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Environmentally Friendly Packaging Global Market Report 2023
Major players in the environmentally friendly packaging market market are Amcor plc, Bemis Company Inc., Tetra Laval International SA, Mondi, BASF SE, Sonoco Products Company, Smurfit Kappa, Sealed Air, Huhtamaki Oyj, West Rock Company, Gerresheimer AG, Ball Corporaton, Ardagh Group SA, DS Smith, Berry Global Inc.
New York, March 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Environmentally Friendly Packaging Global Market Report 2023" - https://www.reportlinker.com/p06433770/?utm_source=GNW
, and Reynolds Packaging.
The global environmentally friendly packaging market grew from $215.31 billion in 2022 to $232.74 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The environmentally friendly packaging market is expected to grow to $297.61 billion in 2027 at a CAGR of 6.3%.
The environmentally friendly packaging market consists of sales of compostable packaging, corrugated packaging, glassine packaging, and cellulose packaging among others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Environmentally friendly packaging refers to packaging that is safe for people and the planet, can be easily recycled, and is produced from recycled or other environmentally friendly materials.It utilizes less energy consumption and natural resources for its manufacture.
Environmentally friendly packaging is used to protect the environ environmentally friendly packaging market.
Western Europe was the largest region in the environmintally friendly packing market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in environmentally friendly packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of environmentally friendly packaging are recycled content packaging, reusable packaging, and degradable packaging.Recycled content packaging is manufactured by using recycled products which helps to protect the environment.
Recycled content packaging is any packaging product produced using non-virgin materials which were previously used.Bags, pouches & sachets, boxes, containers, films, trays, tubes, bottles & jars, and cans are produced using environmentally friendly packaging.
The materials used to manufacture the packaging solutions are paper & paper board, plastic, metal, glass, and starch-based materials.Active, moulded, and alternate fibre packaging are the techniques used.
Primary, secondary and tertiary are packaging layers.
Increasing awareness about environmental concerns among consumers is expected to propel the growth of the environmentally friendly packaging market.People across the world are aware of the current environmental pollution and its drastic effects on the climate.
Purchasing environmentally friendly packaging by customers decreases plastic usage. According to a study conducted by Mastercard Inc., a USA-based financial technology company, in 2021, across 24 countries, 54% of adults after COVID-19 feel that it is important to decrease their carbon footprint. Furthermore, in 2020, 79% of consumers are changing their purchase habits and buying products based on social responsibility, inclusiveness, or environmental impact. Also, 67% of consumers are more cautious about the scarcity of natural resources due to the COVID-19 crisis. Thus, increasing awareness about environmental concerns among consumers is driving the growth of the environmentally friendly packaging market.
New product innovations are the key trends gaining popularity in the environmentally friendly packaging market.Major companies operating in the market are introducing new products to strengthen their position in the market, such as PET containers made from post-consumer recycled content (PCR) resin.
For instance, In February 2020, Amcor, a Switzerland-based packaging company, launched a PET container manufactured from post-consumer recycled content that are clear bottles in two sizes, 100 cubic centimetres and 150 cubic centimetres.
In February 2022, HP (Hewlett-Packard), a US-based information technology company, acquired Choose packaging for an undisclosed amount.With this acquisition, HP adds the Choose packaging’s portfolio into its Personalization & 3D Printing business to scale its technology and client base and plans to disrupt the single-use plastics market with fibre-based, plastic-free packaging.
Choose packaging is a UK based manufacturer of a plastic-free packaging company.
The countries covered in the environmentally friendly packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The environmentally friendly packaging market research report is one of a series of new reports that provides environmentally friendly packaging market statistics, including environmentally friendly packaging industry global market size, regional shares, competitors with an environmentally friendly packaging market share, detailed environmentally friendly packaging market segments, market trends and opportunities, and any further data you may need to thrive in the environmentally friendly packaging industry. This environmentally friendly packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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