The global green packaging market size stood at USD 267.83 billion in 2021 and is expected to gain momentum by reaching USD 385.34 billion by2028. Fortune Business Insights in its latest report, titled, “Green Packaging Market, 2021-2028.”, mentions that the market stood at USD 258.35 billion in 2020 and is projected to exhibit a CAGR of 5.3% between 2021 and 2028. The increasing focus on adopting recycled-content packaging is expected to boost the demand for sustainable green packaging across the globe.
The widespread effect of the global pandemic,COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
Market Segmentation:
We have segmented the market based on type, application, and region. On the basis of type, the market is segregated into recycled content packaging, reusable packaging, and degradable packaging. Based on application, the market is divided into food& beverages, consumer products, shipping, chemicals, and others. Amongst these, the consumer products segment generated 19.3% in terms of share in 2020. Lastly, based on region, the market is categorized into North America, Asia-Pacific, Europe, theMiddle East and Africa, and Latin America.
What does the Report Provide?
The global market for green packaging report provides effective analysis on several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market in the forthcoming years. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Focus on Adoption of Recycled Packaging Content to Stoke Demand
Several companies are coming with innovative solutions to tackle the growing menace of plastic that is leading to the degradation of the environment. For instance, the Colgate-Palmolive Company had undertaken a strong stance on the rising plastic disposal problem by announcing the company’s 2020 goal to increase recycled plastic content in their packaging. The company reports that by 2050 it will inculcate 75% of the recycled content in its production processes. Therefore, the increasing focus on adopting innovative recycled packaging content is expected to contribute to the global green packaging market growth in the forthcoming years.
Information source:
https://www.fortunebusinessinsights.com/green-packaging-market-105113
