Green packaging market is to be valued at USD 546.4-bn by 2032

A DataHorizzon Research report says, “In 2023, the green packaging market reached a valuation of USD 305.6-billion, with projections suggesting a CAGR of 6.7% until 2032, where it is expected to soar to USD 546.4-billion.” This surge is driven by a collective recognition within the packaging industry of the urgent need to minimise plastic dependency and prioritise sustainability.

02 May 2024 | By Abhay Avadhani

The global green packaging market growth is anticipated at a CAGR of 6.7% by 2032

According to the UN Environment Program, 85% of plastics produced are earmarked for packaging, including disposable variants. Much of this ends up as waste in landfills. Despite its prevalence, single-use plastic has proliferated due to its utility in packaging larger items and its cost-effectiveness.

Industries such as medical, food, and beverage are increasingly turning to green packaging due to its ability to safeguard product integrity by shielding against external contaminants and spillage. The reliance on single-use plastics for packaging contributes to heightened emissions, as its production process emits greenhouse gases, posing environmental hazards. Awareness among governments and consumers regarding the environmental impacts has spurred a clamour for cleaner packaging alternatives.

The global green packaging market has been segmented into packaging type, end-user, and region. Based on packaging type, the green packaging market segmentation includes packaging with recycled content, reusable packaging, and degradable packaging. Recycled content holds a significant share of the packaging type segment of the green packaging market. It includes materials like paper, plastic, metal, glass, and other materials that can be used repeatedly without compromising the packaging quality.

The global green packaging market growth is anticipated at a CAGR of 6.7% by 2032. Governments across the globe have formulated regulations regarding reusing and recycling, and the use of biodegradable material for packaging to meet their net zero carbon goals.

Increasing government campaigns to educate consumers about sustainable packaging are expected to favour industry growth over the forecast period. Based on end-user, food and beverages hold a significant share of the green packaging market. It is estimated that more than 50% of F&B companies use green packaging solutions, with paper bags holding a major share in packing food items.

Paper bags are preferred for carrying fresh fruits and vegetables and storing food items as they help maintain the texture and freshness of food without altering its properties.

Some prominent players in the green packaging market report include Amcor, Sealed Air Corporation, Mondi, UFlex, DuPont, Ball Corporation, Tetra Pak Global, Plastipak Packaging, Nampak, Braskem SA, and others.

Latest Poll

Which is the sustainable packaging product among MSMEs that is most popular?

Results

Which is the sustainable packaging product among MSMEs that is most popular?

Bagasse and biodegradable boxes

 

23.08%

Corrugated boxes

 

46.15%

Paper bags

 

30.77%

Recyclable plastic (bubble wraps, bio-plastic)

 

0%

Total Votes : 13

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