NOIDA, India, Oct. 18, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Eco-Friendly Food Packaging Market was valued at more than USD 176 billion in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Material (Paper & Paperboard, Plastic, Metal, Glass); Application (Food & Beverage, Bakery & Confectionery, Dairy Products, Others); Type (Recycled Content Packaging, Degradable Packaging, Reusable Packaging); Region/Country.
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The Eco-Friendly Food Packaging market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Eco-Friendly Food Packaging market. The Eco-Friendly Food Packaging market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Eco-Friendly Food Packaging market at the global and regional levels.
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The demand for eco-friendly food packaging is uplifting on account of the waste generated by the food packaging material. For instance, in 2018, the packaging waste generated in the EU was estimated at 174.1 kg per inhabitant varying from 67.8 kg per inhabitant in Croatia and 227.5 kg per inhabitant in Germany. Also, in the EU, during 2008-2018, paper and cardboard were the leading packaging waste material with around 31.8 million tons in 2018. This material is followed by plastic and glass generating 14.8 million tons & 14.5 million tons of waste in 2018, respectively. Owing to the increasing waste generation coupled with lowered recycling rate is hurting the earth's environment which in turn is driving the growth of the eco-friendly food packaging market.
Moreover, the stringent new policies and regulations implemented and adopted by the government would influence the demand for eco-friendly packaging. The government across several countries banned or implemented additional charges on the use of conventional shopping bags, packaging materials, and disposables. Thus, the global market for bioplastics, particularly biodegradable or eco-friendly food packaging plastics is on rising. Plastic bags take 10 to 20 years to decompose completely which is a threat to the ecosystem. Further, the growing need to reduce the dependency on conventional fuels coupled with rising consumer awareness to adopt sustainable biodegradable plastics is escalating the demand for eco-friendly food packaging. Although, the high manufacturing cost of biodegradable plastics than conventional plastics would hamper the market growth.
The COVID-19 pandemic halted the manufacturing and supply chain operations related to food and beverages. Moreover, several food service outlets, restaurants, supermarkets, and hypermarkets were non-functional, which adversely impacted the food packaging market, therefore, the demand for eco-friendly packaging witnessed a downfall. Also, there were changes in consumer behavior and demand during the pandemic largely impacted the supply and value chain in the food and beverage industry. Therefore, reduced demand for reusable, recyclable, and degradable materials was observed in the industry for a limited period. However, the market for active packaging is experiencing positive growth due to its antioxidant and antimicrobial properties. This may help in preventing the contamination of food & beverage products from bacteria and viruses.
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The global Eco-Friendly Food Packaging market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on material, the market is classified into paper & paperboard, plastic, metal, and glass. Amongst these, the plastic segment accounted for a significant share of the market. Manufacturers are keen on the production of eco-friendly and biodegradable food packaging materials from biodegradable waste. Residual by-products of sugarcane extraction, rice bran, wheat, and maize are several of the raw materials leveraged to manufacture eco-friendly packaging material.
- Based on type, the market is categorized into recycled content packaging, degradable packaging, and reusable packaging. Among these Recycled materials grabbed a significant market share as recycled materials are one of the top options for sustainable brand packaging. These can include recycled paper, plastic, and even fabrics. These materials are reused as raw materials by manufacturers to produce new packaging goods, reducing pollution produced by packaging trash.
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Eco-Friendly Food Packaging Market Geographical Segmentation Includes:
- · North America (United States, Canada, and Rest of North America)
- · Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- · Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
- · Rest of the World
For a better understanding of the market adoption of the Eco-friendly food packaging industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. Asia Pacific is expected to witness the highest CAGR during the forecast period. A rise in the café, hotels, and restaurants across in Asia pacific region coupled with the availability of healthy food as per consumer demand is leading to the growing demand for the eco-friendly food packing market.
The major players targeting the market include
- Ball Corporation
- Sonoco Company
- Tetra Pak
- Westrock Company
- Mondi Group
- Crown Holdings Inc.
- Sealed Air Corporation
- Sustainable Packaging Industries
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Eco-Friendly Food Packaging market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the Eco-Friendly Food Packaging market?
- Which factors are influencing the Eco-Friendly Food Packaging market over the forecast period?
- What are the global challenges, threats, and risks in the Eco-Friendly Food Packaging market?
- Which factors are propelling and restraining the Eco-Friendly Food Packaging market?
- What are the demanding global regions of the Eco-Friendly Food Packaging market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Eco-Friendly Food Packaging Market Report Coverage
Accelerate at a CAGR of over 7%
Market size 2020
USD 176 billion
North America, Europe, APAC, Rest of World
Major contributing region
North America to Dominate the Global Eco-Friendly Food Packaging Market
Key countries covered
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India, and Australia
BASF, Ball Corporation, Sonoco Company, Tetra Pak, Amcor, Westrock Company, Mondi Group, Crown Holdings Inc., Sealed Air Corporation, Sustainable Packaging Industries.
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling
By Material; By Application; By Type; By Region/Country
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.