The global Green Packaging Market is expected to reach USD
441.41 Billion by 2028, according to a new study by Grand View Research, Inc.
It is expected to expand at a CAGR of 6.1% from 2020 to 2028. The market
for green packaging is projected to be driven by the growing consumer demand
for environment-friendly alternatives to non-sustainable packaging products.
Green packaging is witnessing growth due to rising
environmental concerns caused by the packaging waste that ends up in landfills,
polluting the environment. The packaging types categorized under green
packaging are recyclable, reusable, and degradable. They are either used in the
same value chain or degraded in nature without releasing harmful toxins, thus
assisting companies to reduce their negative impact on the environment.
Recyclable and recycled content packaging is
predominant amongst all types of green packaging as it is used on a mass
scale. Plastics, paper, glass, and metal are the top recycled materials
used for this segment of green packaging. Plastic is the most widely used
material as it is cost-effective and provides useful properties, such as
waterproofing and durability. The paper segment is witnessing high growth owing
to new packaging designs introduced by companies as part of sustainable
initiatives.
The market is likely to witness high growth over the
coming years in the food and beverages sector as many players in the
foodservice industry are switching to paper or compostable materials from
single-use plastic cups, lids, closures, and food trays. The healthcare segment
largely uses glass bottles and aluminum foil for packaging medicines,
which is expected to grow in the forecast period as per the growth of the
pharmaceutical industry.
Related Press Release@ Green Packaging Market Report
Green Packaging Market Report
Highlights
- In terms of revenue, the food and beverages application segment is
projected to expand at the fastest CAGR over the forecast period. Shifting
consumer inclination towards eco-friendly packaging is anticipated to spur
segment growth in the years to come
- By type, recycled content packaging accounted for 61.4% share of
the overall revenue in 2019 owing to its widespread use and
cost-efficiency. Growing establishments of recycling infrastructures,
together with regulations and policies pertaining to the circular economy,
are likely to encourage the usage of recycled content packaging
- The growing trend of eco-friendly practices, such as the use of
reusable metal straws, is pushing manufacturers further to adopt green
packaging in all industries, including consumer goods and pharmaceutical
products. Most packaging industry experts suggest that non-sustainable
packaging will become obsolete in the coming decades as most of the
packaging will be recycled
- In January 2019, KFC announced a pledge to eliminate all non-recoverable
and non-reusable plastic-based packaging by 2025. The company has adopted
100% fiber-based packaging from recycled or certified sources, replacing
single-use plastic cutleries
- In 2018, Procter & Gamble announced a sustainability goal
called ‘Ambition 2030’. The multi-national organization has planned to
make 90% of its packaging recyclable or reusable. The company partnered
with TerraCycle and SUEZ to produce recyclable shampoo bottles made from
plastic collected from the beach
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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