USD 229.46 billion
Report ID: SQSG15H2003 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 62 | Figures: 76
Green Packaging Market size was valued at USD 229.46 billion in 2021 and is poised to grow from USD 246.67 billion in 2022 to USD 472.92 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
The sector is expected to grow as a result of severe limitations on the use of single-use plastics and growing consumer awareness of sustainable packaging. The business is expected to expand steadily because of the expanding food and beverage sector, which is using packaging made of recyclable and biodegradable materials more and more. The food service business is switching to goods manufactured from paper or compostable substitutes for single-use plastic straws, lids, closures, caps, cups, and food trays. Because of shifting consumer tastes toward packaged foods and convenience, the foodservice industry will continue to see an increase in product demand.
Due to a growing consumer base that sets a high value on the packaging of consumer products, foods, and beverages, the green packaging market in the US$ is predicted to grow rapidly in the years to come. Manufacturers in the area are adjusting to shifting consumer tastes and shifting to more environmentally friendly options. To advance their environmental initiatives, many major firms in the consumer products industry, including Unilever and Procter & Gamble, have started incorporating post-consumer recycled plastics in their packaging solutions. Hindustan Unilever Limited, a Unilever company, has committed to convert from commodity polymers to performance-based polymers by the year 2028.
Despite the COVID-19 pandemic, the food and beverage sector has grown significantly and is expected to do so over the expected term, which will benefit the green packaging sector. The food and beverage industry continually meets the convenience of the consumer by providing items for on-the-go consumption, which is expected to lead to an increase in demand for packaging in food and beverage applications. The market for packaging used in healthcare has experienced significant obstacles related to sustainable packaging, which grew after COVID-19. This is a result of the numerous limitations that businesses have while producing product packaging.
One of the most important concerns in healthcare packaging is hygiene, and the industry hasn't yet started using recycled raw materials in things like sterile barrier containers. This hesitation is brought on by uncertainty over the packaging product's biocompatibility with the drug or medicine. By working with end-user companies, major players in the sector are reinventing packaging materials and reimagining designs. The coordinated initiatives aim to increase the usage of recyclable and biodegradable materials, as well as their reusability and energy efficiency.
US Green Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 229.46 billion
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The global Green Packaging market is segmented based on Packaging type, Application, and Region. Based on Packaging Type the green packaging market is further sub-segmented into Recycled, Reusable, Degradable, Based on Application the market is further sub-segmented into Food & Beverages, Healthcare. Based on Region the market is segregated into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America.
Green Packaging Market Analysis By Application
With a green packaging market share of more than 58.5 % of the total revenue in 2021, the industry was headed by the food and beverage application sector. The adoption of molded pulp packaging and biodegradable packaging by many restaurants, fast food chains, packaged food businesses, and casual dining establishments is a result of the growing popularity of green packaging. This adoption is expected to fuel the food and beverage market.
By using less packing material overall, several producers of personal care goods are moving toward environmentally friendly options. Consumer awareness of a product's packaging's sustainability has contributed to the transformation. The excessive packaging of personal care products done for aesthetic rather than functional reasons has come under fire from many consumers. Thus, businesses have substituted paperboard packaging for thin plastic packaging when needed.
Despite stringent laws governing the safety of product packaging, the healthcare sector has demonstrated encouraging growth. Glass packaging is widely used in the pharmaceutical business since it is inert and suited for the packaging of many pharmaceuticals. Another common packaging material used by the pharmaceutical industry to package capsules and pills is aluminum foil.
Innovative molded pulp packaging goods are being introduced by companies in the market that cater to the healthcare application sector to replace reusable hospital utensils for more convenience. Disposable eco-friendly substitutes are expected to further fuel demand as the COVID-19 epidemic puts further strain on hospitals.
Green Packaging Market Analysis by Packaging Type
The green packaging market is divided into reusable, recyclable, and biodegradable packaging based on type. In 2021, the recycled content market had the highest share (61.2%). The sector contains recyclable materials like paper, plastic, glass, and metal. The extra pollution brought on by packaging waste is reduced as a result of these materials being used again by the producers as raw materials to create new packaging products.
In 2021, the plastic sector with recycled content retained the biggest green packaging market share due to its widespread use in a variety of applications and the provision of essential packaging qualities that materials like paper are unable to provide. Plastics are also highly affordable, which has made them a popular material choice, particularly in emerging economies where the price of the product is a crucial factor. Due to the growing use of flexible pouches across a range of end-use industries, the plastics segment is expected to experience encouraging expansion during the projected period.
Paper is the next significant category under packaging with recycled content because it is widely used by customers and is readily available. Both flexible and rigid packing options employ paper. Due to improved functionality like waterproofing via laminates and coatings, paper packaging is becoming more widely used. Foodservice applications and bakery goods both frequently employ paper. Drums and plastic containers constructed of sturdy materials and designed for repeated or extended usage make up the reusable section. Fluids are transported in drums, primarily a range of chemicals. They have a long shelf life and can be used again for different things, like trash cans. Producing and selling fruits and vegetables in plastic containers is becoming more popular since they are durable, easy to store, and transport.
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Due to strict laws set by the European Union and other European countries regarding the use of single-use plastics, Europe dominated the market in 2021 with a revenue share of 36.7%. The circular economy concept was introduced by the European Directive, which also set sustainability objectives and criteria. By embracing recyclable, recycled, and biodegradable materials, European businesses have begun to follow the circular economy roadmap.
Due to an increase in government legislation and programs that are encouraging manufacturers to choose green packaging, Asia Pacific came in second place in terms of value in 2021. The world's largest center of manufacturing, China, is modifying its packaging practices and materials to be more environmentally friendly. This decision will have a significant impact on market growth in the area due to the sheer number of goods exported from China. The Australian government has established a goal of implementing 100% recyclable packaging by 2028 or earlier, which will cause a sharp increase in market value during the projection period.
Due to the active efforts made by the governments in the area, North America is on par in terms of green packaging market share with the Asia Pacific region. To promote recycling throughout the nation, the Canadian government has built several recycling infrastructures. Canada enacted a significant restriction on the use of polystyrene cups and containers in Vancouver in 2021 to reduce solid waste discharge by 2028. The region's demand is being driven by government measures that support customer preferences for environmentally friendly products and packaging.
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Green Packaging Market Restraint
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Players in the industry are concentrating their R&D efforts on developing new plant-based polymers that mirror the characteristics of plastics currently in use. Companies are revamping packaging to use less material, which reduces costs and trash production. Some of the top businesses in the industry are Tetra Laval, Ball Corp., Nampak, and Sealed Air. To raise awareness and promote the use of sustainable packaging, Evergreen Packaging has been leading Corporate Social Responsibility (CSR) initiatives including "Carton 2 Garden." Companies in the market are spending more money on creative packaging ideas and novel materials with limitless recycling potential. For instance, ALU/PET non-recyclable constructions are being replaced with Amcor's ultra-recyclable high-barrier packaging with a reduced carbon footprint. Several significant companies in the global green packaging market are.
Green Packaging Market Top Player’s Company Profiles
Green Packaging Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the Increasing the food and beverage application sector dominated the global Green Packaging Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, Europe dominated the global Green Packaging Market owing to the region's increase in customer awareness and government strict regulation on plastic.
|Market size value in 2021||USD 229.46 billion|
|Market size value in 2030||USD 246.67 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Green Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Green Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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