The Eco-Friendly Food Packaging Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Eco-Friendly Food Packaging Global Market Report 2024, The eco-friendly food packaging market size has grown strongly in recent years. It will grow from $233.39 billion in 2023 to $253.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to environmental awareness and sustainability goals, government regulations and bans on single-use plastics, increased consumer preference for eco-friendly products, corporate sustainability initiatives, and reduced carbon footprint.
The eco-friendly food packaging market size is expected to see strong growth in the next few years. It will grow to $364.28 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to recycling and circular economy efforts, supply chain sustainability, cost savings and efficiency, marketing and brand image enhancement, and e-commerce and home delivery packaging solutions
. Major trends in the forecast period include innovations in biodegradable and compostable packaging, smart and active packaging for food safety, collaboration across the food industry value chain, smart and active packaging for food safety, and use of recycled and repurposed materials.
The growing consumer awareness about the drawbacks of plastic products for food packaging is driving the growth of the eco-friendly food packaging market. Widespread usage of single-use and non-degradable plastic packaging products affects the environment adversely. Plastic takes hundreds of years to decompose in a landfill and for such a long period the plastic waste will be there in the surroundings and cause several harm to the environment and ultimately harms the life of plants, animals, and human beings. For instance, according to the World Economic Forum report, countries such as Germany and Austria are the leaders in recycling waste at the rate of 56% and 52% respectively. In addition, some countries, such as Wales, have set lofty recycling goals for themselves. Wales is aiming for zero waste by 2050, while the EU is considering setting a new 2030 target of at least 65%. Therefore, increasing awareness among the consumer about the hazards of using plastic products for food packaging is expected to propel the growth of the eco-friendly food packaging market over the coming years.
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The eco-friendly food packaging market covered in this report is segmented –
1) By Type: Recycled Content Packaging, Reusable Packaging, Degradable Packaging
2) By Material: Paper And Paperboard, Metal, Glass, Plastic, Other Materials
3) By Technique: Active Packaging, Molded Packaging, Multipurpose Packaging, Alternate Fiber Packaging
4) By Application: Food And Beverages, Bakery And Confectionery, Dairy Products, Meat Products, Fruits And Vegetables, Convenience Food, Other Applications
Technological advancement is a key trend gaining popularity in the eco-friendly food packaging market. Major market players are concentrating their efforts on creating innovative technologies for migrating to environmentally friendly food packaging solutions to reduce environmental impact and keep plastic out of landfills and the ocean. For example, in October 2022, HuhtamäkiOyj, a Finland-based consumer packaging company, launched an innovative, recyclable ice cream packaging solution based on paper-based technology. This packaging solution is constructed of 95% renewable biobased material thanks to a water-based barrier coating and paperboard that has received SFI certification. This innovation helps to reduce packaging costs, waste, and environmental pollution.
The eco-friendly food packaging market report table of contents includes:
1. Executive Summary
2. Eco-Friendly Food Packaging Market Characteristics
3. Eco-Friendly Food Packaging Market Trends And Strategies
4. Eco-Friendly Food Packaging Market – Macro Economic Scenario
5. Global Eco-Friendly Food Packaging Market Size and Growth
…
31. Global Eco-Friendly Food Packaging Market Competitive Benchmarking
32. Global Eco-Friendly Food Packaging Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Eco-Friendly Food Packaging Market
34. Eco-Friendly Food Packaging Market Future Outlook and Potential Analysis
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