New York, USA, July 29, 2020 (GLOBE NEWSWIRE) -- The world is confronting an unexpected change and significant numbers of the industries areencountering thought-provoking situations due to the COVID-19 pandemic. The COVID-19 outbreak has adversely affected the eco-friendly food packaging market. Several government bodies have undertaken strict regulations to ban the starting of restaurants in order to curb the spread of COVID-19. Furthermore, several manufacturing facilities are closed due to closure of operation and shortage of raw materials owing to the ban on transport facilities as well.According to recent publication many companies are finding alternatives to sustain in this tough situation. For example, Apstar Group has submitted an application to German Federal Institute for Drugs and Medical Devices regarding the use of plastics for company manufactured plastics for packaging of FFP2 masks and a small strip of active shield in one gallon of plastic. This way many other companies are trying other ways to sustain their business during this pandemic. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the Eco-Friendly Food Packaging Market.
COVID-19 Impact Analysis Report Cover:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
Get COVID-19 Impact Analysis Sample Report https://www.researchdive.com/covid-19-insights/209/eco-friendly-food-packaging-market#myQueryForm
According to a new report published by Research Dive, the global eco-friendly food packaging market is projected to generate revenue of $248.7 billion by 2026, at a CAGR of 5.3% in the forecast time from 2019 to 2026. The global market fragmentation has been done on the basis of type, application, and region. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market. As per our analysts, shift in the manufacturing operations, for example, Huhtamaki primarily manufacturer of food packaging products has shifted its business to production of face shield and recently increased its production capacity of lightweight and optically clear visors for face shield and trying to sustain in this tough situation. However,increased cost and people tend to take much time to change their perspective for plastic material that is available at cheaper rate than these eco-friendly food packaging materials. These factorsare expected to hamper the eco-friendly food packaging market growth.
Reusable Packaging Segment has Dominant Market Share
Based on type, the overall market is segmented into reusable packaging, recycled content packaging, and degradable packaging. Among these, reusable packaging segment dominated the market in the year 2018 and is expected to register for $144.8 billion in 2026. Reusable packaging materials offers beneficial properties over other type of plastics such as limited storage requirement, environmental implications, reduced waste management cost, and increased efficiency in transportation.
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. Healthcare segment requires medical products to be stored in a good packaging condition and these eco-friendly packaging materials offer incomparable barrier properties, transparency, light weight, and compatibility.
Regional Outlook
Asia-Pacific market has dominated the global market share, and is estimated to reach up to $65.4 billion till 2026. This dominance is attributed to the increasing demand for expediency foods owing to the busy life style of customers. This expected rise in the Asia-Pacific market is chiefly due to rising interest among people towards benefits of eco-friendly food packaging materials.
Top 10 Growing Companies in Eco-friendly Food Packaging Market:
- Mondi Group
- Amcor
- Ball Corporation
- Tetra Pak
- Crown Holdings Inc.
- Evergreen
- Elopak
- Printpack
- Sealed Air Corporation
- Westrock
How Companies growing during this pandemic situation? Download comparative landscape