Dublin, Nov. 10, 2023 (GLOBE NEWSWIRE) -- The "Global Green Packaging Market (by Packaging Type, Material, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global green packaging market is poised for significant growth, with a projected value of US$238.39 billion by 2023, exhibiting a robust CAGR of 6.44% during the forecast period. Green packaging, also known as sustainable packaging or eco-friendly packaging, is gaining traction due to its environmentally conscious design, utilization of sustainable materials, and adherence to renewable energy practices.
Sustainability Driving Growth
Growing global concern for the environment and a heightened awareness of the benefits of biodegradable materials have placed sustainable packaging at the forefront. Green packaging plays a pivotal role in achieving sustainability goals across various sectors, including e-commerce, logistics, and food packaging. Its low-cost structure, use of 100% recyclable materials, and alignment with sustainability initiatives make it an attractive choice. Stringent environmental regulations and government support further bolster the adoption of green packaging.
Segmentation
The global green packaging market is categorized into three key segments based on packaging type: Recycled Content Packaging, Reusable Packaging, and Degradable Packaging. Recycled Content Packaging leads the market, driven by increasing demand for bioplastics and government regulations promoting eco-friendly practices. Degradable Packaging is expected to witness significant growth, encompassing both bio-based and fossil-based polymers for biodegradable packaging.
On the application front, the market is segmented into Food and Beverage, Healthcare, Personal Care, and Other Applications. Food and Beverage holds the largest market share, driven by a growing population and the demand for packaged ready-made products. Personal Care is projected to achieve the highest CAGR as companies shift towards greener packaging solutions.
Geographic Insights
Regionally, Europe dominates the green packaging market, primarily due to strict bans on single-use plastics, circular economy initiatives, and sustainability goals. European companies are actively embracing recyclable, recycled, and biodegradable products.
E-commerce Driving Eco-friendly Packaging
The rise of e-commerce has propelled the adoption of eco-friendly packaging. Consumers increasingly consider packaging as a measure of a company's sustainability efforts, influencing their purchasing decisions. Green packaging has become a crucial element of the online retail strategy, as e-commerce brands strive to cater to environmentally conscious customers.
Supply Challenges for Bio-plastics
Global shortages of PLA (polylactic acid) resin, a sustainable alternative to regular plastics, have presented challenges. Companies like biofutura, which supply bio-based products, have faced stock issues. Natural disasters further disrupt the supply chain of bioplastic and biodegradable packaging materials, primarily derived from fruits, vegetables, and agricultural products.
Paper & Paperboard Materials in Demand
The logistics and transportation sector's expansion, coupled with increased import and export activities, has boosted the green packaging market. Paper and paperboard packaging, known for its cost-effectiveness and recyclability, is widely used in various industries, especially for food and beverage products.
COVID-19 Impact
The COVID-19 pandemic had a minor impact on the green packaging industry. While some manufacturing facilities temporarily closed, the demand for eco-friendly packaging surged with the production of vaccines and medicines. Increased takeout and food delivery also highlighted the importance of environmentally friendly packaging solutions.
Key Players
The global green packaging market features key players such as Sonoco Products Company, Amcor PLC, Mondi PLC, WestRock Company, Sealed Air Corporation, Tetra Laval Group, Pactiv Evergreen Inc., DS Smith PLC, Uflex Limited, Ardagh Group S.A., Nampak Limited, Plastipak Holdings Inc., Elopak, and Ball Corporation.
Market Dynamics
Growth Drivers
- Expanding Demand for Food & Beverages
- Upsurge in E-Commerce Sales
- Increasing Awareness of Green Packaging and Adoption of Recyclable Materials
- Growing Demand For Bio-based Resins As A Packaging Material
Challenges
- Global Issues and Rise in the Prices of Green Packaging Solutions
- Lack of Supply of Bio-plastics and Related Materials
Trends
- High Demand for Paper & Paperboard Materials
- Increasing Focus By Major Brands/Company's To Achieve Net Zero
- Rise In Adoption Of Plantable Packaging
- Bio Plastic
For more information about this report visit https://www.researchandmarkets.com/r/gqa56s
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