PUBLISHER: SkyQuest | PRODUCT CODE: 1270687
PUBLISHER: SkyQuest | PRODUCT CODE: 1270687
Green Packaging Market size was valued at USD 229.46 billion in 2021 and is poised to grow from USD 246.67 billion in 2022 to USD 472.92 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
The global green packaging market is a rapidly growing industry driven by increasing environmental concerns and a shift towards sustainable packaging solutions. Green packaging includes materials that are recyclable, biodegradable, and made from renewable resources. The market is expected to continue its upward trajectory in the coming years, with advancements in technology leading to the development of new and innovative green packaging solutions. Some of the key drivers of growth in the industry include government regulations, consumer demand, and corporate sustainability initiatives.
Top-down and bottom-up approaches were used to estimate and validate the size of Green Packaging market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The global Green Packaging market is segmented based on Packaging type, Application, and Region. Based on Packaging Type the green packaging market is further sub-segmented into Recycled, Reusable, Degradable, Based on Application the market is further sub-segmented into Food & Beverages, Healthcare. Based on Region the market is segregated into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America.
Driver
The green packaging industry is generally growing as a result of national regulations and conscious consumers who respect and favour products in green packaging. Biodegradable packaging, such as lids, heavy paper cups, paper straws, etc., is being used in the food industries. These factors have recently propelled the green packaging industry's overall growth.
Restrain
Changes in governmental regulations and consumer perceptions have an impact on how the green packaging industry develops overall. Recycled packaging materials lose strength over time, potentially decreasing the quality of the products inside. It might, for instance, combine with the food or medication it includes, which would affect the product's worth.
Trend
Following the fashion are high-end apparel brands like H&M, which aims for 100% circularity in the value chain and uses organic chemicals for labelling and printing to support safer product recycling. Due to the substantial expansion of these programmes, many firms will be compelled to employ green packaging in order to compete in the market. Green packaging is used by businesses that sell Fast Moving Consumer Goods (FMCG), which have lesser profit margins per unit and are resistant to cost markups. To save money on shipping and raw materials, some companies are implementing light weighing tactics. Consumer behaviour has a direct impact on packaging decisions for food and beverage applications.