Future Outlook of the North America Eco-friendly Food Packaging Market: Analyzing Size, Segmentation, and Competitive Landscape By Report Ocean
Introduction
The “ North America Eco-friendly Food Packaging “ market’s future trajectory is a topic of paramount importance, necessitating a comprehensive analysis encompassing market size, segmentation, competitive landscape, present conditions, and anticipated trends. Moreover, the ongoing challenges posed by the COVID-19 pandemic also warrant strategic insights for businesses to navigate these circumstances successfully.
Market Size and Segmentation
The North America Eco-friendly Food Packaging market’s evolution hinges on understanding its size and segmentation dynamics. This entails delving into aspects like product types, applications, and geographical distribution. By dissecting these facets, a clearer perspective on future growth prospects can be gained.
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The North American eco-friendly food packaging market held a market value of USD 48,658.4 Million in 2020 and is forecasted to reach USD 67,818.9 Million by the year 2027. The market is expected to register a CAGR of 5.3% during the forecast period.
Eco-friendly food packaging refers to packaging which does not cause any harm to the environment. The market is anticipated to be driven by factors such as the increasing awareness amongst people and consumer preference towards recyclable and eco-friendly packaging materials. Furthermore, the rising demand for packaged food & ready to eat food coupled with advancements in food packaging technology is also expected to boost the market growth.
Despite these driving factors, the high cost of recycling processes and poor infrastructure are estimated to negatively hamper market growth. Furthermore, volatile raw material prices are also expected to hinder the market growth. During the COVID-19 pandemic, the market was severely affected owing to the closing down of hotels & restaurants and other food industries.
Growth Influencers:
Growing awareness among people and consumer preferences towards eco-friendly and recyclable packaging materials
Packaging is one of the most vital components in the food business. It allows minimizing food wastage and product leakage. The packaging industry has witnessed tremendous growth in the past years. However, high use of single-use packaging containers has led to many ill effects on the environment. To curb these ill effects, people are preferring recyclable and eco-friendly packaging. Rising awareness regarding these materials is expected to boost market growth.
Advancements in food packaging technology
Increasing technological advancements in the food packaging industry are anticipated to drive market growth. These advancements include smart packaging, edible packaging, anti-microbial packaging, self-cooling & self-heating packaging, water-soluble packaging, flavor & odor absorber, and micro packaging, among others. The rising adoption of all such food packaging technologies is anticipated to fuel market growth.
Segments Overview:
The North American eco-friendly food packaging market is segmented into material type, packaging material, product, and applications.
By Material Type
? Biodegradable
? Recyclable
? Compostable
? Reusable
? Natural fiber
? Plant-based
? Non- toxic material
The biodegradable segment is expected to hold the largest share of about 19% owing to their high preference due to negligible impact on the environment. The non-toxic material segment is estimated to grow at the fastest rate as they have no ill effects on human health.
By Packaging Material,
? Paper & Paperboard
? Plastic
o Starch-Based
o Cellulose-Based
o Polylactic Acid (PLA)
o Others
? Glass
? Cornstarch
? Bubble Wrap Packaging
? Metal
? Rice Husk
? Gelatin Films
? Others
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The paper & paperboard segment is expected to hold the largest share and surpass USD 26,700 million by 2027. This is owing to their degradable nature and high preference in the food & beverage industry. The bubble wrap packaging segment is expected to grow at a CAGR of 7.4% during the forecast period.
By Product,
? Boards & Trays
? Bottles
? Containers
? Jars
? Box
? Milk & Other Beverage Cartons
? Tub
? Tableware
? Others
The boards & trays segment is estimated to hold the largest share of around 32% owing to their high demand, while the jars segment is expected to grow at the fastest rate and cross USD 2,000 million by 2022.
By Applications,
? Food & Beverage
? Bakery & Confectionery
? Others
The food & beverage segment is expected to hold the largest market share as consumers prefer convenient food solutions, due to lack of time. Also, reusable and recyclable packaging materials are commonly used for the packaging of beverages, which also boosts the market growth. The bakery & confectionery segment is expected to grow at the fastest rate during the projected period.
Regional Overview
On a regional basis, the North American Eco-friendly food packaging market is segmented into the U.S., Canada, and Mexico.
The U.S. region accounted for the largest market share owing to the presence of major key players in the country. The market in Canada and Mexico is also expected to witness significant growth rates owing to the rising adoption of eco-friendly food packaging materials in the countries.
Competitive Landscape
Key players operating in the North America Eco-friendly food packaging market include Amcor, Ball Corporation, BASF, Be Green Packaging, Berry Global, Crown Holdings Inc., DS Smith, DuPont, Elopak, Evergreen Packaging, Gwp Group, Huhtamaki Oyj, Mondi, Nampak, Paperfoam, Printpack Inc., Sealed Air Corporation, Smurfit Kappa Group, Sonoco Products Company, Sustainable Packaging Industries, Swedbrand Groups, Tetra Laval, Tetra Pak, Westrock Company, and Winpak Ltd., among others.
The major 13 players in the market are expected to hold around 33% share of the market. These market players are involved in collaborations, mergers & acquisitions, and new product launches to strengthen their market presence. For instance, in August 2021, Amcor partnered with Michigan State University for power innovation and talent in sustainable packaging. The company invested USD 10 million in this partnership.
The North America Eco-friendly food packaging market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the North America Eco-friendly food packaging market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The North America Eco-friendly food packaging market report answers questions such as:
? What is the market size and forecast of the North America Eco-friendly food packaging Market?
? What are the inhibiting factors and impact of COVID-19 on the North America Eco-friendly food packaging Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the North America Eco-friendly food packaging Market?
? What is the competitive strategic window for opportunities in the North America Eco-friendly food packaging Market?
? What are the technology trends and regulatory frameworks in the North America Eco-friendly food packaging Market?
? What is the market share of the leading players in the North America Eco-friendly food packaging Market?
? What modes and strategic moves are considered favorable for entering the North America Eco-friendly food packaging Market?
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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