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(Health-NewsWire.Net, August 06, 2024 ) Eco-friendly Food Packaging Market in terms of revenue was estimated to be worth $215.7 billion in 2023 and is poised to reach $437.3 billion by 2031, growing at a CAGR of 9.40% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global eco-friendly food packaging market are:
Technological advancement
Rising need for affordable packaging
Raising customer awareness regarding plastic product
The following are the primary obstacles to the eco-friendly food packaging market 's expansion:
Increasing developments in packaging
Problems with infrastructure and adoption
High cost
Future expansion opportunities for the global eco-friendly food packaging market include:
Raising spending on research and development
Increasing the population
Positive outlook for the green packaging industry's future growth
Market Analysis:
Eco-friendly packaging refers to a product packaging environmentally friendly approach that can readily be broken down afterward. No physical, biological, or chemical contamination or manipulation of the materials can be tolerated without proper containment. Rising interest in biodegradable packaging among food and drink producers bodes well for the industry's future. Developing more efficient and environmentally friendly packaging technologies is driving demand in this sector.
List of Prominent Players in the Eco-friendly Food Packaging Market:
Amcor,
Mondi Group,
Sealed Air Corporation,
Ball Corporation,
Tetra Pak,
Crown Holdings Inc.,
BASF,
Huhtamaki Oyj,
Westrock Company,
Smurfit Kappa Group,
Sonoco Products Company,
Evergreen Packaging,
Elopak, Winpak Ltd.,
Berry Global,
Printpak Inc.,
Paperfoam,
Sustainable Packaging Industries,
Gwp Group
Swedbrand Groups
Other Market Players
Read Demo Report Overview:https://www.insightaceanalytic.com/report/global-eco-friendly-food-packaging-market/1398
Recent Developments:
In January 2024, Tetra Pak and Absolicon, a solar thermal company based in Sweden, announced their collaboration to standardize a solution for industrial equipment powered by renewable thermal energy.
In January 2024, BASF inaugurated a plant that produces thermoplastic polyurethane (TPU). With this new facility, BASF has the world's largest single TPU production line. Built with state-of-the-art technology, the smart factory improves efficiency with features like automatic guided trucks and modern automation systems.
In Dec 2023, WestRock was recognized on the Corporate Equality Index, a glorious 100, the country's most prestigious survey and report that evaluates LGBTQ+ workplace equality policies and practices. The foundation for the Human Rights Campaign released the index. WestRock is among the 545 large U.S. companies that received high grades this year.
Eco-friendly Food Packaging Market Dynamics:
Market Drivers:
Rising Need for Affordable Packaging Key players in the food and drink sector are expected to dominate the market for biodegradable packaging. Food and beverage makers are gradually using recycled and reused materials to decrease packaging waste and comply with government restrictions. An increasingly popular movement in the beverage and food market is using environmentally friendly packaging, which is good for customer perception of the brand. Also, this is helping the market expand. Consumers' growing awareness of the dangers of plastic food packaging is expected to propel the market's growth.
Challenges: High cost Environmentally friendly packaging is expensive, which will be a big constraint on the market expansion throughout the outlook period. The significant expense of recycling packaging materials and the risk of raw material price fluctuations are the primary causes. These same constraints will hinder the market's expansion in the future. The abundance of affordable alternatives to environmentally friendly packaging, like paper bubble wrap, paper tape, and corn starch packaging, is anticipated to slow the eco-friendly packaging industry's expansion significantly.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America eco-friendly food packaging market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because this area is seeing a surge in the eco-friendly packaging market. Additionally, this region's growth will be further accelerated by the high demand for fast-moving consumer items and the growing preference of customers for environmentally friendly packaging. The market in this area will experience even greater growth as the food industry adopts more environmentally friendly packaging.
Segmentation of Eco-friendly Food Packaging Market-
By Type-
Recycled Content Packaging
Degradable Packaging
Reusable Packaging
By Material-
Paper & Paperboard
Plastic
Metal
o Cans
o Barrels & Drums
o Other Materials
Glass
o Jars
o Bottles
o Tubes And Containers
Other Packaging Materials
By Application-
Food
o Bakery & Confectionery Products
o Convenience Foods
o Meat, Fish, And Poultry
o Fruits & Vegetables
o Dairy Products
o Other Food Products
Beverages
o Alcoholic Beverages
o Non-Alcoholic Beverages
By Technique-
Active Packaging
Molded Packaging
Alternate Fiber Packaging
Multipurpose Packaging
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana Dsouza
+8884144123
diana.dsouza@insightaceanalytics.com
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