Green Packaging Market Revenue In US| Green Packaging Industry Future Growth, Trends and Top Key Players
The global green packaging market size is expected to gain momentum by reaching USD 385,341.6 million by 2028. Fortune Business Insights in its latest report, titled, “Green Packaging Market, 2021-2028.”, mentions that the market stood at USD 258,350.5 million in 2020 and is projected to exhibit 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.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Green Packaging Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Green Packaging Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
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.
What does the Report Provide?
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.
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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.
Industry Development:
- February 2021 – The Coca-Cola Company announced its transition towards 100% recycled PET bottles from a selection of plastic bottles. The company reports that it will be unveiling a new sip-size bottle for its brands such as Fanta and Sprite to make forays into sustainable packaging solutions.
List of the Companies Operating in the Global 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
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