Eco-Friendly Food Packaging Market Value Projected To Reach USD 334.97 Billion With CAGR Of 8.5% By Forecast 2028
Initiatives taken by the government to promote eco-friendly packaging and rising consumer preferences towards eco-friendly materials are driving market revenue growth
The global eco-friendly food packaging market size is expected to reach USD 334.97 Billion in 2028 and register a revenue CAGR of 8.5% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of eco-friendly food packaging is owing to supportive government regulations and technical breakthroughs in packaging industry for production of packaging using non-petroleum products. Additionally, rising preference for innovative products such as edible packaging, compostable food packaging, water-soluble packaging is driving eco-friendly food packaging industry.
There is a growing preference among consumers towards eco-friendly food packaging products due to rising awareness about reducing impact of non-biodegradable materials on environment. Consumers are also opting for eco-friendly spoons (wooden spoons) and straws (paper straws) which come with food packaging. The airlines industry has started serving passengers with eco-friendly plates (paper plates), spoons (wooden spoons), and glass (paper glass) which will prevent deterioration of ecosystem.
Companies profiled in the global eco-friendly food packaging market include:
Amcor, Mondi Group, Sealed Air Corporation, Ball Corporation, Tetra Pak, Crown Holdings Inc., BASF SE, Huhtamaki OYJ, Westrock Company, Smurfit Kappa Group.
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Some Key Highlights from the Report
By material, paper & paperboard segment is expected to account for largest revenue share in the global eco-friendly food packaging market over forecast period. This is due to wide use of paper & paperboard in foodservice and retail industry, along with transportation of bulk food & beverage products. Because of its degradability and recyclable properties, paper & paperboard are the most preferred packaging material in food and beverage sector. Due to growing environmental concerns, ready-to-eat, on-the-go and frozen & fresh meals are increasingly being provided and delivered in paperboard packaging.
By application, food segment accounted for largest revenue share in the global eco-friendly food packaging market in 2020. Due to fast-paced day-to-day life, consumers are seeking convenient foods solution. Segment revenue growth is driven by growing demand for convenience food and rise in number of working women. Beverages are typically supplied in reusable or recyclable containers; food may also be served in biodegradable packaging, such as paper and paperboards, which supports demand for eco-friendly packaging for food products.
By type, recycled content packaging segment accounted for largest revenue share 2020, and is expected to grow at a faster rate over the forecast period. The recycled content packaging is cost-effective and may be reused several times. It consists of both pre-and post-consumer waste materials. The pre-consumer waste material is made up of trash generated during the production process. This lowers the cost and reduces the strain on natural resources.
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Eco-friendly food packaging market Asia Pacific is expected to grow at a faster revenue growth rate during the forecast period, due to increasing demand for convenience food such as packed meals or pre-prepared meals (needs less further preparation by the consumer) as a result of consumers’ busy life style. Also, rise in government initiative to promote eco-friendly packaging is driving market growth. The Australian government has set a goal of establishing 100 % pure recyclable packaging by 2025 or sooner, signifying a rapid increase in market value throughout the projection period.
High cost of recycling and the lack of proper infrastructure for recycling operations are projected to hinder the market’s expansion in developing countries.
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Key Benefits of Buying the Global Eco-Friendly Food Packaging Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Eco-Friendly Food Packaging Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Eco-Friendly Food Packaging Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Eco-Friendly Food Packaging Market
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