Consumer Goods

Green Packaging Market is Expected to Reach USD 557.66 Billion by 2030

Jun 2024

Consumer Goods

As per the report published by Kings Research, 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 development of new and innovative materials for green packaging emerges as a key trend in the market. This includes the use of biodegradable and compostable materials, as well as renewable resources such as plant-based plastics and bio-based materials. These new materials aim to reduce the environmental impact of packaging by reducing waste and emissions. Biodegradable and compostable materials can break down naturally, minimizing the accumulation of non-recyclable waste. Plant-based plastics and bio-based materials help reduce dependence on fossil fuels, as they are derived from renewable resources. Overall, the development of these innovative materials is crucial for promoting sustainable packaging solutions and transitioning toward a more eco-friendly future.

Additionally, there is a significant increase in the demand for sustainable packaging solutions as both consumers and businesses extensively prioritize environmental consciousness. This trend is driving the adoption of green packaging materials and practices. An increasing number of companies are opting for biodegradable and compostable packaging materials such as plant-based plastics, recycled paper, and cardboard. These materials not only reduce the carbon footprint but also contribute to the overall reduction of waste. Furthermore, businesses are implementing innovative packaging designs that minimize the use of materials and optimize space, thereby resulting in efficient transportation and reduced emissions. Overall, the growing demand for sustainable packaging solutions is pushing the industry toward a more eco-friendly and responsible approach.

Key Insights

  • By packaging type, the recycled segment is expected to register a significant revenue share of 41.24% in 2023
  • By application, the food and beverage segment is anticipated to hold a major revenue share of 41.65% in 2023
  • Based on region, Europe is likely to account for the largest market share of 34.09% in 2023

Amcor Collaborates on Recyclable Packaging with 35 Consumer Goods Companies

December 2022: Amcor, in partnership with thirty-five leading companies in the consumer goods industry, announced measures aimed at significantly reducing plastic waste. Amcor and its partners in this coalition, with a collective turnover of 1 trillion euros, intended to enforce two new design rules to deliver packaging that is easier and more cost-effective to recycle.

Changing Consumer Preferences to Support Green Packaging Market Growth

Consumer preferences have shifted toward products and brands that prioritize sustainability. An increasing number of consumers are actively seeking products with eco-friendly packaging, and businesses are responding to this demand by adopting green packaging solutions as a competitive advantage. This shift in consumer preferences has led to a significant increase in the use of recyclable and biodegradable materials for packaging. Companies are investing heavily in research and development to create innovative and sustainable packaging options that not only reduce their environmental impact but also attract environmentally conscious consumers. Additionally, businesses are implementing sustainable practices throughout their supply chains to enhance their sustainability credentials and appeal to the growing market of eco-conscious consumers.

Advancements in Technology to Drive Green Packaging Market Growth

Advances in technology have led to the development of new, sustainable packaging materials and manufacturing processes. These innovations make it easier for companies to transition to green packaging options. Additionally, these advancements have resulted in cost savings for businesses, as these sustainable materials often require less energy and resources to produce. As more companies embrace green packaging, it not only benefits the environment by reducing waste and carbon emissions but also enhances their brand image as consumers increasingly prioritize sustainability in their purchasing decisions. Ultimately, these technological advancements are driving the shift toward a more sustainable and eco-friendly packaging industry.

Europe to Dominate the Market with a CAGR of 5.61% Over 2023-2030

Based on regional analysis, the global green packaging market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. In 2022, Europe dominated the market, accounting for a valuation of USD 113.17 billion and contributing to 34.56% of the global value.  

This dominance can be attributed to strict regulations and policies implemented by European governments to promote sustainable packaging practices. Additionally, the growing awareness among European consumers regarding the environmental impact of traditional packaging materials has further fueled the demand for green packaging solutions. With the increasing focus on eco-friendly alternatives, Europe is expected to continue to maintain its leading position in the global green packaging market in the coming years.

Companies Focus On New Product Launches and Collaborations to Fulfill Consumer Demands

The global green packaging market is consolidated with key players such as Amcor Limited, Tetra Pak, Sealed Air Corporation, Mondi Group, Smurfit Kappa Group, WestRock Company, Huhtamaki Oyj, DS Smith Plc, BillerudKorsnäs AB, and Sonoco Products Company. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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