Companies covered in Food Green Packaging market report are Be Green Packaging Store, MrTakeOutBags, The Complete Package, Evirocor, Genpak, LLC, Sierra Coating Technologies LLC, Cascades, Silverstream Packaging LTD, Go Green Recyclable Packaging, Charoen Pokphand Foods PCL, Sustainable Packaging Industries, Arla, and other players profiled
Pune, India, June 28, 2022 (GLOBE NEWSWIRE) — The global food green packaging market size is expected to showcase substantial growth backed by the rising environmental concerns regarding adopting plastic packaging solutions globally. This information is published by Fortune Business Insights in its report, titled “Food Green Packaging Market, 2022-2029”.
Green packaging is being extensively used in the food industry due to its properties such as reusability, recyclability, and biodegradability. The product is non-toxic, flexible, temperature resistant, easy to use, and environment friendly, ensuring its high market demand. For instance, in May 2020, Denmark scientists developed a grass-based food package to reduce CO2 emissions. The researchers aimed to reduce the carbon emissions by approximately 210 kilo tons in this process.
By material, the market is segmented into paper & paper board, plastic, metal, glass, and others. On the basis of type, the market is categorized into recycled content packaging, degradable packaging, reusable packaging, and others. By application, the market is bifurcated food and beverage. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Rising Food Delivery Segment to Spur Product Demand
The rapidly expanding food and beverage industry is projected to propel the food green packaging market (sustainable packaging market) growth. Various online platforms such as Zomato encourage restaurants to shift to paper bags, trays, straws, cups, and others. Such initiatives by food delivery giants influence the market to adopt eco-friendly packaging across various countries. Moreover, the demand for food delivery is growing, backed by a fast lifestyle and rising disposable income. This will augment substantial demand for the product.
The government support in various countries for recycling, reusing, and reducing is garnering high demand from the food and beverage industry. The eco-friendly product is primarily being used for packing in supermarkets/ hypermarkets and online retail stores. Such products are likely to experience positive growth owing to the government using various recycling stations across public spaces. An initiative in India observed plastic water bottle recycling machines across major railway stations. These machines exchange those bottles and give discounts on travel fares.
The spread of coronavirus across the globe resulted in the functioning of only essential services. The food and beverage industry, along with food delivery, was functioning in this pandemic. Various restaurants in this situation opted for paper packaging for the delivery of food. An initiative by Zomato in India encouraged the use of paper bags for food parcels in India. Moreover, certain areas such as Hawaii declared climate emergency during the pandemic. This has further enabled the use of food green packaging across the globe.
Government Support in Asia Pacific to Aid Growth for Eco-friendly Packaging
Asia Pacific is anticipated to hold the largest food green packaging market share during the forecast period. This is owing to the high consumption of food delivery services in the region. Government support by various regulations on recycled packaging also propels the growth of eco-friendly packaging in this region.
North America is projected to hold a substantial market share in the foreseeable future. This is due to the rising demand for food green packaging from the beverage industry. Moreover, the takeaway culture of having food in the USA generates a high demand for the product in the region.
Prominent Companies Invest in Technological Advancement to Amplify their Business Prospects
The competitive landscape of the market for food green packaging enlightens us with details on prominent players of this industry. Technological advancement by key players is being researched to gain traction in the market. Several market giants are also collaborating on production facilities to expand their business horizons.
Some companies are also using awareness campaigns to strategically introduce their products in regions with minimal awareness to expand their horizons. Several more strategic collaborations, acquisitions, partnerships, product launches, technological advancements, and others are spread across the market horizon of this product.
- January 2020: Nestle spent around CHF 2 billion to shift from virgin plastics to food grade and recyclable plastic. This is aimed to achieve zero net greenhouse gas emission by 2050 while making its packaging recyclable and reusable.
Get full details of the market report, here.