SEATTLE, Nov. 30, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global green packaging market is estimated to account for 410.45 Bn in terms of value and by the end of 2027 witnessing a CAGR of 6.71%.
Green packaging is the design and use of sustainable packaging. This includes increased usage of lifecycle assessment and lifecycle life cycle analysis to assist guide the usage of green packaging that minimises the environmental impact and environmental footprint of users, and promotes a sustainable social, economic and corporate performance. This also requires the use of eco-friendly products and methods of creating and shipping green packages. Green packaging has been associated with a variety of different strategies, including the reduction of product consumption, the creation of user-friendly and cost-effective packaging, and the use and reuse of resources.
The increased demand for sustainable packaging materials and practices has led to the need for consumers to be informed about the benefits and advantages of buying green. There has been an increase in the awareness of consumers regarding their consumption of resources and their impact on the environment. With the increased levels of disposable income available to most consumers today, they are looking for ways to save money in every way possible. In addition to this, the increasing popularity of green products, such as reusable bags, has helped consumers to feel that they are making a difference in the environment. Furthermore, consumers are looking for environmentally friendly and sustainable packaging materials that contribute positively to a better quality of life.
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Development and launch of sustainable packaging solutions is expected to propel growth of the global green packaging market over the forecast period. For instance, in September 2020, Sabic, a provider of diversified chemicals, launched a sustainable packaging solution for frozen food, which combines a new polyethylene grade with a solution based on a mono web TF-BOPE film structure, which has a thickness of only 20 micrometers.
Moreover, increasing adoption of plastic alternatives is also expected to aid in growth of the market. For instance, in December 2019, Amazon, the U.S.-based multinational technology company, replaced plastic packaging material, such as bubble wraps and air pillows, with 'paper cushion' in its packaging.
Increasing adoption of recyclable packaging is expected to offer lucrative growth opportunities for players in the global green packaging market. For instance, in January 2021, Nestlé, the Swiss multinational food and drink processing Conglomerate Corporation, announced that its popular Smarties brand is now using recyclable paper packaging for its confectionery products worldwide.
Moreover, increasing funding for sustainable plastic packaging is also expected to propel growth of the market. For instance, in December 2020, UK Research and Innovation (UKRI) announced US$ 35.25 million worth of funding for projects that improve plastic packaging across the retail supply chain.
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The cosmetics packaging sector is witnessing R&D of sustainable products. For instance, in December 2020, Aptar Beauty + Home, announced production of its most popular spray pumps in 100% PCR (Post Consumer Resin) for the redesign of natural pet care brand WildWash.
Major players operating in the global green packaging market are focused on development and launch of new products to expand their product portfolio. For instance, in September 2020, KM Packaging launched a new range of mono-polymer material lidding films, made from polypropylene (PP) that is designed for recyclability. The sustainable films seal and peel to PP and PE-lined PP trays and can be used during microwave cooking as well as being suitable for ambient, chilled, or frozen applications.
Major players operating in the global green packaging market include, Amcor Limited, Bemis Company Inc., Cargill Incorporation, Graham Packaging Company Incorporation, Huhtamaki OYJ, Mondi Plc., Sonoco Products Company, Sealed Air Corporation, and Tetra Laval International SA.
Major players operating in the global green packaging market are focused on launching new products to expand their product portfolio. For instance, in October 2021, India-based Ajit Industries launched a wide range of green packaging products designed to replace the traditional plastic-based packaging products.
By Process Type
- Recycled Content Packaging
- Re-Usable Packaging
- Degradable Packaging
By Packaging Type
- Plastic Packaging
- Metal Packaging
By End Use Industry
- Food and Beverages
Global Green Packaging Market, By Region:
- North America
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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