Green Packaging Market Worth USD 385.34 Billion by 2028 | At 5.3% CAGR
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
The global green packaging market covered major segments by Type (Recycled Content Packaging, Reusable Packaging, Degradable Packaging) By Application (Food & Beverages, Consumer Products, Shipping, Chemicals, Others), and Regional Forecast, 2021-2028
Pune, India, May 10, 2023 (GLOBE NEWSWIRE) -- The global green packaging market size was USD 258.35 billion in 2020 and is projected to grow from USD 267.83 billion in 2021 to USD 385.34 billion by 2028. Fortune Business Insights in its latest report, titled, “Green Packaging Market Size, Share, Growth and Report Forecast 2021-2028”, mentions that the market is expected to gain momentum by reaching a CAGR of 5.3% between 2021 and 2028. The increasing focus on adopting recycled content packaging is expected to boost the demand for sustainable green packaging across the globe.
List of the Companies Operating in the Global Green Packaging Market:
Amcor Limited (Zürich, Switzerland)
Ardagh Group SA (Dublin, Ireland)
Ball Corporation (Broomfield, Colorado, United States)
Braskem SA (São Paulo, State of São Paulo, Brazil)
Caraustar Industries Incorporated (Austell, GA, United States)
Cargill Incorporated (Wayzata, Minnesota, United States)
Cascades Incorporated (Kingsey Falls, Canada)
Other Key Players
Market Segmentation:
We have segmented the market based on type, application, and region. On the basis of type, the market is segregated into recycled content packaging, reusable packaging, and degradable packaging. Based on application, the market is divided into food & beverages, consumer products, shipping, chemicals, and others. Lastly, based on region, the market is categorized into North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America.
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2021-2028
Forecast CAGR
5.3%
2028 Value Projection
USD 385.34 Billion
Market Size in 2021
USD 267.83 Billion
Historical Data
2017-2019
No. of Pages
80
Report Coverage
Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered
By Type
By Application
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Green Packaging Market Growth Drivers
Increasing Focus on Adoption of Recycled Packaging Content to Stoke Demand
Product Innovation by Major Companies to Strengthen Their Market Positions
Browse Detailed Summary of Research Report with TOC:
The global market for green packaging report provides effective analysis on several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market in the forthcoming years. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Driving Factors:
Increasing Focus on Adoption of Recycled Packaging Content to Stoke Demand
Several companies are coming with innovative solutions to tackle the growing menace of plastic that is leading to the degradation of the environment. For instance, the Colgate-Palmolive Company had undertaken a strong stance on the rising plastic disposal problem by announcing the company’s 2020 goal to increase recycled plastic content in their packaging. The company reports that by 2050 it will inculcate 75% of the recycled content in its production processes. Therefore, the increasing focus on adopting innovative recycled packaging content is expected to contribute to the global green packaging market growth in the forthcoming years.
Further Report Findings:
Asia-Pacific is expected to hold the highest position in the global green packaging market during the forecast period. This is attributable to the presence of established sustainable packaging solutions manufacturers in countries such as India and China in the region. Asia-Pacific stood at USD 99,464.93 million in 2020.
The market in Europe is expected to showcase considerable growth backed by the increasing focus on R&D activities by companies such as Mondi Plc and Tetrapak to develop innovative green packaging solutions in the region between 2021 and 2028.
Based on application, the food & beverage segment is expected to experience exponential growth during the forecast period. This is ascribable to factors such as the increasing geriatric population globally driving the demand for convenience food products.
Competitive Landscape:
Product Innovation by Major Companies to Strengthen Their Market Positions
The global market for green packaging is fragmented by the presence of major companies incorporating proactive strategies such as developing innovative solutions to gain a competitive edge over their rivals. Additionally, other key players are adopting organic and inorganic strategies to maintain their presence in the market during the forecast period.
Asia-Pacific – The region stood at USD 99,464.93 million in 2020 and is likely to hold the largest global green packaging market share during the forecast period. This is attributable to the abundant availability of raw materials such as cartons, boxes, and bags in the region.
North America – The region is expected to showcase considerable growth backed by the presence of stringent regulations that promote the adoption of sustainable green packaging solutions in the region between 2021 and 2028.
The Middle East & Africa – The market in the region is expected to experience substantial growth in the forthcoming years. This is ascribable to factors such as the growing demand for canned food products that will boost the adoption of advanced green packaging solutions in the region.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Emerging Trends
Key Insights
Key Emerging Trends – For Major Countries
Industry SWOT Analysis
Regulatory Analysis
Recent Industry Developments - Policies, Partnerships, New Types Launches, and Mergers & Acquisitions
Qualitative Insights – Impact of COVID-19 on the Global Green Packaging Industry
Supply Chain Challenges
Steps were taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
Global Green Packaging Industry Analysis, Insights, and Forecast, 2017-2028
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