The global industry for green packaging research provides effective analysis on several factors such as the key drivers and restraints that will impact growth. Additionally, the research provides insights into the regional analysis that covers different regions, contributing to the growth of the industry. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the industry in the forthcoming year’s.
Product Innovation by Major Companies to Strengthen Their Industry Positions
The global industry for green packaging is fragmented by the presence of major companies incorporating proactive strategies such as developing innovative solutions to gain a competitive edge over their rivals. Additionally, other key players are adopting organic and inorganic strategies to maintain their presence in the industry during the year’s period.
The global green packaging market size stood at USD 267.83 billion in 2021 and is expected to gain momentum by reaching USD 385.34 billion by 2028. Fortune Business Insights in its latest research, titled, “Green Packaging Industry, 2021-2028.”, mentions that the industry stood at USD 258.35 billion in 2020 and is projected to exhibit a CAGR of 5.3% between 2021 and 2028. The increasing focus on adopting recycled content packaging is expected to boost the demand for sustainable green packaging across the globe.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
We have segmented the industry based on type, application, and region. On the basis of type, the industry is segregated into recycled content packaging, reusable packaging, and degradable packaging. Based on application, the industry is divided into food & beverages, consumer products, shipping, chemicals, and others. Amongst these, the consumer products segment generated 19.3% in terms of share in 2020. Lastly, based on region, the industry is categorized into North America, Asia-Pacific, Europe, the Middle East and Africa, and Latin America.
Increasing Focus on Adoption of Recycled Packaging Content to Stoke Demand
Several companies are coming with innovative solutions to tackle the growing menace of plastic that is leading to the degradation of the environment. For instance, the Colgate-Palmolive Company had undertaken a strong stance on the rising plastic disposal problem by announcing the company’s 2020 goal to increase recycled plastic content in their packaging. The company researchs that by 2050 it will inculcate 75% of the recycled content in its production processes. Therefore, the increasing focus on adopting innovative recycled packaging content is expected to contribute to the global green packaging industry growth in the forthcoming year’s.
List of the Worldwide Companies Operating in the Global Industry include Ball Corporation (Broomfield, Colorado, United States), Braskem SA (São Paulo, State of São Paulo, Brazil), Caraustar Industries Incorporated (Austell, GA, United States), Cargill Incorporated (Wayzata, Minnesota, United States), Cascades Incorporated (Kingsey Falls, Canada), Other Key Players
Further Industry Findings
- Asia-Pacific is expected to hold the highest position in the global green packaging industry during the year’s period. This is attributable to the presence of established sustainable packaging solutions manufacturers in countries such as India and China in the region. Asia-Pacific stood at USD 99.46 billion in 2020.
- The industry in Europe is expected to showcase considerable growth backed by the increasing focus on R&D activities by companies such as Mondi Plc and Tetrapak to develop innovative green packaging solutions in the region between 2021 and 2028.
- Based on application, the food & beverage segment is expected to experience exponential growth during the year’s period. This is ascribable to factors such as the increasing geriatric population globally driving the demand for convenience food products.
Latest Industry Development
- February 2021 – The Coca-Cola Company announced its transition towards 100% recycled PET bottles from a selection of plastic bottles. The company researchs that it will be unveiling a new sip-size bottle for its brands such as Fanta and Sprite to make forays into sustainable packaging solutions.