The Eco-friendly Food Packaging Market is estimated to be valued at USD 174.7 billion in 2020 and is projected to reach USD 249.5 billion by 2025, recording a CAGR of 7.4%, in terms of value. The shift in consumer preferences toward recyclable and eco-friendly materials is driving the market for eco-friendly food packaging globally.
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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.
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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).
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