Market Overview
The global Green Packaging Market is estimated to reach up to USD 503.72 billion by 2028. After studying the current market trends, experts forecast that the market will have a CAGR of 9.31%. In 2021, the global Green Packaging Market Value was USD 281.34 billion.
The market of packaging suffered badly during the COVID-19 pandemic and it was no different for the Green Packaging Market. Due to disruption in transportation and strict lockdown measure, the supply chain was broken. It had hampered the business badly. Now, many strategies are planned by the companies to revive the losses and head towards positive growth during the forecast period.
Stringent laws have been passed by the government of different countries to protect the environment which gets harmed due to excessive waste disposal when non-green packaging materials are used. Strict government rules and increased inclination towards environment-friendly components have contributed to the rapid Green Packaging Market Growth. The market analysts anticipate that the market will grow steadily in the coming years.
But many restraints can hamper the Green Packaging Market growth. High production costs, stringent government rules for recycling and inadequate recycling facilities are the factors that could slow down the growth of the global market of Green Packaging materials.
Banning non-biodegradable packaging by imposing strict laws and minimal waste produced during the manufacturing of Green Packaging are the main market drivers for the growth of the global market during the forecast period.
Market Segmentation
The global market of Green Packaging is segmented based on type, application, and region.
The Green Packaging Market is sub-divided into recycled content packaging and degradable packaging based on type. The degradable packaging sector is occupying a major part of the market.
Based on application, the market is subdivided into Pharmaceutical, Food beverages, personal care, and others. Due to the huge growth of the pharmaceutical and healthcare sector in recent times, this sector along with food and beverages are sure to achieve significant revenue during the forecast period.
Regional Classification
Based on regions, the global Green Packaging Market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. The market is primarily occupied by North America and the US holds the maximum share of the market in this region. Most of the manufacturing and industrial units of the US have opted for green packaging options which has opened up a huge opportunity for the Green Packaging Market in North America.
The Asia-Pacific region is emerging as a potential region for the market of green packaging. The main factors attributing to this rapid growth of the Asia-Pacific region are the increasing customer base and supportive government initiatives.
Industry News
With the increasing awareness about the ill effects of certain packaging materials such as plastics, many companies are taking initiatives to use environment-friendly components for packaging.
Nestle had planned to invest USD 2.1 billion to shift to food-grade recycled plastics from virgin plastics for making its packaging items in January 2020.
Coca-Cola European Partners and Coca-Cola Europe have decided to have a joint action plan for collecting, recycling, and reusing their packaging.
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