Yahoo Finance Global Green Packaging Market to Surpass Valuation of $430.01 Billion by 2028 | Flexible or Modular Green Packaging is Gaining Momentum
Global green packaging market size was valued at $284.1 billion in 2021, and it is expected to reach a value of $430.01 billion by 2028, at a CAGR of 6.1% over the forecast period (2022–2028).
Westford, USA, Nov. 29, 2022 (GLOBE NEWSWIRE) -- According to a report from SkyQuest, the global green packaging market is projected to grow from $284.1 billion in 2021 to $430.01 billion by 2028. The report's analysis is based on interviews with industry executives and analysts, as well as secondary research. Globally, more than 380 million tons of plastic waste is generated. The study found that the amount of PET used to make packaging decreases by 50% when recycled and the use of post-consumer recycled content doubles. The study also shows that using recyclable materials in packaging can help minimize environmental impact. This is great news for the environment, as recycling PET can result in a 50% decrease in the amount of PET used and a doubling of the use of recycled content. Furthermore, by using recyclable materials in packaging, businesses can help reduce their environmental impact. Not only does this create favorable economics for businesses, but it also helps preserve our environment.
It was found in the global green packaging market that there are many reasons why customers are increasingly looking for sustainable packaging options, including environmental concerns, social responsibility, and cost savings. It has also been witnessed that the sustainable packaging is gaining demand over conventional packaging since it can reduce energy usage and greenhouse gas emissions, as well as improve climate resilience. It can also improve product safety and quality by reducing the amount of waste that needs to be processed or treated.
SkyQuest forecasts that demand for green packaging market will continue to grow even as the industry faces some challenges. One challenge is that there is often a slower adoption rate for sustainable packaging than for other innovations. Another challenge is that some large companies are reluctant to change their packaging strategies because it may disrupt sales volumes or affect their brand reputation.
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Growing Inclination Towards Flexible or Modular Green Packaging
As the demand for sustainable packaging increases, so too does the trend of flexible and modular green packaging. In its report "The Future of Green Packaging market," SkyQuest predicts that this trend will continue to grow in popularity over the next few years. One reason for this growth is that flexible and modular green packaging can be more easily adapted to meet the needs of different markets. For example, coffee pods that can be customized with different flavors and oils can be sold in different regions of the world. Additionally, these packages can be made from recycled materials, which reduces environmental waste. SkyQuest also predicts that modular green packaging will become more popular as consumers become more familiar with it. This is because it is easier to customize than traditional green packaging, and it can save on both time and resources.
Under this trend, many products will come in ultra-thin or flexible cases designed to break down and be recycled easily in the green packaging market. The benefits of this type of packaging are clear. Not only does it save on raw materials, but it also eliminates the need for batteries, carriers or wrappers. In addition to reducing environmental impact, this type of packaging can improve efficiency and cut response time for customers. This ongoing trend is likely to continue as more consumers demand eco-friendly options across the board. Manufacturers that embrace flexible and modular packaging are likely to find themselves at the forefront of the market.
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Brands are Rapidly Shifting to Green Packaging Market
According to a study by the research firm SkyQuest Technology, green packaging is becoming the norm for many brands, as they shift faster to eco-friendly packaging than ever before. Green packaging has been found to have a number of environmental benefits, such as reducing energy consumption and emissions, protecting resources, and aiding in waste reduction. In fact, the carbon footprint of packaged goods has reportedly decreased by 10% due to the increase in use of green packaging.
One of the main reasons behind this migration in to the global green packaging market is that companies are realizing that they have little choice but to comply with stricter regulations related to their eco-friendly image. For example, in early 2019, Starbucks announced that it would stop supplying disposable straws with its baked goods worldwide by 2021. The company has argued that using reusable straws is more environmentally-friendly since it eliminates one plastic item from going into landfills. Other brands are also taking steps to reduce their waste output. For instance, L’Oréal has committed to using 100% renewable energy to run its offices by 2022. This effort will save the company more than 3 million tons of CO2 over the next 15 years. Additionally, fast food chains like McDonald’s are starting to offer more environmentally-friendly signature items like watermelons wrapped in paper instead of plastic containers and coconut milk served in recyclable cups instead of foam cups.
Consumers are shifting away from large, wasteful plastic bags and towards eco-friendly alternatives like reusable totes. Nearly 66% of respondents said they’d switch to a more sustainable option if it were available, and almost half said they’d bring their own bags if given the chance. The study found that the shift to sustainable packaging is happening faster than ever before.
Despite these advantages, there are still some challenges associated with using green packaging. For example, it can be more expensive than traditional packaging, and it can be difficult to find suitable materials that are both environmentally friendly and durable. However, these issues are gradually being overcome, and more and more brands are adopting sustainable packaging strategies in order to stay competitive.
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What Does SkyQuest’s SWOT Analysis of Green Packaging Market Suggest?
Strengths of the Green Packaging Market.
Increased awareness about sustainability and eco-friendly packaging among consumers.
Growing demand for non-toxic, bio-based, and recyclable packaging products.
Reduction in energy consumption due to increased use of sustainable materials in packaging products.
Expansion of the green packaging market across regions owing to growing awareness about environmental issues and the development of new technologies that promote sustainability.
Robust global infrastructure for research and development in green packaging technology sectors.
Environmental impact from production to disposal due to reduced need for plastic waste clean-up operations.
Strong market presence of leading players in the green packaging industry that have developed innovative and technological capabilities to stay ahead of the competition.
Limitations of the Green Packaging Market.
High capital investment required to develop sustainable materials and manufacture eco-friendly packaging products.
Challenges in sustainable waste management owing to lack of awareness among consumers about how to reduce their consumption of plastics.
Shortage of suitable supply chain partners for eco-friendly manufacturing operations due to high startup costs associated with green packaged product productions.
Opportunities for the Green Packaging Market
The green packaging industry has a number of opportunities that could be exploited in order to increase its share of the market and improve its performance overall. These advantages include a growing appetite for sustainable products among consumers and advertisers; continued pressure on businesses to reduce their environmental impact; and increased investment in new technology that can help improve sustainability.
While there are a number of opportunities present in the green packaging market, there are also a number of risks that investors should be aware of. These risks include uncertainty surrounding future legislation and regulation affecting the sector; competition from other sectors including consumer goods; and slowdown in global economic growth.
Major Players in Global Green Packaging Market
Amcor (Australia)
Be Green Packaging (US)
DS Smith (UK)
DuPont (US)
Evergreen Packaging (US)
Mondi (UK)
Nampak (South Africa)
Ball Corp. (US)
Sealed Air (US)
Tetra Laval (Switzerland)
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