Green Packaging Market

Global Green Packaging Market

Green Packaging Market- By Application, Packaging, and Region.

Market Synopsis:

The Global Green Packaging Market is valued at USD 277.19 Billion in the year 2022 and is forecasted to reach a value of USD 397.22 Billion by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.60% over the forecast period.

The increasing consumer awareness regarding sustainable packaging along with the strict bans associated with the utilization of single-use plastics is driving the growth of the Green Packaging Market during the forecast period. Moreover, the industry is projected to grow at a constant rate due to the rising food and beverage industry that is frequently adopting packaging created from recyclable and degradable materials during the forecast period. Additionally, the foodservice industry is replacing single-use plastic straws, cups, lids, closures, cups, and food trays with the products manufactured from compostable and paper alternatives which are fueling the growth of the Green Packaging Market during the forecast period.

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Furthermore, the product demand in the food service industry is expected to grow continuously owing to the changing consumer preferences towards convenience and packaged foods which are projected to drive the Green Packaging Market growth in the coming years. The Green Packaging Market is developing and is anticipated to witness significant growth in the coming years fueled by environmental concerns on sustainable growth, the arrival of bioplastic, and the implementation of strict rules and policies provided by regulatory authorities.

Increasing awareness among consumers for luxury goods towards Green Packaging techniques that utilize bioplastics as a raw material in various sectors involving pharmaceuticals, FMCG, and personal care are driving the Green Packaging Market growth during the forecast period. In addition, factors like extensive spread alertness among consumers about environmental safety and the benefits of Green Packaging are the key factors propelling growth in the Green Packaging Market.

Moreover, initiatives of regulatory bodies recommending the adoption of eco-friendly alternatives by the manufacturers are further expected to boost the growth of the Green Packaging Market in the years to come.

Market Segmentation:

The Green Packaging Market is segmented on the basis of application, and product type. Based on application, the market is segmented as Food & Beverages, Personal Care, Healthcare, and others. Based on packaging type, the market is segmented as Recycled Content Packaging, Reusable Packaging, and Degradable Packaging.

Based on Application:

On the basis of application, the market is segmented as Food & Beverages, Personal Care, Healthcare, and others. The food and beverage industry quickly involved Green Packaging methods during the forecast period. The growth of the segment is attributed to increasing preference and awareness among the consumers of manufacturers to increase the self-life of their products. Moreover, the rise in the efficiency of reverse logistics operation of recycled products, decrease in landfill sites, and eco-friendly legislations for the government are driving the Green Packaging Market growth during the forecast period.

Based on Packaging Type:

On the basis of packaging type, the market is segmented as Recycled Content Packaging, Reusable Packaging, and Degradable Packaging. The recycled content packaging segment is anticipated to grow at the highest rate during the forecast period. The recycled content packaging provides better use of eco-friendly resources and techniques which is driving the growth of the segment during the forecast period. Recycled content packaging makes use of plastic, metal, paper, and glass which are further reused by the manufacturers as a raw material to make new packaging products.

Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The Asia Pacific is witnessing a rise in government regulations and initiatives that are encouraging manufacturers to opt for green packaging. Moreover, China, the biggest manufacturing hub globally and is changing its packaging habits and materials to make them more environmentally friendly. Due to the sheer volume of the products transported out of China, this has a positive impact on the market growth in the Asia Pacific region.

In addition, the Australian government has set out a target to approve 100% recyclable packaging in the coming years, which will lead to a plain upward movement in the Green Packaging Market value throughout the forecast period. Factors like high population growth and increasing disposable incomes in the developing economies like China, and India, united with the large occurrence of several manufacturers functioning in the food and beverage industry in the Asia Pacific region will upsurge growth in the Green Packaging Market during the forecast period.