The global green packaging market size was valued at USD 295.28 billion in 2023 and this industry growth is projected to be USD 311.99 billion in 2024 to USD 462.71 billion by 2032, exhibiting a CAGR of 5.05% during the forecast period. Asia Pacific dominated the green packaging market with a market share of 38.9% in 2023. The increasing focus on adopting recycled content packaging is expected to boost the demand for sustainable green packaging across the globe.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation:
We have segmented the market based on type, application, and region. On the basis of type, the market is segregated into recycled content packaging, reusable packaging, and degradable packaging. Based on application, the market is divided into food & beverages, consumer products, shipping, chemicals, and others. Lastly, based on region, the market is categorized into North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America.
List of the Companies Operating in the Global Market:
Amcor Limited (Zürich, Switzerland)
Ardagh Group SA (Dublin, Ireland)
Ball Corporation (Broomfield, Colorado, United States)
Braskem SA (São Paulo, State of São Paulo, Brazil)
Caraustar Industries Incorporated (Austell, GA, United States)
Cargill Incorporated (Wayzata, Minnesota, United States)
Cascades Incorporated (Kingsey Falls, Canada)
Other Key Players
What does the Report Provide?
The global market for green packaging report provides effective analysis on several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market in the forthcoming years. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Focus on Adoption of Recycled Packaging Content to Stoke Demand
Several companies are coming with innovative solutions to tackle the growing menace of plastic that is leading to the degradation of the environment. For instance, the Colgate-Palmolive Company had undertaken a strong stance on the rising plastic disposal problem by announcing the company’s 2020 goal to increase recycled plastic content in their packaging. The company reports that by 2050 it will inculcate 75% of the recycled content in its production processes. Therefore, the increasing focus on adopting innovative recycled packaging content is expected to contribute to the global green packaging market growth in the forthcoming years.
Source- https://www.fortunebusinessinsights.com/green-packaging-market-105113
Further Report Findings:
Asia-Pacific is expected to hold the highest position in the global green packaging market during the forecast period. This is attributable to the presence of established sustainable packaging solutions manufacturers in countries such as India and China in the region. Asia-Pacific stood at USD 99,464.93 million in 2020.
The market in Europe is expected to showcase considerable growth backed by the increasing focus on R&D activities by companies such as Mondi Plc and Tetrapak to develop innovative green packaging solutions in the region between 2021 and 2028.
Based on application, the food & beverage segment is expected to experience exponential growth during the forecast period. This is ascribable to factors such as the increasing geriatric population globally driving the demand for convenience food products.
COMPETITIVE LANDSCAPE
Product Innovation by Major Companies to Strengthen Their Market Positions
The global market for green packaging is fragmented by the presence of major companies incorporating proactive strategies such as developing innovative solutions to gain a competitive edge over their rivals. Additionally, other key players are adopting organic and inorganic strategies to maintain their presence in the market during the forecast period.
Industry Development:
February 2021 – The Coca-Cola Company announced its transition towards 100% recycled PET bottles from a selection of plastic bottles. The company reports that it will be unveiling a new sip-size bottle for its brands such as Fanta and Sprite to make forays into sustainable packaging solutions.