Opportunity Worth USD $249.5 Billion Bn Opening Up in Eco-friendly Food Packaging Market -Exclusive Research Published by MarketsandMarkets™

                                                   

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.

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 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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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.

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.

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Key Market Players

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies in the eco-friendly food packaging market. The key players in this market include BASF (Germany), Ball Corporation (US), Sonoco Company (US), Tetra Pak (US), Amcor (Australia), Westrock Company (US), and Sealed Air Corporation (US), Smurfit Kappa (Ireland), Mondi Group (Austria), Crown Holdings Inc. (US), Huhtamaki Oyj (Finland), Elopak (Norway), Evergreen (US), and Berry Global (US), Sustainable Packaging Industries (US), Swedbrand (Hong Kong), Printpak (US), Winpak (Canada), Paperfoam (Netherlands), and GWP (England).

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