Early Impacts of COVID-19 on Eco-friendly Food Packaging Market - Exclusive Report by MarketsandMarkets - Seite 2

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The eco-friendly food packaging, by application, is projected to account for a significant share in the market during the forecast period

By application, the eco-friendly food packaging market is segmented into food and beverages as applications. The food segment accounted for the largest share in 2019, acquiring approximately 70% of the overall market. Consumers seek convenience food solutions due to lack of time. The expectations of food quality, hygiene, and growing health awareness are driving the eco-friendly packaging market in the food sector. Beverages are usually served in reusable or recyclable products. Also, food products can be served in biodegradable packaging, which includes paper & paperboards; this is fueling the growth of the segment.

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The Asia Pacific region is projected to witness the fastest growth during the forecast period

The eco-friendly food packaging market in Asia Pacific is projected to witness the highest growth due to the increasing demand for convenience foods due to the busy lifestyles of consumers. There is increasing consumption of on-the-go and ready-to-eat breakfast meals, as a result of urbanization, hectic lifestyles, and high disposable income. The eco-friendly food packaging industry has been growing as a result of the stringent laws and regulations levied by governments and governing bodies, as well as a shift in consumer preferences toward recyclable and eco-friendly packaging materials. Apart from these factors, the downsizing of packaging and breakthrough in new technologies are also driving the eco-friendly food packaging market globally. However, the high cost of recycling and poor infrastructure available for recycling processes are likely to hamper the growth of this market in underdeveloped regions.

This report includes a study on the marketing and development strategies, along with the product portfolios of the leading companies. The global eco-friendly food packaging market includes key players such as Amcor (Australia), Mondi Group (Austria), Sealed Air Corporation (US), Ball Corporation (US), Tetra Pak (Sweden), Crown Holding Inc. (US), BASF (Germany), Huhtamaki Oyj (Finland), Westrock (US), Smurfit Kappa (Ireland), Sonoco Company (US), Evergreen (US), Elopak (Norway), Winppak (Canada), Berry Global, (US), Printpack (US), Paperfoam (The Netherlands), and GWP Group (England). These companies are focusing on new product launches and expansions & investments to expand themselves geographically. They have adopted these strategies to utilize their expertise efficiently, enhance their productivity, and introduce their products to newer markets