Green Packaging Market
Green Packaging Market (Application Type - Food and Beverage Packaging, Personal Care Packaging, and Healthcare Packaging; Packaging Type - Recycled Content Packaging, Reusable Packaging, and Degradable Packaging) - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021
Press Release :
The green packaging market is on the rise and is projected to witness a considerable growth in the near future. The growth of the market is being fueled by the advent of bioplastics, increasing environmental concerns on sustainable growth, and implementation of strict rules, regulations, policies, and mandates by the governing authorities. There has been a growing awareness among the customers who purchase luxury goods about the techniques of green packaging that make use of bioplastics as the main raw material. There are several such sectors that recognize the importance of green packaging such as personal body care, FMCG, and pharmaceutical among others. Such factors are thus expected to drive the overall growth of the global green packaging market.
A broad range of oil-based polymers are being used currently in several packaging applications. The materials are generally non-biodegradable in nature and are thus quite difficult to reuse or recycle as it carries a risk of contamination. Development of biodegradable plastics from renewable sources to tackle the disadvantages of non-biodegradable products is also an important factor for driving the growth of the global green packaging market. However, the mismatch in the ability of recycling and the amount of solid waste generated across the globe can act as a restraining factor for the market development.
Green packaging helps in cutting down greenhouse gas emissions because of its lessened reliance on traditional fossil fuels in it production. Moreover, its biodegradable nature is also an additional advantage that is helping to push its market growth. Garden waste release and land-filled organic food releases methane gas, which is used as renewable source of energy and the by-product compost can then be used to improve the quality of the soil that will have a positive impact on the overall development of the global green packaging market.
Global Green Packaging Market: Snapshot
The demand for reusable, and sustainable packaging continues to rise, thanks to environmental initiatives, and changing preferences of consumers. The several bans on a wide range of single-use plastics have also made way for new and innovative forms of green packaging which are expected to drive growth.
According to TMR analysts, the green packaging market will likely reach $203.1 bn by 2021 end. The market reached a valuation of US$132.4 bn in 2014. The growth is expected to come on the back of a notable 6.20% CAGR during 2015-2021.
Apart from growing demand for green packaging in general, there are several trends that are expected to shape up major portion of the upcoming growth. Among these, the increased use of recyclable containers, and growth of shipping industry are major turn of events. The shipping industry catering to the trade of heavy metals, and several other consumer-oriented manufactured goods is witnessing a major growth in Asia Pacific. The green packaging or recyclable containers are ideally placed for supporting dynamics like e-commerce, inter-sea trade, and growth of Asia Pacific due to low-cost, and its natural effectiveness as a medium of large-volume transport. The increasing demand for heavy metals, consumer electronics, and other goods, and cost-effectiveness of shipping will drive major growth for reusable containers during the forecast period.
Demand for Green Packaging Remains Highest in F&B Sector
Apart from its new rising applications, the conventional demand for green packaging in food and beverage sector is also likely to remain robust. The food and beverage sector is witnessing a growing appeal for organics, and natural foods. The demand is apparent as major beverage brands like Coca-cola launch natural-varieties of soft drinks globally. Moreover, fast-food chains like Burger King has also put a ‘meatless meat’ or a ‘vegan burger’ option to attract the rising number of vegans in the world. The rising demand for natural food products promises more opportunities for innovative marketing for green packaging, and will continue to drive growth for the green packaging market.
The demand in the Food and Beverage sector is also expected to remain high in Asia Pacific region. The rising disposable income in the region, and growing demand for advanced packaging solutions to meet environmental crisis, and rising regulations like single-use plastic bans will drive robust growth. According to TMR estimates, the growth will rise at 6.4% CAGR during 2015-2021. The rise in non-biodegradable packaging, and growing consumer awareness about green packaging products are expected to emerge as two major drivers for growth in the food and beverage sector.
Biodegradable Packaging Remains a Promising Prospect with the Advent of New Plastics
Biodegradable packaging remains one of the fastest growing segments in the green packaging market, thanks to continued rising demand for disposable plastic papers, trays, plates, and other similar products. Moreover, new varieties in the market like PLA are catering to these demands in the much-needed cost-effective, and disposable manner without a strain on the environment. The growing environmental concerns, and their ability to be disposed without any harmful effects will continue to drive their adoption in new areas like online food delivery systems. The online food delivery continues to suffer from a large variety of packaging, which often falls short due to the incessant pressure of transportation, and high-costs of marketable packaging. Moreover, the growing shift towards online packaging will drive more growth for the green packaging market in the near future.
The online packaging industry is expected to meet robust demand in Asia Pacific, as high-real estate prices, and large population mandates the need for cost-effective transportation of food from one part to the other. The growth of online business, and growing demand for sustainable packaging will continue to drive new growth opportunities in the region.
Some prominent players in the green packaging market are -Be Green Packaging, Mondi plc, DuPont, DS Smith, Evergreen Packaging, Amcor Ltd., Sealed Air, Rexam plc., and Nampak Ltd.
The green packaging market across the globe is expected to experience a stable growth from 2015 to 2021. Green packaging alternatively known as sustainable packaging market is segmented on the basis of application, packaging type and geography. The packaging type is further bifurcated into recycled content packaging, reusable packaging and degradable packaging. The various categories of recycled content packaging are paper packaging, plastic packaging, metal packaging and glass packaging among others. The reusable packaging is divided into drums, plastic container and others. On the basis of application the green packaging market has been segmented into food and beverage packaging, personal care packaging, health care packaging and others. By geography, the green packaging market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Increasing environmental concern is one of the major factors fuelling the demand for green packaging globally. Owing to this factor, considerable efforts are being made for reduction of toxic waste emissions. Green package results in very less toxic emission and causes less pollution in form of landfills. Consequently, there is an increasing demand for green packaging to keep the environment clean and pollution free. Moreover, Owing to increase in government’s initiative to clean the environment, strict regulations are formulated by government globally. Manufacturers are now under pressure to use eco friendly material in packaging and adopt methods that have less adverse impact on environment. Consequently, many industries have to adhere to green packaging as a part of their Extended Producers Responsibility (EPR). This factor is also boosting the market to a great extent. In addition, the use of green packaging gives competitive advantage to industry over other market players since consumers prefer products having sustainable packaging over others. Owing to this factor, the demand for green packaging is increasing and expected to grow rapidly during the forecast period.
However, reduction in profit margin due to increase in production cost is one of the factors restraining the growth of green packaging market. In addition, limited consumers demand due to lack of awareness regarding green packaging among consumers also limits the industries to switch to green packaging. However, government is taking initiative to make people aware of the importance and benefits of green packaging. In spite of these restraining factors the green packaging market will stand firm during the forecasted period.
The study highlights current market trends and provides the forecast from 2015 to 2021. We have also covered the current market scenario for green packaging market and highlighted future trends that will have an impact on demand for the same. The present market size and forecast until 2021 has been provided in the report. The macro and micro economic factors affecting the demand and growth of the market also has been provided in the report.
In the green packaging market, among application segment the food and beverage packaging held the largest market share. Food and beverage industries are the largest consumer of green packaging. As the demand for eco friendly packaging increases among consumers the manufacturers of food and beverage products have started adopting green packaging for their products.
The U.S. is the largest market for green packaging because of the extensive use of eco friendly packaged products. Asia-Pacific region especially India and China offers the fastest growing market for green packaging. The population of the Asia Pacific region is large and growing considerably. The increasing population accounts for a better consumer base in this region. Food and beverage industry which constitutes the basic necessities of the growing population has better opportunity in this area and is emerging as the largest market for food and beverage in the near future. These food and beverage industries use green packaging to a great extent for packaging their products.
Thus, developing economies of Asia Pacific are expected to experience a decent growth in the demand for green packaging products during the forecast period. North America and Europe are the matured markets for green packaging and is expected to have a healthy growth in recent years.
The conclusive analysis of the global green packaging market and the forecasted market growth for the period 2015 to 2021 is provided in this report. The report provides in dept study of different market segments and detailed analysis of the green packaging market in all possible way across different segments based on application, product type and by geography.
Overall, the report takes into account a complete analysis of the global green packaging market and provides a predicted growth for the period 2015 to 2021, taking into account the various macro and micro economic factors affecting the market.
The report segments the green packaging market as:
- Food and Beverage Packaging
- Personal Care Packaging
- Healthcare Packaging
- Other Packaging
By Packaging Type
- Recycled Content Packaging
- Reusable Packaging
- Plastic Containers
- Other Reusable Packaging
- Degradable Packaging
- North America
- Rest of the World (RoW)