The global green packaging market size was US$ 215.4 billion in 2021. The global green packaging market is forecast to grow to US$ 381.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
According to a study by the United States, Environmental Protection Agency (EPA,) packaging creates nearly 77.9 tons of municipal solid waste per year. Thus, it raises significant concerns, which will upsurge the demand for green packaging in the coming years.
Favorable initiatives by government bodies to ban plastic are expected to benefit the green packaging market. For instance, the European Parliament issued a law to ban single-use plastic in the region.
Rising awareness about the harmful impact of plastic will encourage people to adopt environmentally friendly packaging solutions. As a result, it will fuel the growth of the global green packaging market.
Growing advancements and the launch of innovative packaging products will benefit the global green packaging market. For instance, Sonoco Protective Solutions, a division of Sonoco, unveiled its addition of two new paper-based packaging options in 2020. In addition, UFLEX LIMITED unveiled its fast cure laminating adhesive for the flexible packaging industry in 2021. Such advancements are forecast to boost the growth of the global green packaging industry.
COVID-19 Impact Analysis
The sudden onset of the COVID-19 pandemic has negatively affected various businesses. Various governments shifted their focus to the healthcare segment. Furthermore, the sudden increase in online shopping surged the demand for cost-friendly packaging solutions. As a result, the use of plastics increased again. Moreover, various studies suggested that the virus can be transmitted through cardboard and plastic, which reduced the use of eco-friendly packaging solutions. Thus, the global COVID-19 pandemic negatively influenced the green packaging industry.
Regional Analysis
The Asia-Pacific green packaging market is forecast to emerge as the largest market, owing to the rapidly growing population. In addition, the rising shift towards online shopping is expected to benefit the overall regional market. In addition, growing plastic waste and increasing initiatives from governments will upsurge the demand for eco-friendly solutions.
Europe is forecast to hold a significant share due to stringent regulations banning plastic use. Furthermore, the packaging manufacturing industry is forecast to be the largest contributor to the growth of this regional green packaging market.
Competitors in the Market
Key players profiled in the global green packaging market include,
Market Segmentation
The global green packaging market segmentation focuses on Packaging, End-Users, and Region.
By Type of Packaging Outlook
By End-Users Outlook
By Regional Outlook
