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| Green Packaging Market |
The 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 making packaging products and processes
environment-friendly by reducing carbon footprints. It includes sustainable
materials like recycled content in packaging, biodegradable and compostable
packaging. Key applications of green packaging include food and beverages,
pharmaceutical, personal care among others. Products are packed in materials
that are recyclable, reusable or biodegradable to ensure minimum environmental
impact.
Market Dynamics:
Stringent government regulations around the world regarding use of plastics and
adoption of sustainable packaging solutions is expected to drive the green
packaging market growth. Major economies are imposing bans on specific
single-use plastic products and enforcing minimum recycled content levels in
packaging to curb pollution. Another factor fueling the demand is increasing
consumer preference for eco-friendly packaging owing to rising environmental
awareness. However, high costs associated with green packaging solutions
compared to conventional packaging may hinder the market expansion. Continuous
innovations to develop affordable and effective sustainable packaging
technologies will unlock new opportunities in the coming years.
SWOT Analysis
Strength: Green packaging uses recycled and recyclable materials which are
eco-friendly in nature. It reduces waste and promotes sustainability. Green
packaging helps companies appeal to environmentally conscious consumers and
improves their brand image.
Weakness: Green packaging solutions are often more expensive than regular
packaging. Small businesses may find it difficult to implement due to high
initial costs. Limited availability of recycling infrastructure in some regions
pose challenges.
Opportunity: Growing consumer demand for sustainable products offer huge growth
opportunities. Stringent government regulations regarding single-use plastic
usage will boost demand. Advancements in green packaging technologies help
address cost and performance issues.
Threats: Economic slowdowns can negatively impact the market. Lack of recycling
awareness among consumers threatens effective waste management. Substitutes
like bioplastics pose competition.
Key Takeaways
The global Green
Packaging Market Share is expected to witness high growth, exhibiting a
CAGR of 4.97% over the forecast
period, due to increasing consumer awareness about environmental protection.
Regional analysis- North America dominated the market in 2022 due to strict
regulatory push and rising recycling rates. Asia Pacific is anticipated to grow
at the fastest pace, favored by rapid economic development and improving
sustainability initiatives in emerging countries.
Key players analysis- 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 leads the market with biggest recyclable packaging portfolio.
Read More,
https://www.trendingwebwire.com/green-packaging-market-trends-size-and-share-analysis/
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