The global eco-friendly food packaging market accounted for a value of USD 163.5 billion in 2019. The global eco-friendly food packaging market is projected to witness growth at a CAGR of 6.3% during the forecast period.
COVID-19 has impacted all the businesses over globe. The global eco-friendly food packaging market is expected to witness downfall due to pandemic. The main reasons of this decline are shut-down of food industries, restaurants and big food chains. The restriction of transportation led to unavailability of raw materials and strict rules and regulation of lockdown has contributed in decline of global eco-friendly food packaging market due to corona virus during forecast period.
For more details, visit: Global Eco-Friendly Food Packaging Market By Type (Degradable Packaging, Recycled Content Packaging, Others), By Material (Plastic ,Cans, others), By Application (Metal, Rigid Plastic, others), By Region–Forecast & Opportunities to 2026
Excessive use of plastic items has led to environmental degradation at large scale. This is a primary reason for the development of a sustainable packaging for food and beverages. The awareness about saving environment is rising and government is also focusing on reducing plastic use. Thus, drives eco-friendly food packaging market.
Based on type, the eco-friendly food packaging market segmented into degradable packaging, recycled content packaging and reusable packaging. The recycled content packaging accounted for maximum market share of XX% in 2019. It is estimated to register growth at highest CAGR during the forecast period. The growth attributing factors for this segment are cost-effective and the material used in this packaging can be used many times which reduces waste.
On the basis of material, the eco-friendly food packaging market is segmented into paper & paperboard, rigid paper & paperboard, metal, flexible paper & paperboard, flexible plastic, plastic, rigid plastic, cans, barrels & drums and other materials. The paper & paperboard segment is projected to register highest growth at highest CAGR during the forecast period. The use of paper & paperboard material is widely use for packaging material. It is recyclable, cost-effective and preferred by manufacturers & consumers. It helps in maintaining food hygiene and safety. All these factors drive growth in this segment during the forecast period.
On the basis of application, the eco-friendly food packaging market is segmented into food, convenience food, bakery & confectionary, meat, fish & poultry, fruits & vegetable, dairy products, beverages and others. The food segmented accounted for maximum market share of XX% in 2019. It is projected to register growth at highest CAGR during the forecast period. The eco-friendly packaging in food segment ensures good quality, hygiene, safety of products. These factors are driving growth in the eco-friendly food packaging market.
Asia-Pacific region is projected to register growth at highest CAGR during the forecast period. The demand for processed and convenient food is increasing immensely in this region due to busy and hectic lifestyle of people. The consumption of ready-to-east food products is increasing due to increase in disposable income, hectic lifestyle and urbanization. In order to protect the environment the government is also regulating stringent laws for using eco-friendly food packaging. The growth in this region is attributed by these factors during the forecast period.
The key players in eco-friendly food packaging market are Mondi group, Amcor, Sealed Air Corp., Ball Corp., Tetra Pak, Crown Holdings Inc., Huhtamaki Oyj, BASF, Smurfit Kappa, Westrock, Sonoco Products Company, Evergreen Packaging, Winpak Ltd., Berryv Global, Printpak, Paperfoam, GWP, Sustainable Packaging Industries and Swdbrand Groups.
- What are the expected industry trends over the next three to five years?
- Which of the eco-friendly food packaging type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?