WASHINGTON, June 14, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Green Packaging Market finds that the increasing awareness about sustainable living is expediting market growth. Primarily driven by growing demand for sustainable packaging by the pharmaceutical industry, the total Global Green Packaging Market is estimated to reach USD 353.2 Billion by the year 2028.
The Global Market revenue stood at a value USD 265.1 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period.
Furthermore, the increasing government regulations & initiatives are also anticipated to augment the growth of the Global Green Packaging Market, states Vantage Market Research, in a report, titled “Green Packaging Market Size, Share & Trends Analysis Report by Application (Food & Beverages, Personal Care, Healthcare, Others), by Packaging Type (Recycled Content Packaging, Reusable Packaging, Degradable Packaging), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Rising Awareness about Sustainable Living to Drive the Market Growth
Many health care, food and beverage firms prefer raw packaging as it is environmentally safe. This raw package contains paper, glass, metal, which can be recycled quickly. The increasing awareness of conservation and sustainable living owing to the government's strict environmental protection laws and initiatives along with the industrial process of integrating recycled materials into the production process is likely to augment the market growth in the near future. However, higher production costs compared to other packaging methods and the prices of raw materials are expected to hinder the growth of the market in the forecast period. Moreover, the increasing awareness about environmental concerns among people has led to higher demand for sustainable packaging and processing operations which is expected to create opportunities for the growth of the market within the estimated timeframe. Further, the sustainability initiatives have advanced considerably which has forced manufacturers to reduce the source material by downgrading, creating thinner and lighter packaging, and reducing waste. A number of these issues are also enforced by legislative packaging regulations which are expected to have a positive impact on the market globally.
Surging Demand for the Sustainable Packaging by the Pharmaceutical Industry to Stimulate Market Growth
The increasing demand for sustainable packaging by the pharmaceutical industry is anticipated to augment the growth of the Green Packaging Market in the years to come. The healthcare sector has proven to be a promising sector despite the strict regulations related to the protection of packaging of products. For a large part, the pharmaceutical industry makes use of green packaging as it is insensible and appropriate for the packaging of abundant drugs. Aluminium foil is another famous packaging material utilized by the pharmaceutical industry for the packaging of capsules and pills. The increasing demand for drugs is a main contributor to the accretion of plastic waste. Therefore, the demand for green packaging is surging in the pharmaceutical industry to achieve sustainability. Hence, this in turn, is anticipated to drive the demand for green packaging during the forecast period. Further, most of the companies in the market serving in the healthcare sector are introducing innovative moulded pulp packaging to modernize reusable utensils utilized in hospitals for extra convenience which is also likely to support the market growth in the years to come. Also, with the increasing pressure on hospitals due to the COVID-19 pandemic, eco-friendly as well as disposable products are expected to be in demand in near future.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Green Packaging market is predicted to grow at a CAGR of roughly 4.9% during the forecast period.
- The Green Packaging market was estimated to be worth roughly USD 265.1 Billion in 2021 and is expected to reach USD 353.2 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Green Packaging market.
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Segmentation of Green Packaging Market:
- Application
- Food & Beverages
- Personal Care
- Healthcare
- Others
- Packaging Type
- Recycled Content Packaging
- Reusable Packaging
- Degradable Packaging
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/green-packaging-market-1647
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Green Packaging Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Dominated the Global Green Packaging Market
Asia Pacific dominated the Global Green Packaging Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing government regulations & initiatives, high awareness and consumer preference for eco-friendly solutions that encourage manufacturers to opt for green packaging in the region. Furthermore, the increasing demand from end use industries is also likely to support the regional growth of the market.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Green Packaging Market Size, Share & Trends Analysis Report by Application (Food & Beverages, Personal Care, Healthcare, Others), by Packaging Type (Recycled Content Packaging, Reusable Packaging, Degradable Packaging), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/green-packaging-market-452588
List of Prominent Players in Green Packaging Market:
- Amcor
- Be Green Packaging
- DS Smith
- DuPont
- Evergreen Packaging
- Mondi
- Nampak
- Ball Corporation
- Sealed Air
- Tetra Laval
Recent Developments:
December 2020: Amcor Ltd in partnership with 35 leading companies in the consumer goods industry, announced measures to significantly reduce plastic waste. Amcor and its partners in this coalition – which have a collective turnover of 1 trillion euros - will be enforcing two new design rules to deliver packaging that is easier and more cost-effective to recycle.
April 2020: Ball Corporation announced the five aluminum packaging plants with the most significant operational and social sustainability improvements, including progress across the areas with the most significant sustainability impact across operations and the promotion of aluminum packaging sustainability credentials and engagement in their local communities.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Green Packaging Market?
- How will the Green Packaging Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Green Packaging Market?
- What is the Green Packaging market drivers and restrictions?
- What will be the CAGR and size of the Green Packaging Market throughout the forecast period?
This market titled “Green Packaging Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Application ° Food & Beverages ° Personal Care ° Healthcare ° Others • Packaging Type ° Recycled Content Packaging ° Reusable Packaging ° Degradable Packaging • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Amcor • Be Green Packaging • DS Smith • DuPont • Evergreen Packaging • Mondi • Nampak • Ball Corporation • Sealed Air • Tetra Laval |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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