The green packaging market registered a value of USD 237.74 billion in 2022 and is expected to be 313.93 billion in 2031 to register a CAGR of 5.7% over the forecast period 2022-2031. Concerns about environmental impacts caused by these plastic bottles continue to increase across the food and beverage industry, which is leading to a number of companies using recycled plastic (rPET) in their bottle design, thus, boosting the market growth.
Increasing awareness about environmental concerns among consumers and industries are primarily increasing the growth of the green packaging market.
Increasing public awareness about environmental concerns has resulted in higher demand for sustainable packaging and processing operations. Sustainability initiatives have advanced considerably, leading manufacturers to reduce the source material through downgauging, creating thinner and lighter packaging, while reducing waste.
Issues pertaining to sustainability, environment, ethics, safety, quality and product costs are becoming increasingly important for modern-day consumers when purchasing products. A number of these issues are also enforced by packaging legislative regulations, which is expected to have a positive impact on the green packaging market, globally.
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Scope of the Report
Green packaging is also known as sustainable packaging that uses materials and manufacturing methods for the packaging of goods that has a low impact on both energy consumption and on the environment. Following the government regulations, most of the manufacturers use sustainable packaging to eliminate the contaminants and chemicals that destroy the water, soil, and atmosphere of our planet.
Key Market Trends
Food Industry is expected to hold the Major Share
The food industry is expected to hold the major share owing to the increasing usage of recyclable packaging and minimal waste generation practices in the industry.
Plastic bottles, aluminum cans, and reusable containers are the most preferred sustainable packaging solutions in the industry. Although most of the food packaging in the current market scenario is packed in plastics, only a small portion of it is recyclable or reusable.
The use of metal alternatives and refillable containers is increasing the use of aluminum cans and minimal packaging items, such as tubs and trays made from aluminum foil. This trend is mainly evident in the global dairy packaging industry. Manufacturers are increasingly preferring aluminum foil packaging alternatives, especially in North America and Europe, where sustainable packaging is one of the top preferences to pick a product.
According to European Aluminium AV, more than 22% of the aluminum produced in the region is used for packaging proposes. Also, with increasing awareness of green packaging, globally, the use of aluminum and recyclable/reusable food packaging is expected to increase, over the forecast period.
North America is Expected to Hold Largest Market Share
North America is currently the largest market for green packaging, globally. Unlike many regions in the world, where government regulations play a crucial part in the growth of green packaging, high awareness and consumer preferences for eco-friendly solutions are the prime reasons for rapid adoption. However, Asia-Pacific is estimated to be the major region along with the highest growth owing to immense demand for packaging from almost all end users dedicated to vast retail market and consumer preferences.
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The green packaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts by tapping new markets. For instance, in May 2018, Amcor announced the launch of two sustainable packaging innovations that boost efficiency and improve consumer convenience. While Polylnert laminates deliver a huge saving in material use and energy consumption, AluFix Retort Extra’s easy-to-peel can-end has a low environmental impact.
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