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Eco-Friendly Food Packaging Market is Projected to Expand 8.5% CAGR by 2028: Reports and Data

Reports And Data

Initiatives taken by the government to promote eco-friendly packaging and rising consumer preferences towards eco-friendly materials

NEW YORK CITY, NEW YORK, USA, September 26, 2022 /EINPresswire.com/ — The global eco-friendly food packaging market size is expected to reach USD 334.97 Billion in 2028 and register a revenue CAGR of 8.5% over the forecast period, according to the latest report by Reports and Data. Rapid market revenue growth of eco-friendly food packaging is owing to supportive government regulations and technical breakthroughs in packaging industry for production of packaging using non-petroleum products. Additionally, rising preference for innovative products such as edible packaging, compostable food packaging, water-soluble packaging is driving eco-friendly food packaging industry.
There is a growing preference among consumers towards eco-friendly food packaging products due to rising awareness about reducing impact of non-biodegradable materials on environment. Consumers are also opting for eco-friendly spoons (wooden spoons) and straws (paper straws) which come with food packaging. The airlines industry has started serving passengers with eco-friendly plates (paper plates), spoons (wooden spoons), and glass (paper glass) which will prevent deterioration of ecosystem.

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Some Key Highlights from the Report

• By material, paper & paperboard segment is expected to account for largest revenue share in the global eco-friendly food packaging market over forecast period. This is due to wide use of paper & paperboard in foodservice and retail industry, along with transportation of bulk food & beverage products. Because of its degradability and recyclable properties, paper & paperboard are the most preferred packaging material in food and beverage sector. Due to growing environmental concerns, ready-to-eat, on-the-go and frozen & fresh meals are increasingly being provided and delivered in paperboard packaging.
• By application, food segment accounted for largest revenue share in the global eco-friendly food packaging market in 2020. Due to fast-paced day-to-day life, consumers are seeking convenient foods solution. Segment revenue growth is driven by growing demand for convenience food and rise in number of working women. Beverages are typically supplied in reusable or recyclable containers; food may also be served in biodegradable packaging, such as paper and paperboards, which supports demand for eco-friendly packaging for food products.
• By type, recycled content packaging segment accounted for largest revenue share 2020, and is expected to grow at a faster rate over the forecast period. The recycled content packaging is cost-effective and may be reused several times. It consists of both pre-and post-consumer waste materials. The pre-consumer waste material is made up of trash generated during the production process. This lowers the cost and reduces the strain on natural resources.
• Eco-friendly food packaging market Asia Pacific is expected to grow at a faster revenue growth rate during the forecast period, due to increasing demand for convenience food such as packed meals or pre-prepared meals (needs less further preparation by the consumer) as a result of consumers’ busy life style. Also, rise in government initiative to promote eco-friendly packaging is driving market growth. The Australian government has set a goal of establishing 100 % pure recyclable packaging by 2025 or sooner, signifying a rapid increase in market value throughout the projection period.
• High cost of recycling and the lack of proper infrastructure for recycling operations are projected to hinder the market’s expansion in developing countries.
• Companies profiled in the global eco-friendly food packaging market include Amcor, Mondi Group, Sealed Air Corporation, Ball Corporation, Tetra Pak, Crown Holdings Inc., BASF SE, Huhtamaki OYJ, Westrock Company, Smurfit Kappa Group.

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For the purpose of this report, Reports and Data has segmented the eco-friendly food packaging market based on material, application, type, technique, and region:

Material Type Outlook (Revenue, USD Million; 2018–2028)
• Paper & paperboard
• Plastic
• Metal
• Glass
• Other packaging material

Application Outlook (Revenue, USD Million; 2018–2028)
• Food
• Beverage

Type Outlook (Revenue, USD Million; 2018–2028)
• Recycled content packaging
• Degradable packaging market
• Reusable packaging

Technique Material Outlook (Revenue, USD Million; 2018–2028)
• Active packaging
• Molded packaging
• Alternate fiber packaging

Regional Outlook (Revenue, USD Million; 2018–2028)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Sweden
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o South Africa
o Israel
o Rest Of MEA

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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