The global greenwrap market is expected to register a market value of US$ 2.7 billion in 2023 and is projected to accumulate a valuation of US$ 6.2 billion by exhibiting a CAGR of 8.6 % in the forecast period 2023 to 2033. The greenwrap market registered a growth of 6.4 % CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.7 billion |
| Projected Market Value in 2033 | US$ 6.2 billion |
| Growth Rate (2023 to 2033) | 8.6% CAGR |
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In addition, technological advancements in temperature-controlled green wraps are proving to be highly beneficial for industry growth. Double-sided bubble wraps are also employed by packaging firms to provide shock absorption and anti-static properties for packaging of electrical devices. This will further induce growth in the target market.
The adoption of eco-friendly green bubble wraps like paper wraps and recyclable bubble wraps are anticipated to further drive the market growth. Every segment of the retail industry such as hypermarkets and retail e-Commerce, is witnessing significant growth which will directly benefit the market growth.
Manufacturers and retailers and put a lot of effort into their products to achieve performance targets. Faulty packaging can have a long-period impact on customer future decisions. To solve this problem green wraps are widely used to keep the package safe and secure.
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Recent developments and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing green wraps are expected to create lucrative opportunities for market growth during the forecast period.
The Global Greenwrap Market is expected to increase at a growth rate of around 6% to 7% during the forecast period
The global sales of greenwrap are expected to grow 6% in 2021 with sales witnessing significant growth. While FMI still expects greenwrap market to grow slightly, however the overall five-year compound annual growth rate (CAGR) remains positive at 7%
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Greenwrap is a type of wrap packaging that is biodegradable which is majorly used to protect various delicate and fragile items such as electronic devices, glass product, ceramics, pharmaceutical products, and many others.
Traditionally the wrap packaging is made up of plastic instead recently manufacturers are switching for greenwrap which is biodegradable that is made up of recycled paper, paperboard or 100% compostable material. The packaging material is mostly preferred to safeguard any product that needs protecting. Greenwrap is the most preferred alternative because of its biodegradable nature, cushion effect and its transparency.
Manufacturers invest a lot of money in ensuring the safety of the product while transportation and storage. Innovative packaging is promoting biodegradable solutions with various materials that will benefit the manufacturer and the environment. The demand for greenwrap is driven by the significant growth of the e-commerce industry, electronics industry, food & beverage industry and pharmaceutical industry.
Considering the notable developments in the greenwrap market, Fastpack packaging company introduced a green packaging solution that is 100% biodegradable and recyclable. Greenwrap named “die-cut honeycomb packing paper cushioning rolls” was designed by the company to provide protective packaging to the retailers which would provide safety and also be environment friendly.
Greenwrap market is gaining traction in the e-commerce sector with the massive change in the lifestyle of the consumers which makes the consumers put a lot of effort to choose a protective, cost-effective, yet eco-friendly packaging that is beneficial to the manufacturers, and environment.
Just like plastic bubble wrap, greenwraps also provide the same level of protection and for the manufacturers the easy availability of the raw materials such as the paper, cornstarch and others at a very low-cost act as an added advantage. Usage of greenwraps produces lesser greenhouse gas emissions.
Also, biodegradable materials like cornstarch wrap, composite wraps degrades faster than another conventional wrap packaging. The demand for protective and quality packaging is expected to reduce the risk of damage of non-food products, contamination of food items till it reaches the consumer or the end-user.
Packaging is a vital aspect in the success of export of any product where greenwrap can be used extensively. When it comes to transportation and storage of fragile items they need to be preserved and protected till it reaches its destination safely.
Considering the difficulty for the greenwrap market to replace the usual wrap packaging as there are many applications where plastic wrap packaging is more suitable to use, this might hamper the growth of the greenwrap market. Consumers and retailers usually still prefer the usage of plastic as it has substantially more shelf life than greenwraps which tends to expire soon and cannot be reused after a certain period.
Many developing countries still do not have the precise technologically advanced equipment to recycle or manufacture greenwrap which might hamper the growth of the demand for greenwrap in the market.
Key Global Players of the Greenwrap Market are:
Key players in the Asia Pacific region of the Greenwrap Market are:
Greenwrap packaging is not specifically used in the packaging of electronic goods or consumer good but also used for pharmaceuticals, food & beverage and e-commerce. Biodegradable packaging has recently got the hype in the market which is highly preferred by the consumers as an alternative to a non-healthy lifestyle that is being chosen in the current times.
During the Covid 19 pandemic, medicines, food and beverage were the essential items in use which had to be transported at most safety to avoid any losses. The continuous online purchases of every item right from groceries to non-essential to medicines and the adoption of the green approach by various industries has led to significant growth in the greenwrap market.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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