Global Eco-Friendly Food Packaging Market to Decline to $159.8 Billion at a CAGR of 5.3% during the Covid-19 Mayhem - Exclusive Report by Research Dive COVID-19 Impact

The global eco-friendly food packaging market growth is projected to decrease during the Covid-19 pandemic due to high costs and complex packaging processes of eco-friendly food packaging. The market is expected to recover by Q3/Q4 of 2022.

New York, USA, May 31, 2021 (GLOBE NEWSWIRE) -- As per a report offered by Research Dive, the global eco-friendly food packaging market is estimated to cross $248.7 billion by the end of 2026, rising from a market size of $163.5 billion in 2018, at a significant CAGR of 5.3% during 2019-2026 timeframe. The report is amalgamated by examining crucial facets such as drivers, size and scope, limitations, advances, recent trends, and the condition of the regional market during the pandemic. The report also states that the COVID-19 crisis has negatively affected the market. The market is estimated to recover by Q3/Q4 of 2022.

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Factors Affecting the CAGR Figures in Real-Time and Post Pandemic Period

The global eco-friendly food packaging market was predicted to surge at a CAGR of 5.5% in the pre-Covid-19 era, however, during the pandemic, the growth rate is expected to decline and register at 5.3%. The recycling technique of packaging goods consists of a complex process and involves high costs of packaging. This factor is estimated to restrain the market growth during the Covid-19 outbreak.

Factors Affecting the Market Figures in Pre and Post Pandemic Period

The global eco-friendly food packaging market was accounted for $182.6 billion in the pre-Covid-19 period, however, currently, the market share is projected to decline and reach $159.8 billion during the coronavirus outbreak in 2020. As the eco-friendly packaging items are composed of corns and soybeans, there is a danger of contamination due to the pesticides sprayed on the crops. Furthermore, the packaging material is likely to produce methane gas when buried in landfills. Methane is hazardous to the environment as this compound can absorb heat, thus leading to climate change. These all aspects are considered to hinder the market growth during the Covid-19 pandemic.

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Healthcare Application Will Grow at a Significant Rate throughout the Forecast Years

On the basis of application, the eco-friendly food packaging market is classified into food & beverages, personal care, healthcare, and others. The market for healthcare will witness to rise at a faster rate of 6.0% CAGR and is predicted to register for $31.3 billion till the end of 2026. Rapidly increasing spread of COVID-19 around the world is expected to drive the need of packaging of healthcare products; this factor will fuel the market size in the forecast time. Personal careapplication segment accounted for amanifest market size and is projected to experience considerable growth during the forecast time. 

Post-Covid-19 Scenario

The global eco-friendly food packaging market is anticipated to recover by the Q3/Q4 of 2022. Government initiatives to encourage the key players are estimated to surge the market growth in the future years. For example, in May 2020, Dean Packaging, a renowned packaging company, has received 20 thousand Euros as a funding package via the CBILS (Coronavirus Business Interruption Loan Scheme) to carry on with the production.

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The leading players of the market are

  1. Sealed Air Corporation
  2. Amcor
  3. Mondi Group
  4. Ball Corporation
  5. Crown Holdings Inc.
  6. Tetra Pak
  7. Evergreen
  8. Printpack
  9. Elopak
  10. Westrock

For instance, in September 2020, Nestle, a food company, announced that the company will be taking action to make its packaging 100% reusable or recyclable by 2025. Also, the company is set to decrease the usage of virgin plastics by one-third during the same timeframe.

In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report

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