Green packaging segment is projected to create high-value opportunities in the Packaging market. Here's your chance to get an extensive understanding of this market.
The Global Packaging Market was valued at USD 970.7 Bn in 2020 and is expected to reach USD 1240.5 Bn by 2027, growing at a CAGR of 3.6% during the forecast period. The market will benefit from rising real incomes, rapid growth in e-commerce, rising urbanization and the development of retail industry in the developing and emerging countries of Asia, Middle East & Africa. The packaging consumption in these regions is projected to grow faster than in other regions by 2024. Asia Pacific accounted for 40% of the global packaging consumption in 2020, followed by North America with 22% of the market share.
The green packaging segment was a significant contributor to the market in 2020 and is estimated to reach USD 342 Bn by 2027 at a CAGR of 7%. Major players such as Amazon, Google, Tetrapak, etc are increasingly adopting green packaging to achieve net-zero carbon footprint. This is expected to create immense opportunities for the green packaging market.