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(Health-NewsWire.Net, April 20, 2021 ) The eco-friendly food packaging market is estimated to be valued at USD 174.7 billion in 2020 and is projected to reach USD 249.5 billion by 2025, recording a CAGR of 7.4%, in terms of value. The shift in consumer preferences toward recyclable and eco-friendly materials is driving the market for eco-friendly food packaging globally.
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By material, the paper & paperboard market is segmented into corrugated box, boxboard, rigid box, folded boxes, trays, flexible packaging, paper bags, shipping bags, and sachet/pouches. The packaging of products differs for the type of foods and beverages served. Paper & paperboards are the most preferred packaging in the food & beverage industry due to its degradable nature and recyclable property. Ready-to-eat, on-the-go, and frozen & fresh foods are nowadays served and transported in the paperboard packaging, which is due to the rise in environmental hazards. Rigid boxes are preferred for transportation. However, fresh products are served inflexible and molded paper & paperboards.
By application, the eco-friendly food packaging market is segmented into food and beverages as applications. The food segment accounted for the largest share in 2019, acquiring approximately 70% of the overall market. Consumers seek convenience food solutions due to lack of time. The expectations of food quality, hygiene, and growing health awareness are driving the eco-friendly packaging market in the food sector. Beverages are usually served in reusable or recyclable products. Also, food products can be served in biodegradable packaging, which includes paper & paperboards; this is fueling the growth of the segment.
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The eco-friendly food packaging market in Asia Pacific is projected to witness the highest growth due to the increasing demand for convenience foods due to the busy lifestyles of consumers. There is increasing consumption of on-the-go and ready-to-eat breakfast meals, as a result of urbanization, hectic lifestyles, and high disposable income. The eco-friendly food packaging industry has been growing as a result of the stringent laws and regulations levied by governments and governing bodies, as well as a shift in consumer preferences toward recyclable and eco-friendly packaging materials.
The global eco-friendly food packaging market includes key players such as Amcor (Australia), Mondi Group (Austria), Sealed Air Corporation (US), Ball Corporation (US), Tetra Pak (Sweden), Crown Holding Inc. (US), BASF (Germany), Huhtamaki Oyj (Finland), Westrock (US), Smurfit Kappa (Ireland), Sonoco Company (US), Evergreen (US), Elopak (Norway), Winppak (Canada), Berry Global, (US), Printpack (US), Paperfoam (The Netherlands), and GWP Group (England).
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