Green packaging refers to packaging products and systems that have a lesser or reduced effect on the environment as compared to normal packaging materials
Green packaging refers to packaging products and systems that have a lesser or reduced effect on the environment as compared to normal packaging materials. Green packaging materials are made from renewable and biodegradable plant-based materials like paper, cardboard, bioplastics etc. which have a minimal environmental impact. These materials are sustainable and cause lesser pollution. With increasing focus on sustainability and reducing carbon footprint, there is a rising demand for green packaging solutions from various end-use industries like food and beverages, pharmaceuticals, consumer goods etc.
The global Green Packaging Market is estimated to be valued at US$ 218337.6 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the green packaging market is the rising awareness about negative impacts of plastic waste. Plastic packaging produces a lot of non-biodegradable waste that ends up in landfills and oceans. This creates severe environmental pollution and threatens wildlife. Consumers are increasingly demanding sustainable packaging made from renewable and biodegradable materials. Government regulations in many countries are also pushing manufacturers to reduce plastic packaging and adopt eco-friendly alternatives. The market continues to evolve with new bio-based materials that provide comparable functionality to plastics at lower costs. Technological advancements are further expanding applications of green packaging solutions across industries.
Segment Analysis
The global green packaging market is dominated by the recycled content packaging segment. Recycled content packaging refers to the use of recyclable, reusable or recovered materials in packaging production. It helps reduce the consumption of new raw materials and lower carbon footprint generated during the manufacturing process. According to estimates, over 60% of green packaging produced globally uses some form of recycled content either fully or partially. Recycled content segments leads primarily due to its role in promoting the circular economy and supporting sustainability goals of many corporations across industries.
Key Takeaways
The global Green Packaging Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by stringent government regulations around the world aimed at promoting environment-friendly and sustainable packaging practices.
North America region currently dominate the global green packaging market with over 30% share. This can be attributed to strong legislation like plastic bag bans implemented in various states and focus on reducing landfill waste. Moreover, presence of leading green packaging producers in the region further boosts its market share. However, Asia Pacific region is witnessing fastest growth led by China, India and other developing nations. Growth in the region is stimulated by developing infrastructure to manage recyclables and shifting preference of consumers towards sustainable products.
Key players: Key players operating in the green packaging market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O. Majority of these players focus on developing sustainable, eco-friendly packaging solutions made from recyclable polymers, paper and plant-based materials to address companies' sustainability goals as well as follow stringent regulatory compliance. Efforts are also being made to integrate emerging digital technologies like IoT into green packaging to enhance traceability, improve recycling rates and augment supply chain sustainability.
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