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Investing in Green Packaging Market Outlook

The economic value generated by the green packaging industry was estimated at approximately USD 291.6 billion in 2022.

Green Packaging Industry Data Book | Forecast 2030

Grand View Research’s green packaging sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.

The economic value generated by the green packaging industry was estimated at approximately USD 291.6 billion in 2022. This economic output is an amalgamation of businesses that are involved in the raw material suppliers, manufacturers of green packaging products, distribution & supply, and application of green packaging.

 

Access the Global Green Packaging Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Food & Beverage Green Packaging Market Analysis And Forecast

Consumer behavior directly influences packaging solutions in food and beverage applications. Despite the COVID-19 pandemic, the food and beverage industry has witnessed significant growth and is expected to continue to grow over the forecast period, positively impacting the green packaging industry. The food and beverage industry is consistently catering to the consumer’s convenience by offering on-the-go consumption products, which are expected to cause a rise in demand for packaging in food and beverage applications.

There is also significant growth in online grocery stores, such as Amazon Pantry, which has encouraged the purchasing of packaged foods and beverages through online orders. Several companies have extended their delivery services with the introduction of pickups at specific drive-up locations. It is observed that consumers who prefer organic food are more likely to demand and buy products that are differentiated under green packaging; therefore, the growth of organic food products is directly affecting the demand for packaging that is recognized as sustainable.

 

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Personal Care Green Packaging Market Analysis And Forecast

The personal care segment recorded a significant market share in 2022, owing to the wide application of recycled PET pouches, bottles, and containers for creams, body lotion, gel, and others. Moreover, personal care manufacturers are increasingly recognizing the importance of sustainability to their brand reputation as it helps to convey a company’s commitment to sustainability and social responsibility to consumers, which further drives the demand for this segment. For instance, Olive Natural Skincare offers 100% recycled packaging for all its products and has achieved a zero-carbon certification which shows its customers its commitment to sustainability and uplifts its brand reputation.

Many green-conscious consumers are opting for sustainable packaging for personal care products. The past few years have been monumental for sustainable packaging, especially in Europe, as global brands have pledged to reduce, reuse, and recycle post-consumer materials. Manufacturers of personal care products and cosmetics pay attention to sustainable packaging primarily owing to the rising consumer consciousness regarding the origin of the products used by them. Cosmetic companies have historically fallen under the ethical radar with controversies related to animal testing, the use of harmful chemicals, and child labor. These companies have been trying to build a clean brand image wherein sustainable packaging has played a vital role.

 

Healthcare Green Packaging Market Analysis And Forecast

The healthcare segment is expected to grow at a fast CAGR of 4.8% during the forecast period, attributed to the increasing use of green packaging, such as molded pulp packaging solutions, instead of traditional reusable utensils in hospitals and healthcare facilities for more convenience. In addition, aluminum foil material is used for the packaging of pharmaceutical oral drugs such as pills and capsules. Moreover, the increased demand for disposable sustainable packaging solutions, driven by consumer concerns about hygiene during the global pandemic, is contributing to the growth of the segment.

There also exists a lack of recycling infrastructure for medical packaging materials, which has made it difficult to recycle the materials even though they are manufactured with sustainable practices and eco-friendly materials. Europe has been at the forefront of promoting recyclable medical packaging, where manufacturers gain a competitive edge by marketing and making recyclable packaging products. Healthcare Plastics Recycling Council (HPRC) has supported and led many hospital waste diversion strategies, although single-use plastics still dominate the healthcare industry.

Competitive Insights

The green packaging market is highly competitive, with the presence of both global and regional players. The companies offer a wide range of products that are available in a variety of shapes, sizes, and colors. Moreover, they offer custom packaging products to suit customer-specific requirements.

The market has also witnessed several new product launches and mergers and acquisitions over the last few years. The industry players are adopting several strategies, including collaborations, mergers & acquisitions, joint ventures, and partnership agreements to increase the customer base and individual market share.

  • In February 2023, Sealed Air announced the acquisition of Liquibox, a sustainable liquid packaging manufacturer. With this acquisition, Sealed Air is expected to expand its product portfolio in the food & beverage application to meet the growing demand of consumers for sustainable packaging solutions.
  • In September 2022, Sealed Air announced an expansion in its product portfolio by launching a new product range of protective packaging solutions containing more than 50% recycled plastic under its bubble wrap brand.
  • In October 2022, Ball Corporation announced an expansion in its product portfolio by adding two different sizes of recycled aluminum cups to cater to the food & beverage industries across the globe.
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