Green Packaging Market is Predicted to Attain USD 337.54 Billion by 2031: Allied Market Research

Global green packaging industry generated $164.17 billion in 2020, and is anticipated to generate $337.54 billion by 2031, witnessing a CAGR of 6.6%

PORTLAND, OREGON, UNITED STATES, September 27, 2022 /EINPresswire.com/ -- According to the global green packaging market analysis, the market is divided by application, packaging type, material and geographical division. By application, it comprises personal care packaging, health care packaging, food & beverage packaging, and others. By packaging type, it includes recycled content packaging, reusable packaging, and degradable packaging. Based on the material, the market is segmented into plastic, metal, glass and others. By geography, it includes North America, Europe, Asia-Pacific, and LAMEA markets. Further, the report also covers the strategies adopted by key market players in order to sustain competitive environment and increase their market share.

The recycle content packaging segment held the major green packaging market share and is likely to remain dominant throughout the green packaging market forecast period. Biodegradable products associated with bioplastics have flourished in healthcare and pharmaceutical applications, and are accepted as an alternative for polymer oil-based products. In addition, reverse logistics along with increase in number of legislations for ecological packaging techniques facilitated the recycle of municipal wastes.

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Leading Market Players
Amcor Limited
E. I. DuPont de Nemours and Company
Mondi Limited, Sealed Air Corporation
TetraPak International S.A.
Ardagh Group Co.
PlastiPak Holdings, Inc.
Bemis Company, Inc.
Uflex limited
ELOPAK AS

Covid-19 Scenario
During the outbreak of the COVID-19 pandemic, production hubs of green packaging were temporarily closed, which had a negative impact on the growth of the market.
In addition, disruptions in the supply chain and lack of skilled workforce availability due to partial or complete lockdown hampered the market growth.
However, the global green packaging market is expected to witness a V-shaped recovery post-pandemic.

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The food & beverages segment to maintain its leadership status throughout the forecast period
Based on application, the food & beverages segment held the highest market share in 2020, accounting for around three-fifths of the global green packaging market, and is estimated to maintain its leadership status throughout the forecast period. This is due to growth in consumer awareness about health and emergence of substitutes. However, the healthcare segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030. Medicines comprise complex chemical solutions that have the potential to react with the harmful chemicals in the packaging material and destroy the medicine composition. This factor is driving the healthcare green packaging segment.

The Recycled Content Packaging segment to maintain its lead position during the forecast period
Based on packaging type, the recycled content packaging segment accounted for the largest share in 2020, contributing to more than half of the global green packaging market, and is projected to maintain its lead position during the forecast period, owing to sustainable development. However, the degradable packaging segment is expected to portray the largest CAGR of 10.4% from 2021 to 2030, owing to wide scope of usage.

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Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global green packaging market. This is due to technological advancements and stringent government regulations in the region. However, the LAMEA region is expected to witness the fastest CAGR of 7.3% during the forecast period. Technological developments in South America and other countries in the region are anticipated to increase the growth of the green packaging market in LAMEA.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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