Green Packaging Market is Anticipated to Witness High Growth Owing to Growing Environmental Concerns

Green Packaging Market


Green packaging offers environmental-friendly packages and packaging materials that are made of biodegradable, recyclable, reusable and raw materials from renewable sources. The demand for green packaging is growing significantly owing to stringent government regulations regarding environmental protection and disposal of plastic waste. Growing consumer awareness about environmental issues and demand for sustainability is further driving the market growth.

The global green packaging market is estimated to be valued at US$ 251524.92 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Green Packaging are Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Kohler Co., MTU Onsite Energy Corporation, Himoinsa S.L., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Briggs & Stratton Corporation, Schneider Electric SE, Eaton Corporation, Aggreko plc, Wärtsilä Corporation, Yanmar Co. Ltd., Doosan Corporation. These players are focusing on new product development and production expansion to cater to the growing demand.

There is a significant opportunity for green packaging in food and beverage industry. Changing consumer preference towards sustainable packaging is prompting food brands to shift towards eco-friendly materials. Rapid growth of e-commerce is also driving the demand for green packaging solutions that protect products and environment both.

North America and Europe currently dominate the global green packaging market. However, Asia Pacific region is anticipated to witness highest growth owing to favorable government regulations and rapid industrialization in countries like India and China. Key players are expanding their manufacturing footprint in Asia to leverage growth opportunities.

Market Drivers
The major driver for the growth of the Green Packaging Market Size is the stringent government regulations regarding use of plastics. Many countries have either banned or imposed high taxes on single use plastics to reduce plastic waste. This is prompting packaging manufacturers to invest in greener alternatives made of recycled and biodegradable materials. Growing consumer awareness about environmental protection is also encouraging brands to adopt sustainable packaging.

Market Restraints
High costs of green packaging solutions as compared to traditional plastics is a major challenge. Setting up waste collection infrastructure for recycling and composting of green packaging materials is another barrier. Lack of standards and common protocols for certifying a package as green also restraints the growth of green packaging market.

Segment Analysis
Green packaging includes recyclable materials, bioplastics, reusable packaging, recycled content packaging, and plant-based materials for packaging. The recyclable materials segment currently dominates the global green packaging market owing to strict environmental regulations encouraging the use of recyclable materials for packaging. The bioplastics segment is emerging at a significant rate due to growing demand for bio-based and biodegradable plastics from end-use industries like food and beverage and consumer goods.

Global Analysis
In terms of regional analysis, North America holds the largest share in the global green packaging market and is estimated to maintain its dominance during the forecast period. This is attributed to stringent government regulations for recyclable and sustainable packaging in the region. Asia Pacific is anticipated to grow at the fastest rate during the forecast period owing to rapid industrialization and growth of end-use industries like food and beverage in countries like China and India. Additionally, growing environmental awareness and increasing population are augmenting the demand for green packaging in Asia Pacific. Countries in Europe such as Germany and the UK are also contributing significantly to the global green packaging industry due to favorable policies for reusable and recycled packaging.

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