Market Overview:
Green Packaging Market Size Was Valued at USD 306.73 Billion in 2022 and is Projected to Reach USD 507.63 Billion by 2030, Growing at a CAGR of 6.5% From 2023-2030.
Green packaging is also known as energy-efficient or sustainable packaging because it is made of recyclable and biodegradable materials. In addition, recycled papers, biodegradable plastics, bio-based plastics, Solid Bleach Sulfate, and other essential components are utilized in the creation of environmentally friendly packaging products. Factors, for example, far and wide read information among purchasers concerning the natural well-being and advantages of green bundling are the essential variables filling the worldwide green bundling industry. Additionally, regulatory bodies' efforts to encourage manufacturers to use eco-friendly alternatives will contribute to the expansion of the global green packaging market over the forecast period.
Top Key Players Covered In The Green Packaging Market:
- Bemis Company (US)
- Huhtamaki OYJ (Finland)
- Amcor Limited (Australia)
- Sealed Air Corporation (US)
- Tetra Laval International S.A. (Switzerland)
- Sonoco Products Company (US)
- WestRock Company (US)
- Smurfit Kappa Group PLC (US)
- Mondi Plc. (South Africa)
- BASF SE (Germany) and Other Major Players
Market Dynamics and Factors:
Technology advancements are also driving the expansion of the green packaging market. More eco-friendly and long-lasting manufacturing techniques and materials are being developed. Biodegradable packaging materials, like plastics made from cornstarch, are becoming increasingly popular. As more consumers and manufacturers switch to sustainable food packaging, the market for green packaging is likely to expand in the coming years. Since the food and beverage industry has the highest demand for environmentally friendly packaging, this trend is likely to be particularly prevalent. Overall, the expansion of the green packaging market is likely to be significantly impacted by the rising popularity of environmentally friendly food packaging.
The market for environmentally friendly packaging has enormous potential thanks to stringent government regulations and rising consumer awareness. The use of single-use plastics and other non-biodegradable and non-recyclable packaging materials is being restricted by laws enacted by governments worldwide. Manufacturers are being forced to adopt sustainable packaging strategies to comply with the new laws. Manufacturers and suppliers face new market opportunities as a result of this rising demand for eco-friendly packaging. Sustainable packaging practices can help businesses stand out from their rivals and appeal to environmentally conscious customers. Additionally, they can comply with government regulations and lessen their impact on the environment.
Green Packaging Market Report Highlight:
- By Packaging Type, the Recycled segment is anticipated to lead the growth of the Green Packaging market in the forecasted timeframe. Over the forecast period, the market will be dominated by recycled content packaging. Gains in recycled content packaging would be boosted by an increase in the capacity for collection and processing as well as an increase in the use of recycled content packaging by businesses looking to differentiate their products while also being friendly to the environment.
- By Application, the Food & Beverage segment is set to develop at the highest share during the forecasted timeframe. Many restaurants, fast food chains, packaged food companies, and casual dining venues are using compostable packaging and molded pulp packaging as a result of the rising popularity of green packaging. This is expected to drive the food and beverages market.
- The Asia Pacific region is expected to have the highest share of the Green Packaging market over the projected period. Some of the world's largest and fastest-growing economies are located in Asia-Pacific, including China and India, which have large populations and increasing purchasing power. As consumers become more environmentally conscious, this has resulted in a growing demand for eco-friendly products and green packaging.
Key Industry Development:
- In May 2023, DuPont announced to acquired Spectrum Plastics Group from global private equity firm AEA Investors for $1.75 billion. For DuPont, the acquisition complements its existing offerings for biopharma and pharma processing, medical devices, and packaging, including the Liveo silicone line and Tyvek medical packaging. DuPont added that the purchase strengthens its position in the fast-growing healthcare markets that are less exposed to up-and-down business cycles than other sectors.
- In February 2023, Amcor, a global leader in developing and producing responsible packaging solutions, announced a $250,000 investment into smart reusable food packaging start-up circulation, the third winner of Amcor’s Lift-Off initiative. Launched in April 2022, Amcor Lift-Off targets breakthrough, state-of-the-art technologies that will further advance Amcor’s goal to make the future of packaging more sustainable.
- In January 2023, Amcor, a global leader in developing and producing responsible packaging solutions, announced that it had agreed to acquire Shanghai-based MDK, a leading provider of medical device packaging.
Green Packaging Market Segmentation:
By Packaging Type
- Recycled
- Reusable
- Degradable
By Application
- Food & Beverage
- Health Care
- Personal Care
- Other
For this report, Introspective Market Research has segmented the Green Packaging Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
