Global Green Packaging Market Size, Share & Trends Analysis Report, By Type, By Application, By Region Forecasts, 2024-2032

Global Green Packaging Market Size, Share & Trends Analysis Report, By Type, By Application, By Region Forecasts, 2024-2032

Global Green Packaging Market was valued at US $ 267.83 billion in 2023 and is expected to reach US $ 385.34 billion by 2032 growing at a CAGR of 5.3% during the forecast period 2024 – 2032.

Packaging can be ""green"" or sustainable, resulting in reduced environmental damage and energy savings. Unlike items like Styrofoam and plastic, the recyclable elements used to make the green packaging are also biodegradable. Additionally, it uses recyclables in environmentally friendly packaging, which lowers energy use and carbon footprint.

Green packaging has a reduced carbon footprint than standard synthetic packaging, which contributes to long-term sustainable social and environmental development. Second, green packaging focuses on ways to minimise the amount of waste and pollution generated during the manufacturing process. A primary factor influencing the industry is the growing consciousness regarding sustainability and environmentally conscious behaviours. The industry's move towards using renewable resources for manufacturing and the government's increased pressure for environmental sustainability standards have resulted in a rise in demand.

“Recycled content segment, by type, to be dominating market from 2023 to 2030.”

Recycled content packaging dominated the market. Increased use of recycled content packaging by businesses looking to differentiate their products from the competition and show that they are environmentally conscious, as well as improved collecting and processing capabilities, could spur improvements in recycled content packaging. Numerous initiatives to promote sustainability programmes targeted at raising the recycling rates of various packaging materials are being financed by various stakeholders, including industry groups, packaging businesses, and brand owners.

“Food & Beverages segment, by application, to be dominating market from 2023 to 2030.”

Eighty percent of green packaging is expected to originate from the food and beverage industry alone. Convenience foods are the most popular in food and beverage packaging establishments because to their easy manufacturing, long shelf life, and portability. Frozen foods, snacks, finger foods, and liquid goods are a few of these convenience food items. They usually require very little preparation and come preheated in hot boxes designed for single servings. The ageing population and the hectic lifestyles people lead nowadays are the main causes of the rising consumption of convenience foods.

“Asia Pacific to be largest region in green packaging market.”

It is anticipated that Asia-Pacific will remain at the top of the global green packaging market throughout the forecast period. In 2020, the Asia-Pacific market had a valuation of USD 99.46 billion. The overindulgence in convenience foods, sugary beverages, and snacks is another consequence of the dense population in cities. It's also important to remember that consumers' growing awareness for greener environments is the reason why green packaging manufacturers in China, India, Japan, and South Korea are putting more of an emphasis on environmental conservation. This will also serve as an additional stimulant to grow the regional market. These goods, which are abundant in South-east Asia, include bamboos and rattan, among other materials.

Green packaging Competitive Landscape

The competitive landscape of the green packaging market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of green packaging technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The green packaging market is highly competitive, with numerous companies vying for market share. Prominent companies in the green packaging Market include:

Amcor Limited (Zürich, Switzerland), Ball Corporation (Broomfield, Colorado, United States), Ardagh Group SA (Dublin, Ireland), Braskem SA (São Paulo, State of São Paulo, Brazil), Caraustar Industries Incorporated (Austell, GA, United States), Cascades Incorporated (Kingsey Falls, Canada), Cargill Incorporated (Wayzata, Minnesota, United States) and other key players.

Recent Developments:

In March 2023, using 70% less ink, Electrolux Group introduced packaging made of paper and recycled materials to lessen its impact on the environment. The new packaging is being utilised for small appliances made by AEG and Electrolux as of this month (March). The Forest Stewardship Council-certified paper-based material used in the Expanded PolyStyrene (EPS)-free packaging has a four-color print that requires 70% less ink. Through the use of stickers to distinguish between different items in the same range, the number of package changes has also been cut in half. Because the same box may be used for several products, this helps to reduce waste packing.

In January 2023, for the produce industry, Cascades, a company situated in Kingsey Falls, Quebec, has introduced a closed basket composed of recyclable and repurposed corrugated cardboard. This new product is an eco-friendly substitute for food packaging that is difficult to recycle, and it is the newest offering from Cascades. The packaging adheres to a circular economy philosophy and is created using accepted eco-design standards. Cascades is satisfying customer demand for more environmentally friendly packaging while assisting its customers in lessening their environmental effect through the use of recycled corrugated cardboard in its design.

In August 2022, the eco-friendly industrial packaging that was jointly introduced by BASF and Nippon Paint China, the top coatings manufacturer, has been incorporated into the Nippon Paint dry-mixed mortar series products. The barrier material for the new container is Joncryl® High-Performance Barrier (HPB), a water-based acrylic dispersion from BASF, which is commercialised for Nippon Paint's construction dry mortar products. China is using water-based barrier coatings from BASF for the first time in industrial packaging. By considerably increasing the recyclability of paper-based packaging and substituting plastics used in traditional packaging, Joncryl® HPB's exceptional vapour and water resistance qualities enable the creative use of ""Paper Replacing Plastics"" in industrial packaging.

Amcor introduced a packaged health care packaging solution in April 2021. AmSky blister system was recently introduced as a part of the line of recyclable healthcare packaging goods.

Amcor and Nestle partnered to provide sustainable packaging solutions in April 2021. Amcor has assisted Nestle in transitioning to sustainable paper packaging in Australia through its research and development.