by The global green packaging market is witnessing significant growth with increasing consumer awareness about the harmful effects of conventional plastic packaging on the environment. Green packaging uses recyclable, reusable, and biodegradable materials like plant-based plastics, paper, and aluminum which reduces the dependence on plastic packaging. Products packaged in green materials have various advantages such as minimizing environmental pollution, reducing carbon footprint, and promoting the usage of renewable resources. With the rising popularity of sustainable solutions across industries, green packaging is emerging as a viable alternative to plastic packaging.
The global green packaging market is estimated to be valued at US$ 251524.92 billion 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:
One of the major trends contributing to the growth of the green packaging market is the stringent government regulations banning plastic packaging. Various countries and regions across the globe have implemented regulations prohibiting or restricting the usage of single-use plastics to curb plastic pollution. For instance, the European Union introduced a directive in 2019 banning single-use plastic products by 2021. Such regulations are compelling companies to shift to eco-friendly green packaging alternatives. Another key trend is the growing focus of corporates on sustainability and reducing their carbon footprint. Prominent packaging companies and brands are actively partnering with green packaging suppliers and implementing sustainable packaging goals to meet consumer demand for environment-friendly options. Increased investments in research & development of novel green materials like bio-plastics, edible films, and seaweed-based substances are also expanding the opportunities in the green packaging market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high initial investments required in R&D, distribution network, and brand development.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitution in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as some raw materials require technical specifications.
Threat of new substitutes: The threat of new substitutes is high due to the availability of alternatives like plastic and paper packaging.
Competitive rivalry: The competitive rivalry is high among existing players to gain market share.
Key Takeaways
The Global Green Packaging Market Size is estimated to be valued at US$ 251524.92 billion in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031
The Asia Pacific region is expected to dominate the market during the forecast period due to stringent government regulations regarding waste management and recyclability of packaging materials. Countries like China and India offer significant growth opportunities due to a large consumer base.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
