SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study
published by Global Industry Analysts Inc., (GIA) the premier
market research company, today released its report
titled "Eco-Friendly Food Packaging - Global Market Trajectory
& Analytics". The report presents fresh perspectives on
opportunities and challenges in a significantly transformed post
COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: November
2021
Executive Pool: 606
Companies: 145 - Players covered include Amcor; Ball
Corporation; BASF SE; Berry Global; Crown Holdings Inc.; Elopak;
Evergreen Packaging; GWP Group; Huhtamaki Oyj; Mondi Group;
Paperfoam; Printpak Inc.; Sealed Air Corporation; Smurfit Kappa
Group; Sonoco Products Company; Sustainable Packaging Industries;
Swedbrand Groups; Tetra Pak; Westrock Company; Winpak Ltd. and
Others.
Coverage: All major geographies and key segments
Segments: Type (Recycled Content Packaging, Degradable
Packaging, Reusable Packaging); Material (Paper & Paperboard,
Plastic, Metal, Glass, Other Materials); Application (Food,
Beverages, Alcoholic Beverages, Non-Alcoholic Beverages)
Geographies: World; United
States; Canada;
Japan; China; Europe
(France; Germany; Italy; United
Kingdom; Spain;
Russia; and Rest of Europe); Asia-Pacific (Australia; India; South
Korea; and Rest of Asia-Pacific); Latin
America (Argentina;
Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel;
Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Registry
ABSTRACT-
Global Eco-Friendly Food Packaging Market to Reach
US$252.3 Billion by the Year
2026
Eco-friendly packaging involves the use of
biodegradable or renewable materials that do not cause
environmental damage. Such packaging materials are gaining
prominence in the food and beverage sector because of their
environmental and safety advantages. Growing environmental
concerns is a key factor spurring growth in the market for
eco-friendly packaging materials. Rising demand can also be
attributed to the growing popularity of convenience foods. In
addition, strict rules regarding plastic disposal in numerous
regions are also propelling the market for biodegradable solutions.
The negative environmental impact of single-use plastic items is
driving the market for sustainable packaging in the food and
beverage industry. Strict government regulations, packaging
downsizing, along with technological advances in manufacturing
packaging through non-petroleum products are also spurring growth
in the market. The surge in demand for sustainable packaging can be
attributed to the enhanced safety and hygiene offered by these
products. In addition, innovative products like water-soluble
packaging and edible packaging are driving expansion in the
market.
Amid the COVID-19 crisis, the global market for Eco-Friendly
Food Packaging estimated at US$167.8
Billion in the year 2020, is projected to reach a revised
size of US$252.3 Billion by 2026,
growing at a CAGR of 7.2% over the analysis period. Recycled
Content Packaging, one of the segments analyzed in the report, is
projected to grow at a 6.7% CAGR to reach US$119.9 Billion by the end of the analysis
period. After a thorough analysis of the business implications of
the pandemic and its induced economic crisis, growth in the
Degradable Packaging segment is readjusted to a revised 7.8% CAGR
for the next 7-year period. This segment currently accounts for a
34.2% share of the global Eco-Friendly Food Packaging market. While
plastic has traditionally been used for the manufacture of such
products, there is growing use of biodegradable packaging in view
of the environmental pollution associated with traditional
products. Producers are therefore creating biodegradable
disposables which can enhance shelf life and freshness of the
food.
The U.S. Market is Estimated at $42.7
Billion in 2021, While China is Forecast to Reach
$32.4 Billion by 2026
The
Eco-Friendly Food Packaging market in the U.S. is estimated at
US$42.7 Billion in the year 2021. The
country currently accounts for a 24.39% share in the global market.
China, the world's second largest
economy, is forecast to reach an estimated market size of
US$32.4 Billion in the year 2026
trailing a CAGR of 9% through the analysis period. Among the other
noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.9% and 6.6%
respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately
6.6% CAGR while Rest of European market (as defined in the study)
will reach US$35.5 Billion by the end
of the analysis period. Asia-Pacific dominates market share as busy
consumers drive a surge in convenience food demand. The market is
expanding because of the growing consumption of ready-to-eat and
on-the-go breakfast foods amid rapid urbanization, increasing
disposable incomes, and hectic lifestyles.
Reusable Packaging Segment to Reach $51.3 Billion by 2026
With consumers
looking for both convenience and sustainability, several companies
are undertaking initiatives that will promote reusable packaging
and without compromising convenience. Though reusable packaging
offers numerous benefits by ensure that waste does not reach
landfills, some challenges continue to create hurdles with cost
being one major factor. In the global Reusable Packaging segment,
USA, Canada, Japan, China
and Europe will drive the 6.7%
CAGR estimated for this segment. These regional markets accounting
for a combined market size of US$25.5
Billion in the year 2020 will reach a projected size of
US$40 Billion by the close of the
analysis period. China will remain
among the fastest growing in this cluster of regional markets. Led
by countries such as Australia,
India, and South Korea, the market in Asia-Pacific is forecast to reach US$5 Billion by the year 2026, while Latin America will expand at a 7.8% CAGR
through the analysis period. More
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and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: ZA@StrategyR.com
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