Asia Pacific Eco-Friendly Packaging Market
Asia Pacific Eco-Friendly Packaging Market Size Booming at Significant CAGR of 12.1% to Reach USD 124.36 Billion by 2030
Published | 12 January 2024
Asia Pacific Eco-Friendly Packaging Market is flourishing due to an increasing focus to address environmental concerns regarding the pollution caused by non-biodegradable packaging materials and a spurring consumer demand for transparency.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Eco-Friendly Packaging Market size at USD 67.69 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Eco-Friendly Packaging Market size to expand at a CAGR of 12.1% reaching a value of USD 124.36 billion by 2030. The Eco-Friendly Packaging Market in Asia Pacific region is propelled by the rising level of disposable income of consumers, leading to an improved standard of living. Increased exports of fruits and vegetables in the region contribute significantly to market expansion, with a 51.6% rise in imports of these products. A prominent driver of the market is the increasing consumer awareness about sustainable packaging and the implementation of strict government regulations, including the prohibition of single-use plastic packaging. Eco-friendly packaging solutions are designed to achieve several key objectives, including the reduction of product packaging, the promotion of renewable and reusable materials, cost minimization in packaging processes, the exclusion of toxic materials from production, and the facilitation of efficient packaging recycling options. Notably, in the Asia Pacific region, a significant number of countries have taken decisive measures by banning single-use plastic and transitioning toward the adoption of eco-friendly packaging products. Moreover, companies are increasingly adopting eco-friendly practices by utilizing biodegradable packaging materials that can be recycled, renewed, and reused. This strategic shift is anticipated to positively impact market dynamics, reflecting an increasing recognition of the importance of environmentally sustainable practices in the region. Hence, such aspects are expected to boost the expansion of the Asia Pacific Eco-Friendly Packaging Market during the period in analysis.
Opportunity - Rising Consumer Preference for Green Products
The Asia Pacific region, as per industry estimates, has witnessed about 25% rise in per capita disposable income since 2017, empowering consumers to embrace sustainable choices, with plant-based products in beauty and personal care markets commanding about 40% premium. A majority of consumers in the region express concern about climate change, reflecting a heightened environmental consciousness. To capitalize on the shift to green products, brand owners must prioritize consumer education and transparency. The interest in plant-based extends beyond traditional sectors like food to encompass beauty, personal care, and household essentials. Despite challenges, the stakeholders opine that investing in plant-based formulations aligns with consumer priorities. For brands, effective communication highlighting the dual benefits of sustainability and health is crucial to meet the rising consumer preference for green products in Asia Pacific.
Impact of COVID-19 on Asia Pacific Eco-Friendly Packaging Market
COVID-19 pandemic had a dual impact on the Asia Pacific Eco-Friendly Packaging Market. On a positive note, heightened awareness about health and hygiene during the pandemic led to increased demand for eco-friendly packaging, particularly in the healthcare and personal care sectors. However, the pandemic disrupted supply chains, creating challenges in the sourcing and availability of eco-friendly packaging materials. The surge in online shopping during lockdowns also contributed to a notable increase in packaging waste, underscoring the importance of sustainable packaging solutions in the e-commerce industry. In summary, while the pandemic accelerated the adoption of eco-friendly packaging, it concurrently presented operational challenges for industry stakeholders.
Asia Pacific Eco-Friendly Packaging Market
Asia Pacific Eco-Friendly Packaging Market – By Type
Based on type, Asia Pacific Eco-Friendly Packaging Market is divided into Recycled Content Packaging, Reusable Packaging, and Degradable Packaging segments. The reusable packaging segment is expected to hold the highest share in the Asia Pacific Eco-Friendly Packaging Market by type during the forecast period. The segment’s dominance can be attributed to its multifaceted benefits, significantly reducing waste generation and aligning with the growing emphasis on sustainability. Consumers and businesses increasingly favor the reusable type of packaging for its cost-effectiveness, durability, and environmentally conscious features. As the demand for eco-friendly solutions rises, the reusable packaging segment continues to thrive, representing a pivotal component in the region's intended commitment to sustainable and responsible packaging practices. Also, with a rise in the use of containers in the pharmaceuticals industry, the reusable packaging segment is expected to dominate during the forecast period.
Asia Pacific Eco-Friendly Packaging Market – By Country
Geographically, the Asia Pacific Eco-Friendly Packaging Market is segmented as the region’s major countries including China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, and Rest of APAC. China dominates the Asia Pacific Eco-Friendly Packaging Market, primarily due to the convenient accessibility of raw materials in the country. Meanwhile, the eco-friendly packaging markets in India and Japan are expected to witness substantial growth across diverse industries like food and beverages, pharmaceuticals, and home care.
The Asia Pacific Eco-Friendly Packaging Market is fragmented, with numerous players serving the market. The key players dominating the Asia Pacific Eco-Friendly Packaging Market include Tetra Pak, Amcor plc, Sealed Air Corporation, Nampak, Mondi Group, Huhtamaki Group, and DS Smith. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Asia Pacific Eco-Friendly Packaging Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia Pacific Eco-Friendly Packaging Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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- Asia Pacific Eco-Friendly Packaging Market, By Type (Recycled Content Packaging, Reusable Packaging, Degradable Packaging); By Material (Paper & Paper Board, Plastic, Metal, Glass, Starch-based Materials); By Product (Bags, Pouches & Sachets, Boxes, Containers, Films, Trays, Tubes, Bottles & Jars, Cans); By Application (Food & Beverages, Pharmaceutical, Personal Care, Home Care); By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Vietnam, Rest of APAC), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
Publish Date: January 2024
Growing public awareness about the benefits of eco-friendly packaging materials and rising consumer demand for transparency are expected to drive the Asia Pacific Eco-Friendly Packaging Market during the forecast period between 2024 and 2030.
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