The Global Green Packaging Market Growth Accelerated By Sustainable Packaging Materials

 


Green Packaging Market


Green packaging materials are widely being used for packaging various products ranging from food and beverages to consumer goods due to their eco-friendly properties. These materials include recycled plastics, paper & paperboards made from sustainably managed forests and plant-based plastics. Their use in packaging helps reduce carbon footprint and plastic waste generation compared to conventional plastics.

The global Green Packaging Market is estimated to be valued at US$ 251524.92 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Sustainable Packaging Materials - The increased focus on sustainability has accelerated the adoption of bioplastics and other sustainable packaging materials in recent years. Materials like polyhydroxyalkanoates or PHAs obtained from fermenting plant-based sugars and starches are increasingly being used in food service disposables and packaging films due to their biodegradability and renewability. Advancements in material science are also leading to innovations like edible films made from whey proteins and gums that can replace single-use plastics. The growth in sustainable packaging materials is expected to drive the green packaging market over the forecast period.


Segment Analysis
The global green packaging market comprises biodegradable packaging, recyclable packaging, reusable packaging, and renewable packaging. Biodegradable packaging dominates the market and accounts for over 35% of the share. This is because biodegradable packaging such as paper bags and boxes decompose and do not leave any environmental impact. Paper bags and boxes can be recycled and reused multiple times reducing the need for plastic packaging which pollutes the environment and takes centuries to decompose.

Key Takeaways
The Global Green Packaging Market Analysis is expected to witness high . Factors such as stringent government regulations regarding the use of plastic packaging and rising environmental concerns among consumers are driving the demand for green packaging solutions. The global Green Packaging Market is estimated to be valued at US$ 251524.92 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023-2031.

Regional analysis
Asia Pacific region dominates the global green packaging market and accounts for over 40% share. The rapidly growing e-commerce industry and manufacturing sector in China and India are driving the demand for packaging in the region. Additionally, government initiatives to curb plastic pollution are encouraging industries to adopt sustainable green packaging options. Europe is the second largest region owing to high environmental awareness and regulations restricting plastic usage.

Key players
Key players operating in the green packaging market 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, and Eaton Corporation. Aggreko plc, Wärtsilä Corporation, Yanmar Co. Ltd., and Doosan Corporation are also prominent players in the market focusing on developing innovative and sustainable green packaging solutions.

Get more insights on this topic: https://www.ukwebwire.com/green-packaging-market-size-and-share-analysis-growth-trends-and-forecasts/

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