Global Green Packaging Market to Reverse its Pandemic-Period Stagnation and Grow at a Fascinating CAGR of 8.7% in the 2022-2031 Timeframe [220-Pages] | Interpreted by Research Dive

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Research Dive

May 26, 2023, 06:59 ET

The global green packaging market is expected to grow primarily due to the increasing demand for sustainable packaging. Recyclable sub-segment is expected to flourish immensely. The Europe region is predicted to grow at a high CAGR by 2031.

NEW YORK, May 26, 2023 /PRNewswire/ -- 

Global Green Packaging Market Forecast Analysis:

As per the report published by Research Dive, the global green packaging market is expected to register a revenue of $561.6 billion by 2031 at a CAGR of 8.7% during the forecast period 2022-2031.

Segments of the Green Packaging Market

The report has divided the green packaging market into the following segments:

  • Packaging Type: recyclable, reusable, and degradable
    • Recyclable– Most profitable by 2031
      The growing utilization of recycled materials such as paper, plastic, metal, glass, etc., as raw materials for packaging is anticipated to help the sub-segment to garner huge market share by 2031.
  • Application: food and beverage industry, pharmaceuticals and healthcare, personal care, and others
    • Food and Beverage Industry – Significant market share in 2021
      The growing adoption of green packaging by restaurants, fast food chains, packaged food companies, and casual dining venues is expected to push the sub-segment forward by 2031.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • Europe – Most dominant by 2031
      Stringent government regulations governing the use of single-use plastics in various countries of this region are predicted to propel the market in the forecast period.

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Dynamics of the Global Green Packaging Market

Growing demand for sustainable packaging across the world is expected to make the green packaging market highly lucrative in the forecast period. Furthermore, increased growing awareness regarding the negative environmental effects associated with plastic and similar non-biodegradable materials is anticipated to help the market reach new heights. However, according to market analysts, the high cost of raw materials might become a restraint in the growth of the market.

Increasing governmental support to green packaging companies in the form of incentives is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising consumer preference for sustainable packaging is expected to propel the green packaging market forward in the coming period.

COVID-19 Impact on the Global Green Packaging Market

The green packaging market experienced a moderate impact of the pandemic. The pandemic saw massive disruptions in the global supply chains which affected the growth rate of the market. However, several e-commerce companies started adopting paper-based packaging materials while delivering goods. This increased the demand for green packaging solutions which helped the market to regain some of the lost ground.

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Key Players of the Global Green Packaging Market

The major players of the market include

  • Amcor
  • Mondi
  • Ball Corp.
  • Tetra Laval
  • DS Smith
  • Sealed Air
  • DuPont
  • Nampak
  • Be Green Packaging
  • Evergreen Packaging

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in September 2021, Huhtamaki, a Finnish packaging company, announced the acquisition of Elif, a leading sustainable packaging solutions provider. This acquisition is predicted to help Huhtamaki to consolidate its lead in the green packaging market and expand its operations across the globe.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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