Yahoo Finance Green Packaging Market Size is projected to reach USD 409.2 Billion by 2030, growing at a CAGR of 7.5%: Straits Research
The global green packaging market size was valued at USD 229.46 billion in 2021. It is expected to reach USD 409.2 billion by 2030, growing at a CAGR of 7.5% during the forecast period (2022–2030). Asia-Pacific will command the market, expanding at a CAGR of 9% over the forecast period.
New York, United States, Oct. 03, 2022 (GLOBE NEWSWIRE) -- A substantial amount of packaging circulates throughout the world. Amazon, USPS, FedEx, and UPS ship millions of packages daily. Green packaging, also known as sustainable packaging, employs materials and manufacturing processes that have negligible effects on energy consumption and the environment for the packaging of goods. Biodegradable and recyclable materials frequently replace plastic and Styrofoam in environmentally friendly packaging. In addition, green manufacturing processes limit their electricity production and emissions of greenhouse gases. According to government standards, most manufacturers use sustainable packaging to eliminate the toxins and chemicals that degrade the planet's water, soil, and atmosphere. Packaging materials contribute significantly to the global waste issue.
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Strict Government Regulations and Increased Awareness Proliferate the Green Packaging Market
Since the Single-Use Plastics Directive and the new EU Commission's European Green Deal release, the European Union experienced a solid dynamic, strengthening in 2020. As a result, the fundamental components of the European legal framework for plastics are currently being revised. This creates new opportunities for the green packaging industry, which may be crucial to achieving the European Union's goal of a low-carbon and resource-efficient circular economy. In the United States, plastic bag restrictions have been implemented at the state level. Eight states have already enacted legislation prohibiting single-use plastic bags, and California, Hawaii, and Oregon did so in 2020.
Similar measures have been taken by Asia-Pacific nations to combat single-use plastics. China, for instance, launched a comprehensive plan to eliminate single-use plastics across the country and to ban non-biodegradable bags in all cities and towns by 2022, beginning with the most significant cities. In recent years, numerous governments of various countries have prohibited single-use plastics, which has fueled the emergence of green packaging options as alternatives to conventional packaging.
The need for sustainable products from consumers and businesses is another factor driving the growth in the use of green packaging solutions. In addition to the bioplastics industry's ongoing breakthroughs and discoveries of new materials with superior qualities and functions, this is due to a growing awareness of environmental impacts and the need to reduce reliance on fossil fuels. In addition, many brands are adopting sustainable packaging by employing green packaging alternatives. Colgate, for instance, uses recyclable toothpaste tubes. This innovation and commitment from companies and consumers to sustainable packaging products is expected to propel the green packaging market throughout the forecast period.
Growing Focus on Major Brands Creates Fruitful Growth Opportunities
The increased use of non-recyclable, non-biodegradable plastic packaging significantly impacts the environment's carbon footprint. Major companies, including Tetrapak, Google, and Amazon, are working to attain net-zero carbon emissions. This is expected to open up a lot of new prospects for the green packaging sector. Google has pledged to package all of its products without plastic and with recyclable materials by 2025. Additionally, the company has committed to certifying all of its manufacturing facilities as landfill-free by 2022.
The Nestle United States has also been making progress with fresh initiatives and a brand commitment to achieve net-zero status since 2020. The company's strategy aims to reach net-zero emissions by 2050 and to halve Nestle's emissions by 2030. In addition, the company is distributing its new Bite-Sized Chocolate Chip Edible Cookie Dough to select retailers in a flexible plastic bag that is fully recyclable, right down to the zipper. Globally, major corporations are investing and taking steps to achieve net zero, creating numerous opportunities for the green packaging market.
Report Scope
Report Metric | Details |
Market Size | USD 409.2 Billion by 2030 |
CAGR | 7.5% (2022-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type of packaging, End-user |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | Amcor Limited ,Ardagh Group SA ,Ball Corporation ,Crown Holdings Incorporated ,DS Smith PLC ,Elopak AS ,Emerald Packaging ,Mondi Group ,Nampak Ltd ,Plastipak Holdings Inc. ,Sealed Air Corporation ,Sonoco Products Company ,Tetra Pak International SA ,Uflex Limited |
Key Market Opportunities | Growing Focus on Major Brands |
Key Market Drivers | Strict Government Regulations and Increased Awareness |
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Regional Insights
Asia-Pacific will command the market, expanding at a CAGR of 9% over the forecast period. The Asia-Pacific market is primarily driven by China. Due to growing business interest, China's economy is the largest in Asia-Pacific. China's economy is among the world's fastest-growing, and due to rising per capita income, living standards, and population, almost every end-user industry has experienced expansion. Chinese plastic producers create a sizeable portion of the world's plastic, with 4.89 million metric tons produced in 2019 and 6.12 million in 2020, according to research published by the National Bureau of Statistics of China. Consequently, the government has been compelled to prioritize sustainable packaging alternatives.
In addition, the country has been constructing a green packaging standard system by establishing national standards such as the Green Product Assessment -Packagings for Express Service and the specifications for information sharing of express Items in air transport. Beijing directives and the possibility of a ban on conventional plastics, such as single-use non-biodegradable plastics such as cutlery, plastic bags, and packaging, have been prompted by environmental pollution concerns. As a result, manufacturers have also been focusing on expanding the use of corn, sugar, and other crops to produce biodegradable plastics.
North America is expected to account for USD 100 billion by 2030, growing at a CAGR of 6%. The United States and Canada are the most significant contributors to the market. Over the forecast period, increasing consumer awareness of environmental issues and supportive government regulations are anticipated to fuel demand for green packaging in the United States. According to the Environmental Protection Agency, the United States generates up to 80 million metric tons of packaging waste annually. Food and beverage products account for roughly half of the United States packaging waste, and the agency noted that major food companies such as Nestle and Unilever produce the majority of plastic waste.
In response to public pressure and recognition of this problem, a number of these businesses have recently pledged to reduce the environmental impact of their packaging. Smaller companies in the food and beverage industry, some of which have been at the forefront of packaging innovations for decades, are taking similar measures. Rather than resisting change, manufacturers are opting to capitalize on the opportunities presented by the rising demand for environmentally friendly packaging from food chains like McDonald's, which plans to adopt 100% sustainable packaging by 2025. Moreover, it presents a tremendous opportunity for green packaging manufacturers to enter and expand their market share.
Key Highlights
The global green packaging market size had a revenue holding of USD 229.46 billion in 2021. It is expected to reach USD 409.2 billion by 2030, growing at a CAGR of 7.5% during the forecast period (2022–2030).
By packaging type, the global green packaging market includes Recycled Content Packaging, Degradable Packaging, and Reusable Packaging. The Recycled Content Packaging section is projected to expand at a CAGR of 7.41% and hold the largest market share over the forecast period.
By end-user, the global green packaging market includes Food, Beverage, Pharmaceutical, Personal Care, and Others. The Food section is projected to advance at a CAGR of 6.57% and hold the largest market share over the forecast period.
Competitive Players in the Market Global Green Packaging Market
Amcor Limited
Ardagh Group SA
Ball Corporation
Crown Holdings Incorporated
DS Smith PLC
Elopak AS
Emerald Packaging
Mondi Group
Nampak Ltd
Plastipak Holdings Inc.
Sealed Air Corporation
Sonoco Products Company
Tetra Pak International SA
Uflex Limited
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Global Green Packaging Market: Segmentation
By Type of Packaging
Recycled Content Packaging
Metal
Plastic
Glass
Paper
Reusable Packaging
Drums
Plastic Containers
Intermediate Bulk Containers
Others
Degradable Packaging
By End-user
Food
Beverage
Pharmaceutical
Personal Care
Others
By Regions
North America
Europe
Asia-Pacific
LAMEA
TABLE OF CONTENT
Introduction
Market Definition
Market Scope
Research Methodology
Primary Research
Research Methodology
Assumptions & Exclusions
Secondary Data Sources
Market Overview
Report Segmentation & Scope
Value Chain Analysis: Green Packaging Market
Key Market Trends
Drivers
Restraints
Opportunities
Porter’s Five Forces Analysis
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitution
Threat of New Entrants
Competitive Rivalry
Market Share Analysis
Packaging Type Overview
Introduction
Market Size & Forecast
Recycled Content Packaging
Market Size & Forecast
Reusable Packaging
Market Size & Forecast
End-User Overview
Introduction
Market Size & Forecast
Food and Beverage
Market Size & Forecast
Pharmaceutical
Market Size & Forecast
Regional Overview
Introduction
Market Size & Forecast
America
North America
U.S.
By Packaging Type
By End-User
Canada
By Packaging Type
By End-User
Mexico
By Packaging Type
By End-User
Latin America
By Packaging Type
By End-User
Europe
Market Size & Forecast
Germany
By Packaging Type
By End-User
France
By Packaging Type
By End-User
U.K.
By Packaging Type
By End-User
Italy
By Packaging Type
By End-User
Spain
By Packaging Type
By End-User
Rest of Europe
By Packaging Type
By End-User
Asia Pacific
Market Size & Forecast
Japan
By Packaging Type
By End-User
China
By Packaging Type
By End-User
Australia
By Packaging Type
By End-User
India
By Packaging Type
By End-User
South Korea
By Packaging Type
By End-User
Rest of Asia-Pacific
By Packaging Type
By End-User
Middle East & Africa
Market Size & Forecast
Saudi Arabia
By Packaging Type
By End-User
South Africa
By Packaging Type
By End-User
Kuwait
By Packaging Type
By End-User
Rest of Middle East & Africa
By Packaging Type
By End-User
Company Profile
Amcor Limited
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Ardagh Group SA
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Ball Corporation
Company Overview
Financial Performance
Recent Developments
Product Portfolio
Conclusion & Recommendation
Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/green-packaging-market/toc
Market News
In 2022, Amcor Limited opened its newest Innovation Center in Jiangyin, China. The new center contributes to regional prosperity and innovation by bringing cutting-edge packaging technology and more environmentally friendly material science to Asia-Pacific.
News Media
Global Advanced Packaging Market Size Worth USD 102,097 Million By 2030 | CAGR of 10%
Global Luxury Packaging Market to Grow at a CAGR of 5% by 2030
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