The global green packaging film industry share is estimated to clock a revenue of US$ 11,767.2 million in 2024. Our packaging domain experts opine that green packaging film providers can expect a modest CAGR of 5.90% through 2034, with a forecast valuation of US$ 20,875.3 million by 2034.
Top Trends Having a Greater Impact on the Sales of Green Packaging Films
· As plastic packaging waste regulations are set in place across different geographical locations, parallel trends around sustainability exhibit the increasing popularity of eco-friendly purchasing. These two components highlight consumer brands’ need to embrace green packaging materials.
· Consumer-packaged goods (CGPs) firms recognize the importance of distinct equipment solutions in their packaging lines to comply with the recent governing standards and shift consumer preferences toward sustainability.
· Key players aim for 100% recyclability by developing new mono-material film structures to ascertain that these green solutions meet the requirements for legacy packaging materials.
· Key players are investing in advanced technologies like heat-sealing technology to manage sealing and prevent damage to sustainable packaging films. Moreover, companies focus on meeting the production demand and guaranteeing equipment capabilities.
Country-wise Insights
Surge in Food Delivery Service Enhance the Position of the United States in the Market
North America is predicted to account for a market share of 24.10%, thus gaining a leading position in the global green packaging films landscape. In the upcoming years, the United States green packaging film market is estimated to garner a growth of 2.70% as the market steadily leads toward a saturation point. Following market dynamics impact the sales of green packaging films in the United States:
Growing consumers opt for eco-conscious film choices for packaging. As personal preference shines through consumers’ purchasing decisions, more businesses operating in end-use industries are choosing to pack items in green packaging films.
With an increase in consumers between 25 and 40, ordering food from restaurants has changed dramatically within a few years. According to a survey, the food delivery market has grown 8% since the pandemic.
Germany Gains Supreme Position in the Transforming Packaging Landscape of Europe
The Europe green packaging film market is predicted to acquire a market share of 21.30% in 2024. Germany is anticipated to expand in Europe at a 3.60% CAGR, whereas the United Kingdom is predicted to develop at a 3% CAGR. Within the region, regulations about plastic packaging aim to restrict unnecessary plastic wastage and promote the consumption of entirely recyclable, environmentally friendly packaging materials by 2030 end. The following factors augment the sales of green packaging films in Germany:
· The growth in manufacturers targeting the market in the country is expected to adhere to the latest regulations in the next few years.
· A significant amount of consumers in Germany are willing to pay a premium for sustainable packaging.
China Making Significant Progress Concerning Sustainable Packaging Innovation
Market growth of green packaging films is expanding in China at a CAGR of 6% through 2034. The following factors are catapulting the sales of these green solutions in the country:
· Consumers in China are more conscious of health and green issues post-pandemic. Manufacturers of green packaging films are trying to satiate market demand while lowering costs and enhancing efficiency. These new developments are expected to meet global standardization and environmental protection requirements.
· China is witnessing an all-time high with the growing acceptance of resource recycling. Numerous companies in China market are contributing to a circular economy to ensure that packaging material never becomes waste. For instance, in February 2023, Mars Wrigley China introduced its first package composed of 100% rPET in Cui Xiang Mi, a local chocolate brand.
India to Demonstrate Relatively Higher Growth in Asia Pacific and Elsewhere
The green packaging film industry in India is predicted to embark on a growth rate of 6.5% through 2034. The following factors consolidate the market position of India:
· Companies in India are presenting an exhaustive portfolio of technologically advanced packaging films. For instance, in May 2023, Flex Films, a leading developer of flexible packaging materials in India, exhibited a range of packaging, including green films, in Dusseldorf, Germany.
· New developments are taking place to discover degradable solutions. For instance, in December 2022, the National Institute of Ocean Technology in Chennai created a biopolymer from marine algae.
New Players Investing in Australia as Growth Prospects Begin to Shine Brighter
The Australia green packaging film market is predicted to pace at a CAGR of 3.40% through 2034. In the following years, the market is expected to be driven by:
· Manufacturers entering the green packaging market in Australia are surging rapidly. For instance, in November 2023, Roberts Mart introduced a new product in the Australian packaging market. The product is set to enhance the dumping of home compostable flexible packaging materials.
· An increase in new launches in Australia is enhancing the sales scope of green packaging films. For instance, in September 2023, Coles, a supermarket chain in Australia, commenced delivering a free-certified compostable bags option.
Key Players Making a Strong Footing in the Global Market
Key players in green packaging films, both startups and well-known companies, are contesting for a larger share to satiate market demand for eco-friendly packaging films. Leading companies actively deploy innovation, research, and development to devise new solutions. Startups especially are creating distinct, more sustainable packaging solutions composed of plant-based and renewable materials to beat the competition. Leading players are also seen ramping up their production volumes, apart from collaborations, partnerships, mergers, and acquisitions.
Key Developments by the Leading Providers of Green Packaging Films
· In October 2023, Cosmo Films, a leading player in specialty films for synthetic paper, labeling, packaging, and lamination applications, launched Cosmo Plastech, its latest venture into sustainable packaging solutions. This strategic move is in line with the firm’s long-standing commitment to sustainability and innovation. Consequently, addressing the expanding demand for distinct packaging in the FMCG sector.
· In September 2023, a potato chip company in the United Kingdom is utilizing eucalyptus cellulose film packaging to pack compostable snacks.
· In June 2021, Amcor developed an eco-friendly chocolate pack to be distributed in South America. The firm has manufactured recyclable plastic packaging for the powdered chocolate category. This packaging material decreased the carbon footprint by over 53% compared to the earlier packaging material.
· Amcor created an innovative packaging solution in April 2021 for applications in healthcare. The addition of the AmSky blister system in the recyclable healthcare packaging product line is expected to enhance the attractiveness of the product category.
· Amcor partnered with Nestle in April 2021 to create sustainable packaging solutions. The company leveraged research and development sources to assist Nestle in building the brand switch to sustainable paper packaging solutions in Australia.