The Global Greenwrap Market is expected to register a market value of USD 2.7 billion in 2023 and is projected to accumulate a valuation of USD 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 | USD 2.7 billion |
| Projected Market Value in 2033 | USD 6.2 billion |
| Growth Rate (2023 to 2033) | 8.6% CAGR |
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Greenwraps have found wide use across several industries for wrapping delicate products that necessitate a thick layer of support to protect them from direct contact of other products.
Surging demand for safety packaging wraps from various end-users, like chemical, food & beverages, electronics and automotive across the globe is a key factor fuelling the market growth.
The need for protective packaging for delicate products, like glass, ceramics and other fragile electronics devices is driving the demand for green wraps. Employing these wraps as a packaging solution provides a greater cushioning for transportation of sensitive item, thereby augmenting the market growth.
Growing awareness regarding environment is further driving the product sales. Increasing consumer awareness regarding the drawbacks of plastic consumption and its non-disposable nature, is creating demand for eco-friendly products like foam and paper wraps
The burgeoning demand for consumer items that need protective green packaging is fuelling the product demand. Moreover, the substantial increase in e-commerce sales due to rising internet usage is driving up the need for high grade bubble wraps.
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.
North America is expected to dominates the market by accumulating 42% market share by end of the forecast period. The growth is attributed to the suitable government policies. Moreover, the rising need for eco-friendly packaging by the consumers will further augment growth in the regional market.
Asia-Pacific is projected to observe fastest CAGR growth of 8.4% during the forecast period. This region being the due the key consuming hotspot for packed foods and cosmetics, the demand is surely expected to rise.
Principal Consultant
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.
In January 2020, Sealed Air Corporation, the original inventor of bubble wrap, has introduced its new range of bubble wrap brand packaging material. This new bubble wrap packaging is made with more than 90% recycled content. This development will help the company to improve its market presence in the market.
In August 2021, Hexcel Pack launched a new pallet wrap which is an eco-friendly, paper-based protective padding material to supersede bubble packaging and other plastic or foam base material. PalletWrap was created with high-tension Powerstretch technology.
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:
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Product Type 6.2. End-Use 7. Global Market Analysis and Forecast, By Product Type 7.1. High-Grade Bubble Wraps 7.2. Temperature Controlled Bubble Wraps 7.3. Others 8. Global Market Analysis and Forecast, By End-Use 8.1. Automotive 8.2. Pharmaceutical 8.3. Household & Personal Care 8.4. E-Commerce 8.5. Food & Beverage 8.6. Others 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 9.6. Oceania 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Europe Sales Analysis and Forecast, by Key Segments and Countries 13. Asia Pacific Sales Analysis and Forecast, by Key Segments and Countries 14. MEA Sales Analysis and Forecast, by Key Segments and Countries 15. Oceania Sales Analysis and Forecast, by Key Segments and Countries 16. Sales Forecast by Product Type and End-Use for 30 Countries 17. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 18. Company Profile 18.1. Sealed Air Corporation 18.2. IVEX Protective Packaging Inc 18.3. Smurfit Kappa 18.4. Pregis Corporation 18.5. Barton Jones Packaging Ltd. 18.6. Fastpack Packaging 18.7. Cortec Corporation 18.8. Eco Packaging International Company 18.9. Dana Poly Inc. 18.10. Green Pulp Paper Industry Sdn. Bhd 18.11. Bubble Pack 18.12. S R Bioplastic 18.13. RBP Solutions Pvt Ltd 18.14. Biogreen Biotech Pvt Ltd
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