Market Research Report
Eco-Friendly Food Packaging
|Eco-Friendly Food Packaging|
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 715 Pages
Delivery time: 1-2 business days
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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.
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