May 26, 2020
As per the report titled ‘Global Eco-Friendly Food Packaging Market Size study, by Material (Paper & Paperboard, Plastic, Metal, Glass, Others), Application (Food, Beverages) Type (Recycled Content Packaging, Degradable Packaging, Reusable Packaging), Technique(Active packaging, Molded packaging, Alternate fiber packaging, Multipurpose packaging) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global eco-friendly food packaging market share was valued at USD 162.66 billion in 2019 and is projected to expand with a CAGR of 7.4% through 2026.
Global eco-friendly food packaging market is primarily driven by rising pollution levels and growing concerns regarding environment safety. Eco-friendly packaging is an environment friendly alternative to conventional packaging materials, made from recycled or renewable materials. Reduced environmental wastes, preservation of food quality, improved safety, and lower risk of food borne diseases are the benefits encouraging product adoption.
Upsurge in the demand for confectionary food and convenient food across the globe is bolstering the demand food packaging. This demand along with strict governmental norms towards environment safety is encouraging food manufacturers to use eco-friendly food packaging.
According to China Food Industry Association’s Food Industry Summary report 2018, food processing industry in China reached USD 1.47 trillion in 2017, a spike of 6.3% from the previous year. The growth can be credited to shifting preference among the middle-class population towards, snacks, beverages, and other processed foods over traditional meals, thereby accelerating the demand for food packaging. In addition, Agriculture and Agri-Food Canada states that China has become one of the world’s largest packaged food market, worth USD 202 billion in 2013 and an estimated value of USD 347 billion in 2018. Similarly, extensive consumption of packaged food products in other emerging economies are expected to enhance the market outlook in the coming years. However, lack of awareness regarding eco-friendly packaging is slated to impede the industry growth in the coming years.
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Considering the geographical landscape, North America accounts for a significant market share and is expected to show modest gains during the analysis period, owing to the presence of major players in the region, and high awareness among the population about food packaging.
Meanwhile, Asia Pacific eco-friendly food packaging market is slated to exhibit a strong growth rate over the projection period. Increased consumption of packaged food in tandem with rising disposable income,favourable governmental initiatives, and presence of large packaged food manufacturing plants in the region are contributing to the regional market expansion.
Prominent industry players include Mondi plc, Amcor plc, Sealed Air Corporation, Tetra Pak, Ball Corporation, Crown Holdings Inc., Huhtamaki Oyj, BASF SE, Westrock, and The Smurfit Kappa Group plc.