Global Green Packaging Market to Reach US$ 238.6 Billion by 2024

According to the latest report by IMARC Group, titled “Green Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global green packaging market size reached US$ 168.2 Billion in 2018. Green packaging, or sustainable packaging, is a type of packaging made from materials which require less energy during production and have a low impact on the environment. During the production process, manufacturers typically focus on limiting the packaging waste generation and maximizing the use of sustainable materials, like recyclable or biodegradable elements. Other than production, green packaging also involves the usage of alternative energy sources, such as wind, solar and biofuels, in the transportation process. Some of the most common sustainable packaging products available in the market include plant-based and biodegradable plastics, and recycled products. Over the years, this form of packaging has gained traction amongst packaging suppliers and consumers due to a rise in environmental concerns coupled with an increase in transportation and energy costs.

Global Green Packaging Market Trends:

Currently, all prominent trends in the packaging industry revolve around the circular economy. The growth of sustainable packaging is driven by political pressure to switch to eco-friendly materials and adverse consumer perception for conventional packaging. Several green packaging market competitors based in developing countries, like China and India, have started minimizing the waste generated during manufacturing procedures. Also, various environmental groups are lobbying to halt plastic pollution in the oceans. In recent years, several end use sectors have pledged to avoid conventional packaging for supplying their products. For instance, in 2018, the France-based personal care company, L'Oréal collaborated with the Switzerland-based environmental sustainability consultancy firm, Quantis, to establish an initiative called the Sustainable Packaging Initiative for Cosmetics (SPICE). The members of this initiative aim to reduce the environmental footprint of cosmetics by working across three main areas, including the development of a sustainable packaging policy, promotion of packaging innovations based on eco-design criteria, and meeting consumers’ expectations by offering clarity on the environmental performance of products. Other than this, in 2019, the Sustainable Packaging Coalition, a US-based membership-based collaborative, launched the Goals Database & SPC Engage to help top retailers and brand owners across industry sectors to improve sustainability in corporate and packaging sustainability. On account of these factors, the market is expected to reach a value of US$ 238.6 Billion by 2024, at a projected CAGR of around 6% during 2019-2024.

Market Summary:

• On the basis of the packaging type, the green packaging industry has been segmented into recycled content, reusable and degradable packaging. Amongst these, recycled content is the most popular type of packaging, which is further divided into paper, plastic, metal, glass and others.
• The market has been segregated according to the end use industry, which mainly consists of food, beverage, healthcare and personal care industries. Currently, sustainable packaging is mostly used in the food industry.
• On a regional basis, Europe is the biggest market for green packaging, accounting for the majority of the total market share. It is followed by Asia Pacific, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined with some of the key players being Amcor Limited, E. I. du Pont de Nemours and Company, Mondi Limited, Sealed Air Corporation, TetraPak International S.A., Ardagh Group Co., PlastiPak Holdings, Inc., Bemis Company, Inc., Uflex limited, and ELOPAK AS.

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