The global greenwrap market is on a robust growth trajectory, with a projected valuation of US$ 6.2 billion by 2033, underpinned by a noteworthy compound annual growth rate (CAGR) of 8.6% during the forecast period from 2023 to 2033. In the historical period from 2018 to 2022, the market exhibited substantial growth at a CAGR of 6.4%.
Several key indicators and trends are contributing to the expansion of this market. Greenwraps have gained significant popularity across a range of industries, serving as a crucial protective packaging solution for delicate products that require a substantial layer of support to shield them from direct contact with other items. This versatile application has led to increased adoption across various sectors, including chemicals, food and beverages, electronics, and automotive.
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The rising demand for safety packaging wraps worldwide is a pivotal driver of market growth. Delicate products such as glass, ceramics, and fragile electronic devices are benefiting from the protective properties of green wraps, which provide enhanced cushioning during transportation, thus bolstering the market.
Moreover, the increasing global awareness of environmental issues is playing a significant role in driving product sales. Consumers are becoming more conscious of the adverse effects of plastic consumption and its non-disposable nature, leading to a growing demand for eco-friendly alternatives such as foam and paper wraps. This eco-conscious mindset is set to continue fueling the growth of the greenwrap market as environmental considerations become increasingly important in the packaging industry.
The Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Greenwrap
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the market.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Greenwrap industry. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Takeaways and Projections:
- The U.S. is expected to lead the North America Greenwrap industry, projecting the fastest growth in the region between 2023 and 2033
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2033.
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Report Benefits & Key Questions Answered
- Historical Market Analysis: The detailed survey by FMI, examines key factors in the Greenwrap market that affected the growth in the industry for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Greenwrap industry for the forecast period 2023-2033.
- Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Greenwrap for the assessment period. As per the study, the demand for Greenwrap will grow at a robust CAGR between 2023 and 2033.
- Market Trend Analysis: The latest study by FMI on the Greenwrap industry offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist market players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The industry survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of Greenwrap industry. The survey provides a thorough market share analysis to offer an in-depth analysis of prevailing competition.
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Key Segments:
Based on the Product Type,
- High-Grade Bubble Wraps
- Temperature Controlled Bubble Wraps
- Others
Based on End-use,
- Automotive
- Pharmaceutical
- Household & Personal Care
- E-Commerce
- Food & beverage
- Others
Based on Region,
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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