14th Aug 2019 – Global Green
Packaging Market is expected to reach USD 237.8 billion by 2024. Green
Packaging is also termed as sustainable packaging or energy efficient
packaging. It has low impact on environment and energy consumption. The
packaging involves the usage of biodegradable and recyclable material. There
are various materials available in the market for the production of green
packaging products like recycled papers, biodegradable plastics, solid bleach
sulfate, and bio-based plastics. The Green Packaging Market is estimated to
grow at a significant CAGR of 5.7% over the future period as the scope and its
applications are rising enormously across the globe.
Strict government policy regarding
sustainability, rising use of edible packaging material, increasing packaging
companies, and rising consumer awareness regarding advantages of eco-friendly
materials are documented as major factors of Green Packaging Market that are
estimated to enhance the growth in the years to come. However, high cost of
production and varying raw material cost may restrain overall market growth in
the coming years. Green Packaging Industry is segmented based on type,
application, and region.
Degradable packaging, recycled content
packaging, and reusable packaging are the types that could be explored in Green
Packaging in the forecast period. Reusable packaging includes plastic
container, drum, and others. On the other hand, recycled content packaging
includes glass, paper, metal, plastic, and others. The recycled content
packaging sector accounted for the largest market share over 57.5% and is
estimated to lead the overall market in the coming years. This may be because
of high demand in food and beverage sector. Also, recycle packaging may extend
the life of products and is made of strong materials. It can be reused and
extends the shelf life of products.
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The market may be categorized based on
applications like healthcare, food & beverages, personal care, and others
that could be explored in Green Packaging in the coming years. Food &
beverage segment accounted for the largest market share over 58.6% of Green
Packaging and is estimated to continue its dominance in the coming years. This
may be because of high demand from food and beverage industries for packaging
of products and growing numerous restaurants and diners. Also, healthcare
segment is estimated to grow at significant CAGR in the coming years.
Globally, North America accounts for the
largest market share of Green Packaging and is estimated to lead the overall
market in the upcoming period. The reason behind the growth could be government
initiative to promote eco-friendly products and strict policy against use of
products harming environment and rising awareness amongst populace. The United
States is a major consumer of Green Packaging in this region.
Instead, Europe and the Asia Pacific are
also estimated to have a positive influence on the future growth. Europe is the
second largest region with significant market share as promising governing
inclinations. However, Asia Pacific is estimated to grow at fastest pace with
the highest CAGR in the foremost period. The aspects that may be ascribed to
the growth comprise government initiatives for acceptance of environment
friendly solutions, rising awareness amongst consumer regarding eco-friendly
products, and high demand for sustainable practices. The developing countries
like India and China are the major consumer of Green Packaging in this region.
The key players of Green Packaging
Market are Be Green Packaging, Amcor Limited, Evergreen Packaging, BASF SE,
Rexam, DuPont, Sealed Air, DS Smith, Tetra Laval, and Mondi. These players are
concentrating on inorganic growth to sustain themselves amongst fierce
competition. As such, mergers, acquisitions, and joint ventures are the need of
the hour.
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