New York, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Green Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Green Packaging Market Research Report, Packaging Type, Application and Region - Forecast till 2028” the market is projected to be worth USD 421.57 billion by 2028, registering a CAGR of 9.31% during the forecast period (2021 - 2028)., The market was valued at USD 281.34 billion in 2021.
Market Research Future’s Review on Green Packaging Market
Green packaging, also called sustainable packaging, makes use of materials that leave a low ecological impact. It makes use of biodegradable plastics or recycled material to manufacture bags and other containers. The report on the global green packaging market by Market Research Future (MRFR) is comprehensive in form and comprises growth drivers and hurdles to be faced by players for the forecast period (2021-2028). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
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Competitive Analysis
List of the Prominent players of the global green packaging market profiled are–
- Tetra Laval International S.A. (Switzerland)
- Bemis Company Inc. (US)
- WestRock Company (US)
- Amcor Limited (Australia)
- Sealed Air Corporation (US)
- BASF SE (Germany)
- Mondi Plc. (South Africa)
- Huhtamaki OYJ (Finland)
- Sonoco Products Company (U.S.)
- Smurfit Kappa Group PLC (U.S.)
Industry Update
Shotspresso, a local beverage manufacturer in Australia, has teamed up with Biogone to switch to green packaging in order to be environmentally forward and attract more like-minded customers.
Browse In-depth Market Research Report (185 pages) on Green Packaging
https://www.marketresearchfuture.com/reports/green-packaging-market-2995
Wanderlust to Influence Market Demand
Rising numbers of young travelers and changing designs of manufacturers to target sustainability minded individuals can drive the demand for green packaging. Use of materials made from organic or recycled sources can drive the market demand. Goals of companies to shift to non-plastic packaging can bode well for the market. This is supported by social media channels and awareness among the millennial demographic.
Integration of 3D in Healthcare Sector to be Profitable for Global Market
The popularity of additive printing in the healthcare sector for rapid production of prototypes and final components of latest electronics can drive the demand for flexible electronics. Integration of 3D printed pressure sensors for providing options for various inputs of users can bode well for the market. Biochemical devices can be used in measuring levels of chemicals by attaching it to the skin. Recently, a 3D printed flexible electrical glove was used in providing thermotherapy to patients and treat injury points by reducing pain levels.
Huge Investment Costs to Hamper Market Growth
The high investment costs of green packaging can deter significant buyers. Automotive manufacturers looking to lower costs can baulk at prospects. Development of new technologies that require skilled personnel and precise machinery for manufacture of flexible materials can be a challenge for the market.
COVID-19 Impact Analysis
The green packaging market growth can decline due to financial stress affecting their major stakeholders. Rise of green packaging owing to rising consumption of plastic and its effect on the environment can bode well for the market. Strict government rules enforced over disposal of waste can propel market growth. Easing of lockdowns in countries can provide a stimulus to various green packaging manufacturers.
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Segmentation Analysis
Degradable Packaging to Garner Significant Market Revenue
The degradable packaging is expected to generate huge returns for the green packaging market owing to consumer demand for the product. However, harmful effects on its high use can shift the inclination towards recyclable packaging.
Food & Beverages to be Biggest Market End-user
The food and beverages sector is expected to induce massive demand for green packaging owing to its utilization in transfer of power from solar parks to main grids. Implementation of photovoltaic panels in solar parks to capture energy and capture energy for future use can bode well for the market. Green packagings with a capacity greater than 80KW are used in regions with extreme climatic conditions.
Regional Analysis
North America to Lead in Green Packaging Market
North America is touted to lead the green packaging market owing to inclination to alternative packaging to plastic being preferred by various manufacturers. The U.S. can drive regional demand due to being a host to large number of industry leaders.
Segmentation of Market covered in the research:
Green Packaging Market, By Packaging type (Recycled Content Packaging, Degradable Packaging) By Application (Food & Beverage, Health Care, Personal Care and Other) - Forecast 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
