Green Packaging Market

Packaging is the largest segment driving the growth of Green Packaging market

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The global Green Packaging Market is estimated to be valued at US$ 2,08,000 Mn or Mn in 2022 and is expected to exhibit a CAGR of 4.97% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Green packaging refers to packaging products and systems that have a minimal effect on the environment through the use of biodegradable and recyclable materials. It includes recycled content packaging and recyclable packaging and offers benefits like reduced carbon footprint, eco-friendly, and sustainable.

Market key trends:
One of the key trends in the green packaging market is the increasing focus on sustainable packaging. Plastic packaging waste poses severe environmental threats which has led government across countries to implement stringent regulations regarding usage of plastics. This has propelled packaging manufacturers to focus on sourcing biodegradable, compostable and eco-friendly alternatives like paper, bioplastics, sugarcane etc. for packaging. Moreover, awareness regarding environment protection among consumers is compelling brands to shift towards greener options of packaging to meet the rising demand for sustainable products.
Market key trends:
Green packaging market has been witnessing rising demand for sustainable and recyclable packaging solutions over the past few years. One of the major trends has been the increasing adoption of plant-based materials for packaging products. Advances in plant-based plastics such as bio-PET and PLA have enabled their usage in various single-use packaging applications like bottles, containers, and wrappers. Their biodegradable and compostable nature make them an environment-friendly alternative to conventional plastic packaging.

SWOT Analysis
Strength: Biodegradable and recyclable nature of green packaging reduces environmental footprint of products. It appeals to environmentally conscious customers.
Weakness: High initial costs of green packaging solutions compared to traditional plastics. Availability of plant-based materials with desired properties is still limited.
Opportunity: Stringent policies and regulations boosting use of sustainable alternatives. Growing e-commerce sector increases demand for recyclable and reusable packaging.
Threats: Conventional plastics packaging vendors capturing market share by introducing packages with partial green credentials. Economic slowdowns can reduce market growth.

Key Takeaways

The global Green Packaging Market Share is expected to witness high growth, exhibiting CAGR of 4.97% over the forecast period, due to increasing consumer preference for sustainable products. The market size for 2022 was US$ 2,08,000 Mn.

Regional analysis: North America dominates the global green packaging market currently owing to stringent regulations and policies supporting sustainable packaging in the region. Asia Pacific exhibits fastest growth in adoption of green packaging solutions driven by growing environmental awareness in developing countries like India and China.

Key players operating in the green packaging market are Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, Graham Packaging Company Incorporation, and Huhtamaki OYJ, among others.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it