Green Packaging Market Estimated To Witness High Growth Owing To Increasing Concern Over Environmental Pollution
Green packaging involves the use of recycled, bio-degradable and non-toxic materials for packaging of various consumer and industrial products. It includes recyclable cardboard boxes, paper cartons, recycled plastics, bioplastics and bio-degradable films and labels. Green packaging helps reduce environmental pollution and carbon footprint generated from waste materials. It is being increasingly adopted across food and beverages, healthcare and personal care industries for packaging of products like juices, cosmetics, medicines and consumer goods. The global green packaging market is estimated to be valued at US$ 218337.06 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the high growth of the green packaging market is the increasing concern over environmental pollution caused by dumping of non-biodegradable plastics and packaging waste materials. Various regulations enforced by governments globally to ban single-use plastics and promote use of sustainable alternatives are also propelling the demand for green packaging solutions from industries. Strict laws implemented in countries like India, China and some European nations have created a conductive environment for adoption of eco-friendly packaging. Additionally, growing health awareness among consumers regarding toxins present chemical-laden packaging is compelling brands to shift towards green packaging made from natural and organic raw materials. However, high costs associated with production of certain green packaging technologies like bio-plastics may limit their applications to some extent during the forecast period.
SWOT Analysis
Strength: Green packaging is sustainable and environmentally friendly. It reduces carbon footprint and helps companies market themselves as eco-friendly. It appeals to environmentally conscious customers. Using recycled and recyclable materials lowers production costs in the long run.
Weakness: Setting up infrastructure for green packaging requires high initial investments. Recycled materials are more expensive than virgin materials. Large-scale adoption of green packaging poses logistic challenges. Customers may perceive products in green packaging as more expensive.
Opportunity: Rising environmental awareness is driving demand for sustainable products and solutions. Stringent government regulations promote use of eco-friendly alternatives. Green packaging opens up opportunities in emerging markets focusing on sustainability. Digital printing helps customize green packaging and engage customers.
Threats: Competition from alternative sustainable options like paper bags or reusable containers. Economic slowdowns can decrease discretionary spending on greener options. Customers may still prioritize price over sustainability for certain products. Dependence on recycled waste supply exposes to raw material price volatility.
Key Takeaways
The global Green Packaging Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Advocacy by environmental agencies and regulations on plastic waste are accelerating adoption. The market size is projected to reach US$ 218337.06 Mn by 2024.
Regional analysis: Europe dominates currently due to favorable regulations and consumer demand for sustainability. Germany, France and UK contribute majority share. Asia Pacific is the fastest growing region with increasing population, economy and initiatives for circular use of resources in countries like India and China.
Key players: Key players operating in the green packaging market are Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Kohler Co., MTU Onsite Energy Corporation, Himoinsa S.L., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Briggs & Stratton Corporation, Schneider Electric SE, Eaton Corporation, Aggreko plc, Wärtsilä Corporation, Yanmar Co. Ltd., Doosan Corporation. These players are investing in developing biodegradable and recycled materials to gain edge.
For more insights, read- https://www.pressreleasebulletin.com/green-packaging-market-trends-size-and-share-analysis/
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