Green Packaging Industry Overview
The global green packaging market is expected to reach USD 441.41 Billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% from 2020 to 2028. 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.
Recyclable and recycled content packaging is predominant amongst all types of green packaging as it is used on a mass scale. Plastics, 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.
The market is likely to witness high growth over the coming years in the food and beverages sector as many players in the foodservice industry are switching to paper or compostable materials from single-use plastic cups, lids, closures, and food trays. The healthcare segment largely uses glass bottles and aluminum foil for packaging medicines, which is expected to grow in the forecast period as per the growth of the pharmaceutical industry.
Green Packaging Market Segmentation
Grand View Research has segmented the global green packaging market on the basis of type, application, and region:
Based on the Application Insights, the market is segmented into Food & Beverages, Personal Care, Healthcare, and Others.
- The food and beverages application segment led the industry with more than 58.5% 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.
- The healthcare segment has shown promising growth despite the strict regulations related to the safety of packaging of products. For a large part, the pharmaceutical industry makes use of glass packaging as it is inert and suitable for the packaging of different drugs. Aluminum foil is another popular packaging material used by the pharmaceutical industry for the packaging of capsules and pills.
Based on the Type Insights, the market is segmented into Recycled Content Packaging, Reusable Packaging, and Degradable Packaging.
- The recycled content segment held the largest share of 61.2% in 2020. The segment includes materials that can be recycled, such as paper, plastic, 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.
- Paper is the next major segment under recycled content packaging as it is easily available, accessible, and popular among 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 bakery products and foodservice applications.
Green Packaging Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Industry players are focusing on R&D activities concerning new plant-based materials that mimic the properties of plastics currently in use. Companies are redesigning packaging to include less material, hence saving on the cost and producing less waste. Tetra Laval, Ball Corp., Nampak, and Sealed Air are some of the leading companies in the market. Evergreen Packaging has been driving Corporate Social Responsibility (CSR) activities, such as 'Carton 2 Garden', to create awareness and encourage the use of sustainable packaging. The companies in the market are increasingly investing in innovative packaging designs and new materials with infinite recycling ability and material strength. For instance, Amcor's ultra-recyclable high-barrier packaging with a low carbon footprint is made to replace ALU/PET non-recyclable structures. Some prominent players in the global green packaging market include:
- Amcor
- Be Green Packaging
- DS Smith
- DuPont
- Evergreen Packaging
- Mondi
- Nampak
- Ball Corp.
- Sealed Air
- Tetra Laval
Order a free sample PDF of the Green Packaging Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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