Pune, India, April 12, 2021 (GLOBE NEWSWIRE) -- The global green packaging market size is expected to reach USD 385.34 billion by 2028 while exhibiting a CAGR of 5.3% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Green Packaging Market, 2021-2028.” The report further observes that the market stood at USD 258.35 billion in 2020 and is likely to experience significant growth in the forthcoming years. Factors such as the increasing demand for sustainable food packaging and the rising food & beverage industry are expected to propel the demand for innovative green packaging solutions worldwide. The market reached USD 267.83 billion in 2021.
High Demand for Healthcare Goods amid COVID-19
On one hand, the COVID-19 pandemic has left several economies reeling under massive pressure, on the other, the demand for healthcare supplies has witnessed significant surge across the globe. Owing to this, the market is expected to experience a mixed impact during the forecast period.
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We have segmented the market based on type, application, and region.
- On the basis of type, the market is segregated into recycled content packaging, reusable packaging, and degradable packaging. Based on application, the market is divided into food & beverages, consumer products, shipping, chemicals, and others.
- Based on application, the food & beverage is expected to showcase exponential growth backed by the growing demand for convenience food products due to their longer shelf life and high nutritional value.
- Based on region, the market is categorized into North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
What does the Report Include?
The market report includes a qualitative and quantitative analysis of the market and focuses on the vital aspects such as leading companies, application, and product. The market further includes crucial insights regarding the market trends and highlights key industry developments. Additionally, the report covers several factors that have contributed to the growth of the market and consists of historical data & forecast revenue growth at global, regional and country levels by adopting several research methodologies such as SWOT analysis.
List of the Leading Companies Profiled in the Global Market are:
- Amcor Limited (Zürich, Switzerland)
- Ardagh Group SA (Dublin, Ireland)
- Ball Corporation (Broomfield, Colorado, United States)
- Braskem SA (São Paulo, State of São Paulo, Brazil)
- Caraustar Industries Incorporated (Austell, GA, United States)
- Cargill Incorporated (Wayzata, Minnesota, United States)
- Cascades Incorporated (Kingsey Falls, Canada)
- Other Key Players
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Expansion of the Food & Beverage Industry to Augment Growth
The increasing disposable income of the working population and the hectic lifestyle are some of the factors driving the demand for convenience food products across the globe. The growing demand for ready-to-eat products is expected to propel the demand for innovative packaging solutions. For instance, in April 2019, Amcor announced the development of a lightweight, recyclable, and high tensile strength packaging solution that aids in reduction of carbon footprint by over 64%. Therefore, the rising food and beverage sector is expected to boost the global green packaging market growth during the forecast period.
Asia-Pacific – The region stood at USD 99.46 billion in 2020 and is likely to hold the largest global green packaging market share during the forecast period. This is attributable to the abundant availability of raw materials such as cartons, boxes, and bags in the region.
North America – The region is expected to showcase considerable growth backed by the presence of stringent regulations that promote the adoption of sustainable green packaging solutions in the region between 2021 and 2028.
The Middle East & Africa – The market in the region is expected to experience substantial growth in the forthcoming years. This is ascribable to factors such as the growing demand for canned food products that will boost the adoption of advanced green packaging solutions in the region.
The partnership between Key Players to Intensify Industry Competition
The global market for green packaging comprises small, medium, and large companies striving to maintain their stronghold. These companies are partnering other companies to develop innovative packaging solutions and further expand their product portfolio. Moreover, other key players are adopting strategies such as facility expansion, collaboration, and merger and acquisition that will favor the market growth in the forthcoming years.
Key Industry Development:
February 2021 – ReStalk, Inc. announced its strategic partnership with Sustainable Fiber Technologies (SFT) that enables the company to use SFTs suite of IP to process hemp into biopolymers and cellulose pulp.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Types Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Green Packaging Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Green Packaging Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Recycled Content Packaging
- Reusable Packaging
- Degradable Packaging
- By Application (Value)
- Food & Beverages
- Consumer Products
- By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Value)
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