- Recycled Content Packaging
- Reusable Packaging
- Degradable Packaging
- Green Packaging Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Green Packaging market include
- Be Green Packaging
- DS Smith
- Evergreen Packaging
- Ball Corp.
- Sealed Air
- Tetra Laval
Order a free sample PDF of the Green Packaging Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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