Market Leader - Eco-friendly Food Packaging Market
According to MarketsandMarkets, the eco-friendly food packaging market is estimated to be valued at USD 163.6 billion in 2019 and is projected to reach USD 249.5 billion by 2025, recording a CAGR of 7.4% in terms of value. In terms of volume, the market is estimated to be valued at 1,006.1 MMT in 2019 and is projected to grow at a CAGR of 6.5% during the forecast period to reach 1,462.8 MMT. Stringent government regulations and consumer awareness about the hazards of using single-use plastic products for food packaging are boosting the growth of the eco-friendly food packaging market globally.
Rules for single-use plastics are very stringent in the European region. Furthermore, the rising technological advancements in the region and higher consumer spending capacity in the region make this market a dominant market, globally. Moreover, North American countries are also innovating many eco-friendly food packaging products, which creates an opportunity for new entrants in the market. With the rising consumer demand for eco-friendly food packaging products, market leaders are inclined toward investing in this region, thereby making it the fastest-growing market globally.
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As a result of the increasing solid municipal waste, companies are moving toward alternatives, such as seaweed, startch, paper & paperboards, aluminum cans, and other recyclable and reusable products for their food & beverage products. Reusing and recycling of products reduce the waste generated. Also, degradable materials are degraded by micro-organisms present in the soil without harming nature. Therefore, there is an increased demand for such products in the global market.
In terms of material, paper & paperboard have shown significant growth in the market due to their higher use in the foodservice and retail industries along with the transport of bulk food & beverage products. Paper & paperboards are the most preferred packaging in the food & beverage industry due to their 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 in flexible and molded paper & paperboards.
Asia Pacific is projected to witness the fastest growth in the global eco-friendly food packaging market during the forecast period. The major factor driving the eco-friendly packaging market in this region is the growing concern among consumers regarding environmental problems. Consumers in this region aware of the importance of eco-friendly and renewable packaging. The growing food and beverage industry is also contributing to the growth of this market. Consumers are choosing packaged food overcooked meals. Along with this, manufacturers are increasingly adopting eco-friendly packaging alternatives, as they are incurring lower labor and manufacturing costs. However, consumers in this region are also price-conscious. Due to this, recycling and sustainability are compromised, as consumers are not ready to pay premium prices for recyclable materials. The eco-friendly food packaging industry will witness growth because of the upcoming trend of e-commerce, which is facilitating the online food delivery service.
Related Reports:
Eco-friendly Food Packaging Market by Material (Paper & Paperboard, Plastic, Metal, Glass), Application (Food, Beverages), Type (Recycled Content Packaging, Degradable Packaging, Reusable Packaging), Technique, and Region – Global Forecast to 2025
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