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The world is facing an unexpected change and many of the industries are experiencing thought provoking situation due to the COVID-19 pandemic. The COVID-19 outbreak has negatively impacted the eco-friendly food packaging market. The world health organization (WHO), as part of integrated public health policy, has suggested shutting down the restaurants and hotels to overcome the pandemic. Also, many companies have shut down their production facility due to temporary closure of customer operation, restricted transportation, and strict rules undertaken by various government bodies to overcome the pandemic. For example, Jeevaraj Pillai, joint president of Uflex Company has stated that there was temporary gush in some specific packaging solutions, particularly in the daily use of consumer items and food. During this coronavirus crisis situation, we are helping our clients in understanding the impact of COVID-19 on the eco-friendly food packaging market.
Our report includes:
According to a new report published by Research Dive, the global eco-friendly food packaging market is projected to generate revenue of $248.7 billion by 2026, at a CAGR of 5.3% in the forecast time from 2019 to 2026. The global market segmentation has been done on the basis of type, application, and region. The report provides detailed information about drivers, opportunities, restraints, segmental analysis and competitive players of the market. As per our analysts, shift in the manufacturing operations, for example, Transcend Packaging company has modified its operation to produce face shields instead of food packaging materials due to continuous spread of COVID 19 is significantly driving the growth of the market. However, strict government rules and prohibition on transport are expected to hinder the eco-friendly food packaging market growth.
Based on type, the overall market is segmented into reusable packaging, recycled content packaging, and degradable packaging. Among these, reusable packaging segment dominated the market in the year 2018 and is expected to register for $144.8 billion in 2026. Reusable packaging is a key component in the recycling of eco-friendly food packaging market. In addition, growth in the takeaway and food delivery mainly in the APAC region due to social- distancing to avoid the cause of COVID will accelerate the growth of the market in the projected time.
On the basis of application, the eco-friendly food packaging market is classified into food & beverages, personal care, healthcare, and others. The market for healthcare will witness to rise at a faster rate of 6.0% CAGR and is predicted to register for $31.3 billion till the end of 2026. Rapidly increasing spread of COVID-19 around the world is expected to drive the need of packaging of healthcare products; this factor will fuel the market size in the forecast time. Personal careapplication segment accounted for amanifest market size and is projected to experience considerable growth during the forecast time.
Asia-Pacific market has dominated the global market share, and is estimated to reach up to $64.4 billion till 2026. This dominance is attributed to the increasing demand for expediency foods owing to the busy life style of customers. This expected rise in the Asia-Pacific market is majorly due to swing in customer preferences towards eco-friendly and recyclable packaging materials and this aspect is predicted to boost the
market growth in the projected time.
The most prominent players in the global eco-friendly food packaging market include Mondi Group, Amcor, Ball Corporation, Tetra Pak, Crown Holdings Inc., Evergreen, Elopak, Printpack, Sealed Air Corporation, Westrock, and others.
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