Green Packaging Market Size, Share, Growth Analysis, By Packaging type(Recycled, Reusable, Degradable), By Application(Food & Beverages, Healthcare), By Region - Industry Forecast 2024-2031

Green Packaging Market size was valued at USD 229.46 billion in 2019 and is poised to grow from USD 246.67 billion in 2023 to USD 472.92 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Players in the industry are concentrating their R&D efforts on developing new plant-based polymers that mirror the characteristics of plastics currently in use. Companies are revamping packaging to use less material, which reduces costs and trash production. Some of the top businesses in the industry are Tetra Laval, Ball Corp., Nampak, and Sealed Air. To raise awareness and promote the use of sustainable packaging, Evergreen Packaging has been leading Corporate Social Responsibility (CSR) initiatives including "Carton 2 Garden." Companies in the market are spending more money on creative packaging ideas and novel materials with limitless recycling potential. For instance, ALU/PET non-recyclable constructions are being replaced with Amcor's ultra-recyclable high-barrier packaging with a reduced carbon footprint. Several significant companies in the global green packaging market are. 'Amcor', 'Amcor Limited', 'Ball Corporation', 'Bemis Company Inc.', 'Berry Global Inc.', 'DS Smith', 'Huhtamaki Oyj', 'International Paper Company', 'Mondi', 'Reynolds Group Holdings Limited', 'Sealed Air Corporation', 'Smurfit Kappa Group plc', 'Sonoco Products Company', 'Tetra Pak International S.A.', 'WestRock Company', 'Avery Dennison Corporation', 'Crown Holdings Inc.', 'Elopak AS', 'Graphic Packaging International, LLC', 'Klabin S.A.', 'Owens-Illinois Inc.'

The strict laws imposed on single-use plastics, along with the growing consumer awareness fostered by digital marketing, are driving the overall expansion of the green packaging sector.

Premium clothing companies like H&M, which strives for 100% circularity in the value chain and employs organic chemicals for labeling and printing to promote safer product recycling, are following the trend. Many businesses will be forced to use green packaging as a result of the significant growth of these initiatives to remain competitive in the market. Companies that offer Fast Moving Consumer Goods (FMCG), which have smaller profit margins per unit and are resistant to cost mark-ups, practice green packaging. These businesses are putting light weighting strategies into place to cut expenses on transportation and raw materials. In food and beverage applications, packaging choices are directly influenced by consumer behavior.

Due to strict laws set by the European Union and other European countries regarding the use of single-use plastics, Europe dominated the market in 2021 with a revenue share of 36.7%. The circular economy concept was introduced by the European Directive, which also set sustainability objectives and criteria. By embracing recyclable, recycled, and biodegradable materials, European businesses have begun to follow the circular economy roadmap.