The global Green Packaging market size is expected to be worth around US$ 413.9 billion by 2028, according to a new report by Vision Research Reports.
The global Green Packaging market size was valued at US$ 258.78 billion in 2020 and is anticipated to grow at a CAGR of 6.02% during forecast period 2021 to 2028.
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Growth Factors
The market for green packaging is projected to be driven by the growing consumer demand for environment-friendly alternatives to non-sustainable packaging products.
Green packaging is witnessing growth due to rising environmental concerns caused by the packaging waste that ends up in landfills, polluting the environment. The packaging types categorized under green packaging are recyclable, reusable, and degradable. They are either used in the same value chain or degraded in nature without releasing harmful toxins, thus assisting companies to reduce their negative impact on the environment.
The recyclable and recycled content packaging is predominant amongst all types of green packaging as it is used on a mass scale., paper, glass, and metal are the top recycled materials used for this segment of green packaging. Plastic is the most widely used material as it is cost-effective and provides useful properties, such as waterproofing and durability. The paper segment is witnessing high growth owing to new packaging designs introduced by companies as part of sustainable initiatives.
Report Highlights
The industry is categorized into recycled content, reusable, and degradable packaging based on type. The recycled content segment held the largest share of 61.5% in 2020. The segment includes materials that can be recycled, such as paper, glass, and metal. These materials are reused by the manufacturers as raw materials to make new packaging products resulting in curbing excess pollution caused by packaging waste.
The plastic-type in recycled content segment held the largest share in 2020 as it is prominently used around the globe and offers vital packaging properties that materials such as paper fail to deliver. Plastics are also very cost-efficient, which has made them a preferred choice of material, especially in emerging economies where the cost of the product is an important aspect. The plastics segment is expected to witness promising growth in the forecast period owing to the increasing adoption of flexible pouches in various end-use industries.
Paper is the next major segment under recycled content packaging as it is easily available, accessible, and known by consumers. Paper is used in flexible as well as rigid packaging solutions. Paper packaging is experiencing increased market penetration due to enhanced functionalities, such as waterproofing through laminates and coatings. Paper has been popularly used in and foodservice applications.
The food and beverages application segment led the industry with more than 58.02% share of the global revenue in 2020. With the rising popularity of green packaging, many restaurants, fast food chains, packaged food companies, and casual dining venues are adopting molded pulp packaging and compostable packaging, which, in turn, is projected to drive the food and beverages segment.
Many manufacturers of personal care products are shifting towards green alternatives by reducing the overall material used for packaging. The change is partly driven by consumer consciousness regarding the sustainability of the packaging of a product. Many consumers have started criticizing personal care product manufacturers for excessive packaging done for aesthetic purposes with no real necessity. Companies have thus adopted paperboard packaging with thin plastic packaging wherever necessary.
The healthcare segment has shown promising growth despite the strict regulations related to the safety of packaging of products. For the large part, the pharmaceutical industry makes use of glass packaging as it is inert and suitable for the packaging of different drugs. is another popular packaging material used by the pharmaceutical industry for the packaging of capsules and pills.
The companies in the market space serving the healthcare industry are introducing innovative molded pulp packaging products to replace reusable utensils used in hospitals for more convenience. With the increasing pressure on hospitals due to the COVID-19 pandemic, disposable environment-friendly alternatives are expected to drive the demand further.
Union and other European countries concerning the use of single-use plastics. The European Directive has introduced the concept of a circular economy, wherein it has issued guidelines and goals of sustainability. European companies have started following the circular economy roadmap by embracing recyclable, recycled, and degradable materials.
Asia Pacific ranked second in terms of value in 2020, as the region is seeing a rise in government regulations and initiatives that are encouraging manufacturers to opt for green packaging. China, the biggest manufacturing hub in the world, is changing its packaging habits and materials to make them more environmentally friendly. Due to the sheer volume of the products shipped out of China, this move will have a great impact on the market growth in the region. The Australian government has set out a target to adopt 100% recyclable packaging on or before 2025, which will lead to a stark upward trend in the market value over the forecast period.
Key Players
Market Segmentation
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