Market Size of Green Packaging Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 282.75 Billion |
| Market Size (2029) | USD 411.81 Billion |
| CAGR (2024 - 2029) | 7.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Green Packaging Market Analysis
The Green Packaging Market size is estimated at USD 282.75 billion in 2024, and is expected to reach USD 411.81 billion by 2029, growing at a CAGR of 7.81% during the forecast period (2024-2029).
Increasing Awareness About Environmental Concerns Among Consumer Industries and Stringent Government Regulations drive the market.
- The rising food and beverage industry, embracing packaging produced from recyclable and biodegradable materials at a constant rate, has severe limits on the use of single-use plastics. Increased consumer awareness of sustainable packaging contributes to this trend.
- Also, packaging contributes to the high costs of goods and trash disposal. For example, out of every USD 10 spent on commodities, USD 1 goes toward the cost of the packaging. That's 10% of consumer spending going toward packaging, which will eventually end up in the garbage.
- Furthermore, the issues above are putting pressure on regulators, end-user businesses, and packaging firms to find a replacement that will reduce the environmental impact of packaging and provide sustainable and environmentally friendly packaging solutions, causing the market for green packaging to expand.
- However, changing regulatory standards, fluctuating raw material costs, increasing waste volumes, and rising environmental waste regulations have expected to hinder the market growth during the forecast period. This will enable companies operating in this market segment to develop new products that are potentially disruptive and also reduces the current risks in the market.
- The COVID-19 outbreak has affected international trade and supply chains of essential and non-essential goods and services. With the spread of COVID-19 across the world, businesses have suffered significantly. The studied market has been negatively impacted due to the pandemic. Many governments have postponed the ban on single-use plastic, and the pandemic witnessed growth in the usage of plastic packaging due to significant growth in online shopping and e-commerce.
