Global Green Packaging Market is Segmented By Packaging Type (Paper, Plastic, Metal, Glass), By Reusable Packaging Type (Drums, Plastic Containers, Others), By End-User Type (Food industry, Healthcare industry, Personal Care Industry, Others ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "Green Packaging Market" is expected to grow at a high CAGR of 4.3% during the forecasting period (2022-2029).
- Green packaging focuses on using packaging that is environmentally friendly by being recyclable or reusable after its initial purpose. Green packaging is also known as sustainable packaging has become one of the emerging trends all over the world.
- Reducing shipping costs and strict government regulations about the protection of the environment are anticipated to propel market growth.
- Also, the surge for environmentally friendly plastic product will provide opportunities for the green packaging market. For instance, in April 2018, BioLogiQ, Inc., has launched three new grades of its plant-based plastic, namely NuPlastiQ BioPolymers.
- On the contrary, high cost of production and, fluctuating raw material prices may hamper industry growth over the forecast period.
- By the end-user, the global green packaging market is segmented into the Food industry, Healthcare industry, Personal Care Industry, and Others. The food industry dominates the market due to consumer demand.
- According to an Environmental Leader report, 66% of consumers pay more for products from companies committed to environmentally-friendly practices and 70% of millennials are willing to pay more for a product that makes an impact on issues.
- The companies are focused on the expansion of business activities to maintain a competitive edge over other players.
- For instance, in September 2018, WestRock Company, a provider of differentiated paper and packaging solutions, announced that it would begin accepting mixed paper bales that contain paper foodservice packaging at its 100% recycled paperboard mills across the US.
- Geographically, the global green packaging market is segmented into North America, South America, Europe, Asia Pacific, and the Middle East, and Africa. The Asia Pacific region dominates the market due to the high demand for sustainable packaging products from emerging economies such as India and China.
- Few of the states/provinces in India and China have set a goal to be plastic-free. For instance, the state government of Maharashtra and a few other states in India have banned single-use plastics.
- This has led to packaging converters as well as brands across the country looking for sustainable and innovative packaging. For instance, PepsiCo India announced its plans to launch plant-based packaging for some of its snack brands.
- According to Franchise India Bureau reports, PepsiCo has announced that it plans to launch its first-ever 100% compostable plant-based packaging for its snack brands Kurkure and Lays.
- The global green packaging market is competing with the presence of various small and large players in the market. Multinational companies are dominating the global green packaging market in recent years. WestRock Company, Amcor Limited, Sealed Air, Mondi PLC., Bemis Company Inc.,
- The Dow Chemical Company, and Ball Corporation are the prominent players in the global green packaging market. WestRock Company is one of the dominant companies in green packaging and is enhancing the market through acquisition. For instance, in January 2018, WestRock company has signed a definitive agreement to acquire KapStone Paper and Packaging Corp for USD 4.9 billion.
- For instance, in December 2017, WestRock Company, one of the leading providers of differentiated paper and packaging solutions has entered into an agreement to acquire Plymouth Packaging, Inc.
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