Eco-Friendly Food Packaging Market: Current Analysis and Forecast (2021-2027)

The demand for eco-friendly packaging is witnessing an uptick on account of the shifting preference of hotels, restaurants, and cafes toward biodegradable food packaging material. In 2018, Hilton Hotels & Resorts following its 2030 environmental and social targets, also pledged to phase out all plastic straws and stop using plastic water bottles in meetings & events. The waste generated by packaging and packaging materials is enormous and represents a major part of the total global waste that includes disposables used for several purposes. For instance, in 2018, the packaging waste generated in the EU was estimated at 174.1 kg per inhabitant varying from 67.8 kg per inhabitant in Croatia and 227.5 kg per inhabitant in Germany. Also, in the EU, During 2008-2018, paper and cardboard was the leading packaging waste material with around 31.8 million tonnes in 2018. This material is followed by plastic and glass generating 14.8 million tonnes & 14.5 million tonnes of waste in 2018, respectively. Owing to the increasing waste generation coupled with lowered recycling rate is harming the earth's environment which in turn is driving the growth of eco-friendly food packing market.

The Global Eco-Friendly Food Packaging Market is expected to register a CAGR of around 7% over the period of 2021-2027. In 2019, Asia was the major producer of bioplastics, accounting for 45% of global production. 0.79 million hectares of land was used to grow renewable stocks for bioplastic production which is 0.02% of the global agricultural area and this will remain the same despite the predicted growth of bioplastic production. This will have no impact on 97% of the global agricultural area that is being used for pasture, food, and feed. This growing attention towards environmentally friendly products is increasing the use of eco-friendly food packing in the region.

A rise in the cafe, hotels, and restaurants across in Asia pacific region coupled with the availability of healthy food as per consumer demand is leading to the growing demand for the eco-friendly food packing market. As per Statista, the number of food service establishments worldwide varied greatly by region in 2020. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second-highest number of food services establishments was Latin America with over 2.3 million.

BASF, Ball Corporation, Sonoco Company, Tetra Pak, Amcor, Westrock Company, Mondi Group, Crown Holdings Inc., Sealed Air Corporation, Sustainable Packaging Industries, etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst materials, the plastic category accounted for the majority share in the market in 2020"

Based on the material, the market is fragmented into paper & paperboard, plastic, metal, and glass. The paper & paperboard segment grabbed a considerable market share in 2020. Paper and paperboard containers are biodegradable and are more sustainable than plastic, making them more acceptable to consumers. Some factors that make paper and paperboard containers environment-friendly are that they are recyclable, reusable, save energy, and conserve natural resources.

"Amongst application, food & beverage segment is expected to witness highest CAGR during the forecast period"

Based on the application, the market is segmented into food & beverage, bakery and confectionery, dairy products, and others. The food & beverage segment grabbed a considerable market share owing to the growing demand from the HoReCa and nightclubs, pubs, and bars. As per a report by IHG, The global hotel industry is a $525bn industry, made up of 18 million rooms in 2018. 54% of rooms are affiliated with a global or regional chain ('branded'), up from 50% in 2012

"North America to witness significant growth during the forecast period"

For a better understanding of the market adoption of the Eco-Friendly Food Packaging market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific region grabbed the major market for the Eco-Friendly Food Packaging Market industry in 2020. However, the Europe region would witness a considerable CAGR during the forthcoming years

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