In today’s world, environmental concerns are at an all-time high. Consumers are becoming increasingly aware of their impact on the environment and are demanding more sustainable products. Green packaging is becoming increasingly popular as consumers seek to reduce their carbon footprint. This type of packaging is designed to reduce the environmental impact of packaging by minimizing waste, reducing energy consumption, and using sustainable materials. Green packaging can take many forms, including biodegradable packaging, compostable packaging, recyclable packaging, and reusable packaging.
One of the most important aspects of green packaging is its use of sustainable materials. Traditional packaging materials such as plastics and metals are not sustainable as they are made from non-renewable resources and are not biodegradable. On the other hand, green packaging uses materials such as paper, cardboard, and biodegradable plastics. These materials are renewable, biodegradable, and compostable, which means they can be easily broken down by natural processes and returned to the environment. Apart from various environmental benefits, green packaging can also help to improve brand image and customer loyalty. In addition, green packaging can also help to reduce costs by reducing the amount of material used, reducing shipping costs, and improving efficiency.
Forecast Analysis of the Global Green Packaging Market
According to the report published by Research Dive, the global green packaging market is anticipated to garner a revenue of $561.6 billion and grow at a CAGR of 8.7% during the analysis timeframe from 2022 to 2031. The increasing awareness about the adverse environmental effects of plastics and other non-biodegradable materials among consumers across the globe is expected to bolster the growth of the green packaging market over the estimated period. Besides, the increasing investment in sustainable environmental solutions by leading companies to reduce their carbon footprint and meet sustainability goals is predicted to fuel the growth of the market during the forecast period. Moreover, the growing demand for sustainable packaging among consumers worldwide is expected to create wide growth opportunities for the green packaging market over the estimated timeframe. However, the high cost of raw materials used to manufacture food packaging cartons may impede the growth of the market over the analysis period.
The major players of the green packaging market include Mondi, Nampak, DS Smith, Evergreen Packaging, Ball Corp., DuPont, Sealed Air, Tetra Laval, Be Green Packaging, Amcor, and many more.
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Key Developments of the Green Packaging Market
The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global green packaging market to grow exponentially. For instance:
- In September 2022, Huhtamaki, a Finnish consumer packaging company announced its acquisition of Elif Holding A.S., a leading supplier of sustainable flexible packaging. With this acquisition, Huhtamaki aimed to strengthen its position as a renowned flexible packaging company in growing markets and expand its business by providing attractive consumer product categories.
- In March 2023, Parason, one of the biggest manufacturers and suppliers of pulp and paper machinery announced its collaboration with ABB, a pioneering technology leader. With this collaboration, the companies aimed to automate and scale up the manufacturing of sustainable and compostable packaging solutions. These solutions would be used across various industries including restaurants and cafes, transport, food catering, industry canteens, and many more.
- In January 2023, Cascades, a leading Canadian company that produces, converts, and markets packaging and tissue products announced the launch of its new closed basket which is prepared from recyclable and recycled cardboard. This product is the latest addition of Cascades in the line of eco-friendly packaging.
Most Profitable Region
The Europe region of the green packaging market generated the highest revenue in 2021. This is mainly due to the strict government regulations on the use of single-use plastics along with increased awareness about sustainability in this region. Moreover, the increasing government initiatives on the use of green packaging solutions and the growing technological advancements across the region are expected to boost the regional growth of the market over the estimated timeframe.
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Covid-19 Impact on the Green Packaging Market
Though the rise of the Covid-19 pandemic has devastated several industries, it has had a moderate impact on the green packaging market. The growing shift in preferences of consumers from offline shopping to online one and the growing use of paper-based packaging by e-commerce companies for delivering products have increased the demand for green packaging solutions during the pandemic. Moreover, the growing demand for safe, hygienic, and disposable packaging has further inclined the growth of the market over the crisis. However, the government-imposed lockdowns due to the spread of the deadly virus, and the shutdown of various industries have affected the green packaging market growth to some extent over that period.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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