Green Packaging Market Growth Accelerated by Increasing Environmental Awareness

Green Packaging Market

Green packaging solutions are used for packaging food and beverages items in an eco-friendly manner. These packaging materials use recycled content and are reusable or recyclable. They help reduce the carbon footprint of packaged items. Growing environmental concerns among consumers have increased the demand for green packaging. The global Green Packaging Market is estimated to be valued at US$ 218337.06 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends driving the growth of the green packaging market is increasing environmental awareness among consumers and regulatory push for sustainability. Various studies have shown that eco-conscious consumers are willing to pay more for sustainable packaged products. They also perceive brands using green packaging more favorably. Stringent regulations around the world are also fueling the demand as many nations have implemented bans on single-use plastic packaging. Manufacturers are proactively opting for green packaging solutions to comply with the norms and appeal to growing environmentally concerned customers. The market is expected to gain further momentum as sustainability becomes imperative for business success.

Segment Analysis
The global green packaging market is dominated by the recycled materials sub-segment due to the mandate on incorporation of recycled content in packaging by regulatory authorities across various countries. Green packaging using recycled materials reduces waste, carbon footprint, and the overall environmental impact of packaging as compared to virgin plastic packaging.

Key Takeaways

The global Green Packaging Market Growth is expected to witness high growth over the forecast period, encouraged by stringent government regulations promoting sustainable packaging and initiatives to curb plastic waste worldwide.

Regional analysis: Europe accounted for the largest share of the global green packaging market in 2024 owing to favorable regulatory framework around reuse and recycling in countries like Germany, UK, and France. Stringent regulations such as single-use plastic ban and extended producer responsibility have accelerated the adoption of green packaging solutions in the region. Asia Pacific is expected to be the fastest growing market during the forecast period driven by growing preference for sustainable packaging and rapid industrialization in countries like China and India.

Key players operating in the green packaging market are Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Kohler Co., MTU Onsite Energy Corporation, Himoinsa S.L., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Briggs & Stratton Corporation, Schneider Electric SE, Eaton Corporation, Aggreko plc, Wärtsilä Corporation, Yanmar Co. Ltd., Doosan Corporation. Caterpillar Inc. and Cummins Inc. jointly held over 25% share of the global portable generator market in 2024 owing to their robust product portfolio and widespread distribution network.

For more insights, read- https://www.ukwebwire.com/green-packaging-market-trends-size-and-share-analysis/