by The Global Green Packaging Market consists of various environment-friendly packaging solutions including recycled content packaging, reusable packaging, and degradable packaging. Products such as recycled paper and plastics help reduce waste while reusable packaging such as kegs and glass bottles eliminates single-use containers. On the other hand, biodegradable materials like corn starch actively decompose without polluting the environment. Sustainable packaging plays a vital role in waste reduction and carbon footprint minimization by reducing material consumption. The global Green Packaging Market is estimated to be valued at US$ 218,337.06 million 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:
Growing consumer demand for eco-friendly packaging is a major trend shaping the market. Manufacturers are increasingly responding to consumer preferences and regulatory pressures by incorporating sustainable materials and designs. Bioplastics offer a natural alternative to petroleum-based plastics and their demand is expected to increase significantly. Compostable films and molded fiber packaging made from agricultural residues are emerging solutions. Companies are also investing in recycling infrastructure to improve collection rates and the quality of recyclables. Strategies like design for recycling help maximize material recovery. Innovation in packaging technologies will further reduce environmental footprint while enhancing product protection.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the green packaging market is moderate. High capital requirements and regulatory compliance act as a barrier for new companies.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have the option to choose from various environmentally friendly packaging materials and suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Well-established suppliers have the advantage of economies of scale and brand recognition.
Threat of new substitutes: The threat of substitutes is moderate. Alternatives like paper, glass, and aluminum are substitutes to traditional plastics but each has advantages over others.
Competitive rivalry: The competition in the green packaging market is high. Companies compete on pricing, product differentiation, and innovation.
Key Takeaways
The global Green Packaging Market Growth is expected to witness high growth. Growing awareness about environmental protection and sustainable development is driving the adoption of green packaging solutions across industries.
Regional analysis:
Asia Pacific region dominates the green packaging market and is expected to grow at the fastest pace during the forecast period. Stringent regulations regarding plastic waste recycling and growing focus toward sustainability are fueling market growth in the region. Countries like India and China account for the major share of the Asia Pacific green packaging market.
Key players:
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. are the leaders in the green packaging industry due to their diverse product portfolio and global presence
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
