Consumer Goods

Green Packaging Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : February 2024

Format :Pdf Ppt Xls

Report ID:KR370

Author : Siddhi J.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 327.46 Million

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Forecasted Value (2030)

USD 557.66 Million

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CAGR (2023-2030)

7.04%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

Europe

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By Packaging Type

Recyclable Packaging,Biodegradable Packaging,Flexible Packaging

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By Application

Food & Beverages, Personal Care, Healthcare, Others


Market Perspective

The global Green Packaging Market was valued at USD 327.46 billion in 2022 and is projected to reach USD 557.66 billion by 2030, growing at a CAGR of 7.04% from 2023 to 2030.

The green packaging industry prioritizes environmental sustainability in packaging materials and practices. It emphasizes the use of renewable materials, waste reduction, recycling, and consumer awareness. Government regulations and corporate responsibility play crucial roles in driving the adoption of eco-friendly packaging. This industry exemplifies the increasing worldwide dedication to reducing environmental harm and advocating for sustainable packaging solutions. In recent years, consumers have become more conscious of the impact their purchasing decisions have on the environment.

This shift in consumer behavior has led to an increased demand for green packaging options. Companies that prioritize sustainability and offer eco-friendly packaging are often seen as being more trustworthy and socially responsible, which can attract a larger customer base. As a result, the green packaging industry is not only benefiting the environment but also driving economic growth and providing opportunities for innovative packaging solutions.

Analyst’s Review on Green Packaging Market

The demand for packaging made from renewable and biodegradable materials is expected to continue growing. Innovations in materials science will likely lead to the development of eco-friendly options, such as plant-based plastics and advanced biodegradable materials. These advancements will not only reduce the environmental impact of packaging but also address the issue of plastic waste. Additionally, as consumers become more conscious of their purchasing decisions, there will be an increasing demand for products packaged in sustainable materials. This shift toward renewable and biodegradable packaging is a positive step toward creating a more environmentally friendly and sustainable future.

Market Definition

Green packaging, also referred to as eco-friendly packaging or sustainable packaging, describes packaging designs that have the least negative influence on the environment. Utilizing biodegradable or compostable materials and using renewable resources are also examples of green packaging. By putting these strategies into effect, green packaging not only contributes to environmental protection but also satisfies rising consumer demand for more sustainably produced goods.

Consumers are increasingly concerned about the environmental impact of their purchases and are actively seeking products that come in green packaging. This shift in consumer behavior has prompted many companies to adopt sustainable packaging practices as part of their corporate social responsibility efforts. Furthermore, green packaging can also contribute to cost savings for businesses in the long run, as it reduces the need for excessive packaging materials and can lead to more efficient transportation and storage. Overall, green packaging is a win-win solution that benefits both the environment and the bottom line.

Market Dynamics

Growing awareness of environmental issues, such as climate change and plastic pollution, is a significant driver. Consumers and businesses alike are increasingly motivated to reduce their carbon footprint and minimize waste, leading to the demand for green packaging. This demand has prompted many companies to adopt more sustainable packaging practices, such as using biodegradable materials or opting for minimal packaging. Additionally, governments around the world are implementing regulations and incentives to encourage the use of eco-friendly packaging solutions. As a result, the market for green packaging is expected to grow exponentially in the coming years, providing opportunities for innovation and the development of more sustainable packaging options.

While the demand for green packaging is increasing, the availability of sustainable materials can be limited. This can make it challenging for businesses to find suitable alternatives to traditional packaging materials that meet their specific requirements. However, many companies are making strides in developing innovative solutions to address this issue. Some are experimenting with plant-based materials such as bioplastics and compostable packaging, which can offer a more sustainable option. Additionally, recycling initiatives and the use of recycled materials are becoming more prevalent, helping to reduce the reliance on virgin resources. Despite the challenges, the growing awareness and commitment to sustainability in the packaging industry are driving the development of more environmentally friendly options.

Segmentation Analysis

The global green packaging market is segmented based on packaging type, application, and geography.

By packaging type, the recycled segment registered a significant revenue share of 41.56% in 2022. This growth can be attributed to the increasing awareness among consumers regarding the importance of recycling and environmental sustainability. Additionally, government regulations and initiatives promoting the use of recycled packaging materials are further driving the demand for this segment. With the growing emphasis on reducing waste and carbon footprint, recycled packaging is projected to continue its dominance in the green packaging market in the coming years.

By application, the food and beverage segment registered a significant revenue share of 42.12% in 2022. This growth can be attributed to the increasing consumer demand for eco-friendly packaging solutions in the food and beverage industry. With rising awareness about the harmful effects of plastic packaging on the environment, consumers are actively seeking sustainable alternatives. Additionally, stringent government regulations promoting the use of green packaging in the food and beverage sector are also driving the green packaging market growth.

Geographical Analysis

Based on region, the global green packaging market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Europe held the largest market share of 34.56% in 2022. This growth can be attributed to increasing environmental concerns and strict government regulations regarding packaging waste in the region. Additionally, Europe has a well-established infrastructure for recycling and waste management, further driving the demand for green packaging solutions. The presence of major players in the packaging industry, who are actively investing in sustainable packaging alternatives, is also expected to contribute to green packaging market growth in Europe.

Whereas, through the forecast period, the Asia Pacific region is anticipated to grow at the fastest CAGR of 9.05% due to the increasing population and rapid industrialization in countries such as China and India. This growth is expected to result in a higher consumption of packaged goods, leading to a greater need for sustainable packaging solutions. Furthermore, the government in the Asia Pacific region is implementing stricter regulations and policies to address the growing concern about environmental pollution caused by packaging waste. This is prompting companies in the region to adopt eco-friendly packaging practices and invest in innovative packaging materials.

Competitive Landscape

The global green packaging market report will provide valuable insight with an emphasis on the fragmented nature of the sector. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. The major players in the green packaging market are

  • Amcor Limited
  • Tetra Pak
  • Sealed Air Corporation
  • Mondi Group
  • Smurfit Kappa Group
  • WestRock Company
  • Huhtamaki Oyj
  • Sonoco Products Company
  • BillerudKorsnäs AB
  • DS Smith Plc

Key Developments

  • November 2022 (Partnership)- Tetra Pak partnered with Fresh Start, a prominent food technology incubator, to address the pressing issues in the global food systems. Fresh Start, known for its work with various start-ups, is dedicated to offering innovative technological solutions. This collaboration aims to tackle the challenges faced by the food industry.
  • September 2021 (Partnership)- Sonoco announced a collaboration with AMP Robotics, a leader in artificial intelligence, robotics, and waste and recycling infrastructure. This partnership aimed to establish a distinct material category within AMP's neural network that focuses on rigid paperboard cans.

The global Green Packaging Market  is segmented as:

By Packaging Type

  • Recyclable Packaging
  • Biodegradable Packaging
  • Flexible Packaging

By Application

  • Food & Beverages
  • Personal Care
  • Healthcare
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France 
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC 
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global green packaging market is projected to reach USD 557.66 billion by 2030, growing at a CAGR of 7.04% from 2023 to 2030.
The global green packaging market was valued at USD 327.46 billion in 2022.
The primary factor contributing to the market's growth is the rising concern over the detrimental impact of disposable plastics on the environment. There is also an increasing level of awareness among consumers regarding the importance of eco-friendly packaging alternatives. Additionally, the growing consciousness about environmental protection and sustainable lifestyles is fueling the demand for green packaging solutions.
Top manufacturers of the green packaging market are Amcor Limited, Tetra Pak, Sealed Air Corporation, Mondi Group, Smurfit Kappa Group, WestRock Company, Huhtamaki Oyj, DS Smith Plc, BillerudKorsn├Ąs AB, Sonoco Products Company among others.
APAC is the fastest growing region with a CAGR of 9.05% in the forecasted period (2023-2030).
By packaging type, recyclable packaging will hold the maximum share in the green packaging market with a revenue value of USD 219.37 billion in 2030.
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