The green packaging market is one such exemplary instance of a market being impacted lucratively for the sake of bringing sustainable development.
The green packaging market stood at a market value of 258.35 billion dollars in 2020.
However, the covid crisis has led the green packaging market to suffer a decline of 0.61%. But owing to its growing market demand and rising trends, it has been estimated to grow into a steady market value of 385+ billion dollars in the present day, with an average CAGR of 5.3% during its expected forecast period of 2021-2028. The demand for the green packaging market explains why this market is all set to recover from the slightly negative impact caused by the ravaging pandemic.
The global green packaging market basically refers to the kind of sustainable packaging which uses recyclable and biodegradable substances as raw materials, instead of using environmentally toxic stuff like plastic or Styrofoam.
Thus the use of this green packaging market lessens the negative environmental effects of packing. It also contributes towards lowering greenhouse gas emissions by reducing the amount of carbon footprint used. Thus the green packaging market not only enhances ecological and environmental sustainability but also facilitates a reduction in anthropological waste generation.
Being a top-notch market industry in today’s rapidly changing world, the green packaging market is subjected to changing trends and has the pressure of evolving accordingly. Here are some significant trends going on in the green packaging market today.
First and foremost is a skyrocketing demand from the paper packaging industries. Globally, government organizations have advocated for the use of paper and bioplastics which can be recycled or reused, instead of using plastics. These factors have uplifted the consumer demand for paper-based alternatives. Another extremely important driving factor for the green packaging market is the incrementing demand in the global markets for sustainable food packing, which would steadily propagate market growth. Plant-based biomaterials, bioplastics, organic materials, and recyclable paper are among the top raw materials of the green packaging market. Today, the European Union’s binding imposition is also a driving force for the growth of the green packaging market. The EU had stated that all packaging must be made recyclable by the year 2030.
Some of the key names in the green packaging market today are Be Green Packaging, Nampak, Amcor, Rexam, Evergreen Packaging, DS Smith, etc.
Delving into the market segmentation of the green packaging market, the type-based categorization can be seen in recyclable content like paper, plastic, and metal and reusable packaging like a drum, plastic containers, etc. But if the segmentation of the green packaging market is done based on application, it can be diversified into personal care uses, food and beverage sectors, healthcare service, and so on. Owing to the measures of the EU, Europe had so far dominated the commercialization of the green packaging market with a share of 37.1% in 2019. However, the Asia Pacific is emerging in the green packaging market as well, with a market value of $99.5 billion in 2020.
However, places with growing consumer awareness and stricter government regulations imposing sustainability would lead the green packaging market.
