by The global Green Packaging market is estimated to be valued at US$ 2,08,000 Mn in 2022 and is expected to exhibit a CAGR of 4.97% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Green packaging involves producing packaging products from sustainably sourced and renewable plant-based materials like sugarcane, bamboo, agricultural waste etc. as well as using recycled materials like used paper and plastics. It helps reduce carbon footprint and support green initiatives. The rising awareness about environmental protection and sustainability among consumers is driving the demand for green packaging solutions from industries. Green packaging plays a vital role in promoting sustainable development by reducing pollution and waste generation.
Market key trends:
One of the key trends in the market is growing focus of packaging manufacturers and brands on adopting eco-friendly materials for packaging. Companies are innovating and developing novel packaging solutions made from agricultural residue and plant-based polymers to replace petroleum-based plastics. Another major trend is rising popularity of recyclable and biodegradable packages among consumers especially for food and beverage products. Governments across regions are also implementing stringent regulations regarding use of plastics and single use packages to curb pollution, which is positively impacting the green packaging industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the Green Packaging market due to high capital requirements and existence of prominent players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of wide range of options from various manufacturers. Buyers can negotiate on price and drive down profit margins.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers supplying raw materials required for green packaging worldwide.
Threat of new substitutes: The threat of new substitutes is moderate as different types of sustainable packaging are emerging as substitutes.
Competitive rivalry: High due to presence of numerous local and global players competing on pricing and innovations.
Key Takeaways
The global Green Packaging Market Share is expected to witness high growth, exhibiting CAGR of 4.97% over the forecast period 2023-2030, due to increasing awareness about sustainable packaging solutions and stringent government regulations regarding use of plastic.
The Asia Pacific region dominated the Green Packaging market in 2022 and is expected to maintain dominance during the forecast period. This is attributed to growing population, rapid industrialization and urbanization in developing economies such as India and China. Moreover, presence of key packaging companies and stringent government policies regarding plastic waste management will drive market growth.
Key players operating in the Green Packaging market are Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, Graham Packaging Company Incorporation, and Huhtamaki OYJ, among others. These players are focusing on capacity expansion and new product launch to strengthen their market position. For instance, in 2022, Amcor launched a new packaging made from renewable and recyclable materials for coffee capsules and foodservice applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
