The worldwide greenwrap market is anticipated to reach US$ 2.7 billion in market value in 2023 and is anticipated to reach US$ 6.2 billion by displaying a CAGR of 8.6% from 2023 to 2033. From 2018 to 2022, the greenwrap market experienced growth at a compound annual growth rate of 6.4%.
Green wrap sales are predicted to increase by 6% globally in 2021, with a significant rise in sales. While FMI still forecasts a minor increase in the green wrap industry, the total five-year compound annual growth rate (CAGR) remains positive at 7%.
Key Trends and Growth Indicators for the Greenwrap Market
- Many businesses use green wraps to wrap delicate items that need a strong layer of support to prevent them from coming into direct contact with other items.
- One of the main factors driving the market expansion is the soaring demand for safety packaging wraps from a variety of end-users, including chemical, food & beverage, electronics, and automotive around the globe.
- The need for green wraps is being driven by the necessity for protective packaging for sensitive items including glass, ceramics, and other brittle electronic gadgets. Utilizing these wraps as a packing solution offers more cushioning for the transportation of delicate items, supporting market expansion.
- Sales of the products are being further boosted by growing environmental awareness. raising consumer awareness of the negative effects of plastic use
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Green wrap Market: An Overview
Green wrap is a type of wrap packaging that is biodegradable and is majorly used to protect various delicate and fragile items such as electronic devices, glass products, ceramics, pharmaceutical products, and many others.
Traditionally the wrapping packaging is made up of plastic instead recently manufacturers are switching for green wrap 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.
What drives the growth of the Greenwrap Market?
The green wrap 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 the environment.
Just like plastic bubble wrap, green wraps also provide the same level of protection, and for the manufacturers the easy availability of the raw materials such as paper, cornstarch, and others at a very low-cost act as an added advantage. Usage of green wraps produces lesser greenhouse gas emissions.
Also, biodegradable materials like cornstarch wrap, and composite wraps degrade faster than other conventional wrap packaging. The demand for protective and quality packaging is expected to reduce the risk of damage of non-food products, and 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.
What Restraints the Growth of the Greenwrap Market?
Considering the difficulty for the green wrap 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 green wrap market. Consumers and retailers usually still prefer the usage of plastic as it has substantially more shelf life than green wraps which tend 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 green wrap which might hamper the growth of the demand for a green wrap in the market.
Competitive Landscape
Key Global Players of the Greenwrap Market are:
- Sealed Air Corporation
- IVEX Protective Packaging Inc
- Smurfit Kappa
- Pregis Corporation
- Barton Jones Packaging Ltd.
- Fastpack Packaging
- Cortec Corporation
- Eco Packaging International Company
- Dana Poly Inc.
Key players in the Asia Pacific region of the Greenwrap Market are:
- Green Pulp Paper Industry Sdn.Bhd
- Bubble Pack
- S R Bioplastic
- RBP Solutions Pvt Ltd
- Biogreen Biotech Pvt Ltd
How Has Covid-19 Impacted The Growth Of The Greenwrap Market?
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 that 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 green wrap market.
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Key Segments of the Greenwrap Market Covered in the Report
Based on the Product Type, the Greenwrap Market has been segmented as
- High-Grade Bubble Wraps
- Temperature Controlled Bubble Wraps
- Others
Based on End-use, the Greenwrap Market has been segmented as
- Automotive
- Pharmaceutical
- Household & Personal Care
- E-Commerce
- Food & beverage
- Others
Based on Region, the Green wrap Market has been segmented as
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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