Asia Pacific is Projected to Grow at the Highest Growth Rate in Eco-friendly Food Packaging Market by 2025

Posted on 2021-06-02 by MarketsandMarkets in Food & Beverage // 0 Comments

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.

Download PDF Brochure

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.

The market in the 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. Apart from these factors, the downsizing of packaging and breakthrough in new technologies are also driving the market globally. However, the high cost of recycling and poor infrastructure available for recycling processes are likely to hamper the growth of this market in underdeveloped regions.

Make an Inquiry

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).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Matched content

Editor’s pick