Green Packaging Market Scope, and Industry Size will Grow at a CAGR of 6.10% by 2030

Global Green Packaging Market Size was valued at USD 274.1 million in 2021. The Green Packaging industry is projected to grow from USD 290.81 Million in 2022 to USD 440.18 million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2022 – 2030).

Market Research Future’s Review on Green Packaging Market

Green packaging, also called sustainable packaging, makes use of materials that leave a low ecological impact. It makes use of biodegradable plastics or recycled material to manufacture bags and other containers. The report on the global green packaging market by Market Research Future (MRFR) is comprehensive in form and comprises growth drivers and hurdles to be faced by players for the forecast period (2022-2030). The effects of the COVID-19 pandemic on the market value are discussed in high detail.

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Competitive Analysis

List of the Prominent players of the global green packaging market profiled are–

• Bemis Company
• Huhtamaki OYJ (Finland)
• Amcor Limited (Australia)
• Sealed Air Corporation (US)
• Tetra Laval International S.A. (Switzerland)
• Sonoco Products Company (U.S.)
• WestRock Company (US)
• Smurfit Kappa Group PLC (U.S.)
• Mondi Plc. (South Africa)
• BASF SE (Germany) among others

Industry Update

Shotspresso, a local beverage manufacturer in Australia, has teamed up with Biogone to switch to green packaging in order to be environmentally forward and attract more like-minded customers.

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Wanderlust to Influence Market Demand

Rising numbers of young travelers and changing designs of manufacturers to target sustainability minded individuals can drive the demand for green packaging. Use of materials made from organic or recycled sources can drive the market demand. Goals of companies to shift to non-plastic packaging can bode well for the market. This is supported by social media channels and awareness among the millennial demographic.

Integration of 3D in Healthcare Sector to be Profitable for Global Market

The popularity of additive printing in the healthcare sector for rapid production of prototypes and final components of latest electronics can drive the demand for flexible electronics. Integration of 3D printed pressure sensors for providing options for various inputs of users can bode well for the market. Biochemical devices can be used in measuring levels of chemicals by attaching it to the skin. Recently, a 3D printed flexible electrical glove was used in providing thermotherapy to patients and treat injury points by reducing pain levels.

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Huge Investment Costs to Hamper Market Growth

The high investment costs of green packaging can deter significant buyers. Automotive manufacturers looking to lower costs can baulk at prospects. Development of new technologies that require skilled personnel and precise machinery for manufacture of flexible materials can be a challenge for the market.

COVID-19 Impact Analysis

The green packaging market growth can decline due to financial stress affecting their major stakeholders. Rise of green packaging owing to rising consumption of plastic and its effect on the environment can bode well for the market. Strict government rules enforced over disposal of waste can propel market growth. Easing of lockdowns in countries can provide a stimulus to various green packaging manufacturers.

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Segmentation Analysis

Degradable Packaging to Garner Significant Market Revenue

The degradable packaging is expected to generate huge returns for the green packaging market owing to consumer demand for the product. However, harmful effects on its high use can shift the inclination towards recyclable packaging.

Food & Beverages to be Biggest Market End-user

The food and beverages sector is expected to induce massive demand for green packaging owing to its utilization in transfer of power from solar parks to main grids. Implementation of photovoltaic panels in solar parks to capture energy and capture energy for future use can bode well for the market. Green packagings with a capacity greater than 80KW are used in regions with extreme climatic conditions.

Regional Analysis

North America to Lead in Green Packaging Market

North America is touted to lead the green packaging market owing to inclination to alternative packaging to plastic being preferred by various manufacturers. The U.S. can drive regional demand due to being a host to large number of industry leaders.

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