| Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, Oct. 25, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Environmentally Friendly Packaging Global Market Report 2023, the global environmentally friendly packaging market is witnessing remarkable growth, with its market size surging from $215.31 billion in 2022 to $232.74 billion in 2023, demonstrating a robust Compound Annual Growth Rate (CAGR) of 8.1%. The market size of the global environmentally friendly packaging is expected to grow to $297.61 billion in 2027 at a CAGR of 6.3%.
Rising Environmental Awareness Fuels Market Growth
The environmentally friendly product packaging market is flourishing, driven by a global surge in environmental consciousness. People worldwide are increasingly aware of the dire consequences of environmental pollution and climate change. This awareness is translating into a significant shift in consumer behavior. According to a study conducted by Mastercard Inc. across 24 countries, 54% of adults post-COVID-19 believe it’s crucial to reduce their carbon footprint. As consumers demand more environmentally friendly packaging, the environmentally friendly packaging market is experiencing a substantial upswing.
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Innovations Take Center Stage
Eco friendly packaging manufacturers including Amcor plc, Bemis Company Inc., and Tetra Laval International SA, are driving innovation to stay competitive in the environmentally friendly packaging market. New product developments are a significant trend in the industry, with companies launching initiatives to bolster their market presence. For example, Amcor introduced clear PET containers in 2020, made from post-consumer recycled content (PCR) resin.
In 2022, Western Europe held the largest share in the environmentally friendly packaging market. However, Asia-Pacific is poised to be the fastest-growing region in the sector during the forecast period. As the world’s most populous and economically dynamic region, Asia-Pacific presents immense opportunities for the environmentally friendly packaging market.
The environmentally friendly packaging market offers a diverse range of products and solutions:
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As the environmentally friendly packaging market continues to grow at an impressive rate, this report is an invaluable resource for stakeholders. Businesses, investors, and policymakers can gain vital insights into market trends, innovations, and regional dynamics. For those looking to make informed decisions and contribute to a more sustainable and responsible future, this environmentally friendly packaging market report is an essential tool.
Environmentally Friendly Packaging Global Market Report 2023 by The Business Research Company provides insights on the environmentally friendly packaging market size, environmentally friendly packaging market segments, environmentally friendly packaging market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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