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 the use of materials for packaging that consume less energy during production, offer better recyclability and reusability, and come from renewable sources. Such packaging helps reduce carbon footprint and promote sustainability. Market key trends: One of the major trends in the green packaging market is the increasing use of bioplastics. Bioplastics are plastics derived from renewable biomass sources such as vegetable fats and oils, corn starch, straw, woodchips etc. rather than fossil fuel. They provide an eco-friendly alternative to conventional plastics while offering compostability. The use of bioplastics is growing in food packaging, shopping bags, agriculture films and others which is expected to drive the growth of green packaging market over the forecast period. Segment Analysis Green packaging market is dominated by recycled content packaging segment, accounting for over 35% of the total market share in 2022. This is primarily because recycled content packaging helps reduce landfill waste and conserves natural resources by reducing the amount of raw materials needed for production. Recycled content also provides cost benefits to packaging manufacturers compared to virgin materials. Key Takeaways The global Green Packaging Market Share is expected to witness high growth, exhibiting CAGR of 4.97% over the forecast period, due to increasing awareness about environmental hazards of plastic waste and stringent government regulations regarding plastic usage. Regional analysis: North America dominated the global green packaging market in 2022 and is expected to continue its dominance during the forecast period. This is attributed to growing environmental concerns and strict legislation around plastic disposal in the US and Canada. The Asia Pacific region is anticipated to grow at the fastest rate owing to rising industrialization and manufacturing activities in developing economies such as China and India. Key players: 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. Amcor Limited is one of the leading players and offers sustainable packaging solutions using recycled, recyclable, and biodegradable materials. Read More, https://www.insightprobing.com/green-packaging-market-trends-size-and-share-analysis-2/
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