Global eco-friendly food packaging market expected to reach USD 249.5 billion by 2025 at a CAGR of 7.4%
According to Research and Markets, eco-friendly food packaging market valued at USD 174.7 Billion in 2020 is predicted to reach USD 249.5 Billion by 2025. There are several factors driving its growth such as increasing demand for convenience foods and rising awareness about health and wellness among consumers during the forecast period.
One of the most important reason driving increase in its usage is due to rising global concern over trash plastic produced due to the food & beverage industry. Consumers prefer an alternative to single-use plastics to reduce this waste. The plastic waste produced is polluting oceans and land equally harming the indigenous life. It is a necessity now to push for safer and recyclable packaging. Henceforth, packaging companies, nowadays, are focusing on manufacturing recyclable, reusable, and degradable packaging products.
The paper & paperboard segment accounted for a major share in the global eco-friendly food packaging market in 2019. Packaging differs for the type of foods and beverages served. 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.