North America Eco-Friendly Food Packaging Market Size to Hit USD 67,818.9 Mn by 2027 – Astute Analytica – EIN News

CHICAGO, UNITED STATES, November 22, 2022 /EINPresswire.com/ — The North America Eco-Friendly Food Packaging Market revenue is forecast to grow from US$ 49,707.3 Mn in 2021 to US$ 67,818.9 Mn by 2027, growing at a CAGR of 5.3% during the forecast period from 2022 to 2027.

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Eco, also known as ecology, which examines the relationship between living organisms and their environment. On the other hand, friendly refers to products or services that are advantageous or least harmful to the environment. Together, they imply favorably or at the very least neutral effects on living beings when applied to services or products. The other terms for eco-friendly packaging are green packaging, sustainable packaging, and environment-friendly packaging. In addition, in order to pack the products earth-friendly materials are used in the packaging. Additionally, the need for natural, recyclable, and biodegradable packaging materials among consumers is an important factor that eco-friendly packaging helps to solve, which serves as a replacement for traditional methods of food processing (brining, acidification, dehydration, high thermal treatments, and additive preservation).

Market Influencing Factors

The growing consumer need for recyclable and environmentally friendly packaging materials, rising demand for packaged and ready-to-eat food, and technological improvements in food packaging are the main drivers of market expansion in North America eco-friendly food packaging. Since people’s interests in food safety and hygiene standards have become more receptive owing to the increasing literacy rates, the working population, and living conditions. Additionally, over the past few decades, the consumption of ready-to-eat (RTE) food products has increased dramatically due to shifting socioeconomic and demographic patterns of life, including consumers’ busy lifestyles and rising income levels.

The North America market is also growing as a result of improvements in food packaging technologies, including anti-microbial packaging, smart packaging, self-cooling, and self-heating packaging, flavor and odor, water-soluble packaging, edible packaging, and micro packaging. For instance, in Oct 2022, Amcor Rigid Packaging created a ground-breaking two-step, lightweight technology that eliminates more than 50% of the weight and material in the finished bottle, making a quantum leap ahead in the reduction of weight in packaging.

The expanding manufacturing capacity, investments in eco-friendly food packaging, and growing business strategies by firms present a growth opportunity for the North America eco-friendly food packaging market. For instance, in Nov 2022, Amcor, a leader in responsible packaging solutions development and production, said that it had invested US$3 million in PulPac, a Swedish firm that offers innovative manufacturing technology for affordable, high-performance fiber-based packaging.
However, the expensive recycling process and inadequate infrastructure may impede the industry growth over the projected period.

Impact Analysis of COVID-19

Due to decreased government and private sector investments in packaging manufacturing during the COVID-19 pandemic, business line reductions have resulted in a major decline in demand for eco-friendly food packaging in North America. In order to restrict the spread of COVID-19, the market situation of the food packaging business has pushed the government authorities and manufacturers to delay their manufacturing operations and investment in such manufacturing departments. It also has an impact on the end-user sectors that choose this packaging due to its many advantages, which could have a detrimental impact on market growth in the midst of the pandemic.

Additionally, public and private enterprises postponed their investment or spending for establishing eco-friendly food packaging manufacturing plants in response to the closures and disruptions in the eco-friendly food packaging industry. Therefore, the market for eco-friendly food packaging experienced growth restrictions. Additionally, the government-imposed trade restrictions and lockdowns have further disrupted the demand and supply of packaging in the regional food business.

Segmentation Overview

In 2021, on the basis of material type, the biodegradable segment acquired a share of 19% in the North America eco-friendly food packaging market due to their increased preference by the consumers owing to minor influence on the surroundings. On the other hand, the non-toxic material segment will exhibit the highest growth rate over the projection period since these materials don’t have ill impacts on human health.

In 2021, based on packaging material, the paper & paperboard segment had a leading position in the North America eco-friendly food packaging market. In addition, the segment will reach a valuation of US$ 26,700 million by 2027 due to their increased preference in the food & beverage sector and degradable qualities. However, the bubble wrap packaging segment will experience a growth rate of 7.4% during the projection time.

In terms of product, the boards & trays segment is likely to have a significant market share of 32% over the prediction course due to their growing demand in various industries. On the other hand, the jars segment will have the highest annual growth rate during the analysis period and will cross the value of US$ 2,000 million by 2022 as these jars are reusable and convenient for delivering liquid food and beverages.

In 2021, by application, the food & beverages segment had a leading position in the market because recyclable and reusable packaging materials are popular for the packaging of beverages. However, the bakery & confectionery segment will experience the highest annual growth rate over the study period.

On the basis of country, the United States dominated the North America eco-friendly food packaging market due to the rising e-commerce sector, growing food & beverages industry, and compulsory policies and norms prepared by government bodies. However, Mexico is likely to exhibit the highest compound annual growth rate in the North America eco-friendly food packaging market over the forecast years.

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Companies Profile

The leading players operating in the North America eco-friendly food packaging market are:
Amcor Plc
Crown
BASF SE
Ball Corporation
DS Smith
Berry Global Inc.
Be Green Packaging
Elopak
Evergreen Packaging
Elevate Packaging
Mondi
Sonoco Products Company
GWP Group
Westrock Company
Smurfit Kappa Group
Tetra Laval
Winpak Ltd.
Other Prominent Players

Segmentation Outline

The North America eco-friendly food packaging market segmentation focuses on Material Type, Packaging Material, Product, Applications, and Country.

Segmentation based on Material Type
Biodegradable
Recyclable
Compostable
Reusable
Natural Fiber
Plant-Based
Non- Toxic Material

Segmentation based on Packaging Material
Paper & Paperboard
Plastic
o Starch-Based
o Cellulose-Based
o Polylactic Acid (PLA)
o Others
Glass
Corn Starch
Bubble Wrap Packaging
Metal
Rice Husk
Gelatin Films
Others

Segmentation based on Product
Boards & Trays
Bottles
Containers
Jars
Box
Milk & Other Beverage Cartons
Tub
Tableware
Others

Segmentation based on Applications
Food and Beverage
Bakery and Confectionery
Others

Segmentation based on Country
The U.S.
Canada
Mexico

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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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