The Green Packaging Market was valued at USD 305.6 billion in 2023. From there, it is forecast to grow at a Compound Annual Growth Rate (CAGR) of 6.7% until 2032, when it is predicted to reach USD 546.4 billion.
To reduce the growing amount of garbage going to landfills, green packaging uses recycled and biodegradable materials in packaging procedures. A startling 85% of all plastics produced are intended for packaging, including single-use items, according to the UN Environment Program.
Because it protects against spills and outside contaminants, green packaging is becoming more and more popular in industries including food, beverage, and medical. On the other hand, the extensive use of single-use plastics for packaging, whose manufacturing process releases greenhouse gases that endanger the environment, greatly adds to increased emissions.
Thus, increased public and government knowledge of the harmful effects on the environment has led to a demand for more environmentally friendly packaging options. This has sparked a revolution in the use of green packaging, accelerating the transition to more environmentally.
Segmentation Overview:
The package type, end-user, and geographic segments of the worldwide green packaging market have been identified. Reusable packaging, biodegradable packaging, and packaging with recycled content are included in the market segmentation of green packaging based on the kind of packaging. The packaging type sector of the green packaging industry is dominated by recycled content.
Green Packaging Market Report Highlights:
- Government regulations play a crucial role in augmenting the green packing industry. Governments across the globe have formulated regulations regarding reusing and recycling.
- Increasing government campaigns to educate consumers about the benefits of eco-friendly products and packaging material and the harmful effects of toxic materials used in these products are expected to favor industry growth over the forecast period.
- Based on end-user, food & beverages hold a significant share of the green packaging market. It is estimated that more than 50% of food & beverage companies use green packaging solutions.
- Europe holds a significant share of the green packaging market, with countries like Germany and Wales holding a substantial share in this region. According to Earth.org, around 40% of the packaging waste generated in Europe is paper and cardboard.
