DUBLIN – (COMMERCIAL THREAD) – The report “Green Packaging Market Size, Share and Trend Analysis Report by Packaging Type (Recycled, Reusable, Degradable), by Application (Food & Beverage, Healthcare), by region and segment forecast, 2020-2028 “has been added to ResearchAndMarkets.com offer.

The global green packaging market is expected to reach USD 441.41 billion by 2028. It is expected to grow at a CAGR of 6.1% from 2020 to 2028.

The green packaging market is expected to be driven by growing consumer demand for environmentally friendly alternatives to unsustainable packaging products.

Green packaging is experiencing growth due to growing environmental concerns caused by packaging waste that ends up in landfills, polluting the environment. The types of packaging classified as green packaging are recyclable, reusable and degradable. They are either used in the same value chain or degraded in nature without releasing harmful toxins, helping companies to reduce their negative impact on the environment.

Packaging with recyclable and recycled content is predominant among all types of green packaging as it is used on a large scale. Plastic, paper, glass and metal are the main recycled materials used for this green packaging segment. Plastic is the most widely used material because it is cost effective and offers useful properties, such as waterproofing and durability. The paper segment is experiencing strong growth thanks to new packaging designs introduced by companies as part of sustainable initiatives.

The market is expected to experience strong growth in the coming years in the food and beverage industry as many players in the catering industry turn to paper or compostable materials from cups, lids, closures and disposable plastic trays. The healthcare segment mainly uses glass bottles and aluminum foil for drug packaging which is expected to increase during the forecast period based on the growth of the pharmaceutical industry.

Highlights of the Green Packaging Market Report

• In terms of revenue, the food and beverage applications segment is expected to grow at the fastest CAGR during the forecast period. Shifting consumer inclination towards environmentally friendly packaging is expected to drive segment growth in the coming years

• By type, recycled content packaging accounted for 61.4% of global revenue in 2019 due to its widespread use and cost effectiveness. Growing recycling infrastructure establishments, as well as circular economy regulations and policies, are likely to encourage the use of recycled content packaging

• The growing trend towards environmentally friendly practices, such as the use of reusable metal straws, is further pushing manufacturers to embrace green packaging in all industries, including consumer goods and pharmaceuticals. Most experts in the packaging industry suggest that unsustainable packaging will become obsolete in the coming decades, as most packaging will be recycled.

• In January 2019, KFC announced its commitment to phase out all non-recoverable and non-reusable plastic-based packaging by 2025. The company has adopted 100% fiber-based packaging from recycled or certified sources, replacing disposable plastic cutlery.

• In 2018, Procter & Gamble announced a sustainable development goal called “Ambition 2030”. The multinational organization plans to make 90% of its packaging recyclable or reusable. The company has partnered with TerraCycle and SUEZ to produce recyclable shampoo bottles made from plastic collected on the beach

Market dynamics

Conductors

• Growing food and beverage industry

• Growing pharmaceutical industry

• Growing demand for sustainable packaging

Constraints

• Volatile commodity prices

Challenges

• Lack of recycling infrastructure

Companies mentioned

• Amcor Plc

• Ball company

• Be green packaging

• Ds smith plc

• Dupont

• Evergreen LLC Packaging

• Mondi

• Nampak Ltd.

• Air sealed

• Tetra Laval

For more information on this report, visit https://www.researchandmarkets.com/r/un9izw