Green packaging, also called sustainable packaging, refers to using reusable, compostable, biodegradable, or similar eco-friendly packaging materials to pack and ship products. Apart from this, recycling of packaging materials or adhering to manufacturing processes that minimize environmental pollution also come under the ambit of green packaging practices. Green packaging, due to its very nature, helps in reducing environmental waste and pollution substantially.
Forecast Analysis
The effects of climate change and global warming are becoming increasingly devasting with each passing year. As a result, there has been an increased awareness regarding the need to adopt sustainable and eco-friendly practices in all walks of life. This increasing awareness regarding environment-friendly practices is expected to be the primary growth driver of the green packaging market in the coming years. Along with this, increasing knowledge about green packaging and its associated benefits is predicted to boost the market. Also, major companies and businesses have started packaging their products using green packaging materials and methods. This is anticipated to offer numerous growth opportunities to the market in the 2021-2028 timeframe. However, high costs associated with green packaging is expected to create hurdles in the growth of green packaging market.
Regionally, the green packaging market in the Asia-Pacific region is expected to have the fastest growth rate and garner a revenue of $112.5 billion by 2028. Growing awareness and knowledge about green and sustainable packaging practices is expected to be the leading growth factor of the market in this region. Moreover, government initiatives and schemes, like the one started by the Government of India, to promote green packaging practices is expected to further boost the green packaging market in the Asia-Pacific region.
As per the report published by Research Dive, the global green packaging market is expected to gather a revenue of $451.7 billion by 2028 and grow at 7.0% CAGR in the 2021–2028 timeframe. Some prominent market players include Amcor Limited, Ardagh Group Co., Sealed Air Corporation, E. I. DuPont de Nemours and Company, PlastiPak Holdings, Inc., Mondi Limited, Bemis Company, Inc., ELOPAK AS, TetraPak International S.A., Uflex limited, and many others.
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Covid-19 Impact on the Green Packaging Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. This negative impact on industries and businesses is mainly due to the lockdowns and travel restrictions which were imposed by several countries across the world, owing to which many manufacturing processes and global supply chains were hampered. Even the green packaging market has faced severe consequences due to this. As manufacturing processes were stopped, the demand for packaging materials drastically declined which, in turn, restricted the growth rate of the market. However, a ray of hope was provided by e-commerce websites which operated during the pandemic period also, and hence provided the much-needed demand for green and sustainable packaging materials.
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Significant Market Developments:
The significant companies operating in the industry are adopting numerous growth strategies business tactics such as partnerships, collaborations, mergers acquisitions, and launches to maintain a robust position in the overall market, thus helping the green packaging market to flourish. For instance:
In August 2021, Nefab Group, an industrial packaging provider, and Corruven Inc., a Canada-based protective packaging company, jointly launched FiberFlute, a sustainable packaging product that minimizes environmental waste and pollution. With this product launch, both the collaborating companies are set to expand their footprint in the sustainable packaging market in the near future.
In September 2021, Huhtamaki, a Finland-based food packaging company, announced the acquisition of Elif, a leading supplier of sustainable packaging solutions. The acquisition will help Huhtamaki massively in its aim to expand the business globally and cater to a large customer base, so as to increase its market share in the coming years.
In February 2022, Hewlett-Packard (HP), an American multinational technology giant, announced the acquisition of Choose Packaging, a plastic-free packaging solutions provider. With this acquisition, HP has announced its grand entry in the green packaging market and in the coming years, it will look to consolidate its position in the market with similar business deals.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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