Global Green Packaging Market Predicted to Hit $451.7 Billion, Growing at 7.0% CAGR from 2021 to 2028 [190-Pages] | Divulge by Research Dive
Rising demand for green packaging in manufacturing industries is fueling the global green packaging market growth. The COVID-19 pandemic has moderately impacted the market. The Asia Pacific region is likely to lead the market in the future.
NEW YORK, June 7, 2022 /PRNewswire/ -- Research Dive has added a new report to its offerings titled, "Green Packaging Market by Type (Recyclable, Reusable, and Degradable), Application (Food & Beverages, Pharmaceuticals & Healthcare, and Chemical), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
The global green packaging market is expected to garner $451.7 billion by 2028, growing at a CAGR of 7.0% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
Key Segment Findings of the Green Packaging Market:
The market is segmented based on type, application, and region.
- The recyclable green packaging sub-segment of the type segment is anticipated to observe highest growth and surpass $275.4 billion in the estimated period. This growth is mainly because of the rising adoption of recyclable green packaging owing to its various advantages such as biodegradability, reduction in energy wastage, and decreased pollution of the environment.
- The food & beverages sub-segment of the application segment is anticipated to lead the market and collect a revenue of $261.8 billion in the estimated period. This growth is mainly because of the rising developments in the global food & beverages industry. Also, with the expansion of the food & beverages industry, the demand for recyclable food packaging has augmented to decrease the quantity of waste generated by the food industries.
- Among regions, the Asia Pacific green packaging market is projected to observe speedy growth and garner $112.5 billion in the estimated period. The growth of this region market is mostly owing to the rising awareness about the significance of green packaging solutions for products for plummeting waste landfills in this region.
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Green Packaging Market Dynamics
The key factor fueling the growth of the global green packaging market is a significant rise in the awareness as well as popularity of green packaging and its benefits among consumers across the globe. In addition, the increasing implementation of stringent regulations by the governments to use green packaging solutions is projected to open doors to innovative opportunities for market growth in the projected period. However, high cost of manufacturing as well as purchasing of sustainable packaging solutions is estimated to deter the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Green Packaging Market
The COVID-19 pandemic has made a moderate impact on the growth of the global green packaging market in 2020. In the pandemic period, several manufacturing factories have witnessed a significant deterioration, owing to the implementation of strict lockdown and restrictions on transport activities, and disruptions in supply chains. As a result, the demand for green packaging solutions has greatly dropped. All these factors are hindering the market growth amidst the pandemic period. However, the growing adoption of online shopping among customers during the pandemic is likely to propel market growth significantly. This is because e-commerce stores usually prefer sustainable packaging solutions for packing their products.
Specific Requirements on Post COVID-19 Impacted Green Packaging Market? Ask our Expert Analyst
Top Players of the Global Market
The major players in the global green packaging market are
- E. I. DuPont de Nemours and Company
- Sealed Air Corporation
- ELOPAK AS
- Ardagh Group Co.
- PlastiPak Holdings, Inc.
- TetraPak International S.A.
- Bemis Company, Inc.
- Mondi Limited
- Uflex limited
- Amcor Limited, and others.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a strong position in the global market. – Get the Latest Update of key businesses Development Strategic Report
For instance, in July 2021, the Defence Research and Development Organisation (DRDO) of India launched eco-friendly packaging products produced by using natural and plant-based food-grade materials that are recyclable.
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter's five forces analysis and SWOT analysis.
More about Green Packaging Market:
- The Global Green Packaging Market to Witness a Boost in Growth with Acquisitions like That of Choose Packaging by Hewlett-Packard
- Green Packaging: An Innovative Approach for Leading a Sustainable Life on Earth
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