June 24, 2024

Green Packaging Market Poised For Substantial Growth Is Propelled By Growing Demand For Sustainable Materials

The global Green Packaging Market primarily comprises packaging materials and components that are manufactured using recycled content or from renewable resources and can themselves be easily recycled or reused. Green packaging helps reduce the carbon footprint of manufacturing operations and lowers the environmental impact of disposed packaging waste. Materials commonly used in green packaging include recycled paper, recycled plastics, bio-plastics, and glass. They provide comparable strength, durability, and shelf-life as conventional packaging while limiting the use of virgin plastics and fossil fuel-based components.

The global Green Packaging Market is estimated to be valued at US$ 251524.92 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing environmental awareness among consumers as well as stringent government policies regarding sustainable waste management are driving increased adoption of green packaging solutions globally. Recycled or biodegradable materials reduce plastic pollution and help businesses meet sustainability goals. Major brand owners are actively partnering with green packaging suppliers to switch to renewable/recycled content in their product packaging encouraged by consumer demand for eco-friendly options. This growing popularity of sustainable materials in the packaging industry is expected to further propel the green packaging market growth over the forecast period.

SWOT Analysis
Strength: Green packaging materials help promote sustainable consumption and reduce negative environmental impacts. They are made from renewable and recyclable resources.
Weakness: Green packaging may have higher production costs compared to conventional packaging. There are also limited technologies available for repulping or recycling some green packaging formats.
Opportunity: Growing awareness about environmental protection and waste reduction is driving the demand for green packaging solutions from both businesses and consumers. Regulations supporting sustainable packaging are also becoming more common.
Threats: Lower oil prices may reduce the incentive to use bio-based and recycled materials in packaging. Traditional packaging vendors can capture market share by introducing their own “greenwashed” products.

Key Takeaways

The Global Green Packaging Market Growth is expected to witness high  over the forecast period. The global Green Packaging Market is estimated to be valued at US$ 251524.92 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

North America currently dominates the market owing to stringent regulations and policies supporting sustainable packaging in the region. Growing environmental concerns are also driving consumer preference for eco-friendly packaging in North America. The Asia Pacific region is expected to be the fastest growing market for green packaging. This can be attributed to increasing industrial and economic activities coupled with rising environmental awareness in developing countries of Asia Pacific such as China, India, Indonesia and Thailand.

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., and Doosan Corporation. These players are focusing on new product launches and expansion strategies to strengthen their market positions.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it