Published: Apr, 2018
According to a report published by Transparency Market Research in recent times, the global green packaging market exhibits a substantially competitive vendor landscape. Although the market is still in its developing stages, competition is expected to get fiercer during forthcoming years mainly due to the entry of new players in the market.
Sticking to existing norms regarding eco-friendly packaging, quickly adapting to any changing regulations put forth by governments, as well as aiming to achieve product differentiation are key strategies employed by most players in the global green packaging market. Undertaking extensive research and coming up with innovative packaging solutions also are a couple of goals followed by businesses present in this sector. Nampak, Amcor, DS Smith, Sealed Air, Be Green Packaging, Mondi, Evergreen Packaging, Rexam, and DuPont, are key players operating in the global green packaging market, among numerous others.
According to the report, the global green packaging market will be valued at US$203.1 bn by 2021, exhibiting a CAGR of 6.20% between 2015 and 2021. The market had a valuation of US$132.4 bn in 2014.
Rising Concerns about Growing Pollution Levels Stokes Green Packaging Demand
Rising environmental concerns regarding mushrooming pollution caused by plastic and other synthetic materials used for packaging is largely making people aware about the benefits of using eco-friendly packaging materials. Generation of such awareness has notably contributed towards the market experiencing phenomenal growth in recent times, which is further expected to continue in future.
Green packaging forms less toxic emissions compared to its plastic counterparts, thus providing numerous benefits, chiefly by being highly eco-friendly. Favorable initiatives put forth by governmental bodies such as encouraging use of bio-degradable materials, provision of grants and funds to startups focusing on production of eco-friendly packing systems, and imposing bans against use of plastic and other synthetic materials also has been highly responsible for propelling the market’s growth. Stringent rules set up in many regions to keep a clean and pollution-free environment has also stoked the use of green packaging units.
Less Awareness about Eco-Friendly Packaging in Underdeveloped Regions Hinders Growth
However production costs associated with manufacturing of green packaging material might deter small-scale businesses to venture into this market, thus restraining its growth. Limited awareness about the use and benefits of green packaging materials in remote and underdeveloped regions also has hampered the geographical reach of the green packaging market. Therefore, such areas showcase limited demand from consumers, which consequently affects the production rates of green packaging in a negative manner.
Nevertheless, extensive efforts are being taken by several governmental as well as private organizations to encourage sale and use of eco-friendly packaging respectively among business owners and consumers. A latest example involves China imposing new standards to be met regarding use of environmentally friendly packaging, which is reportedly going into effect from September this year. Numerous businesses are also experimenting with different materials to develop low cost green packaging solutions. Such factors are highly expected to dilute the restraints affecting the global green packaging market in future.
This review is based on a TMR report, titled, “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.”
- Sticking to existing norms regarding eco-friendly packaging, quickly adapting to any changing regulations put forth by governments, as well as aiming to achieve product differentiation are key strategies employed by most players in the global green packaging market.
- Stringent rules set up in many regions to keep a clean and pollution-free environment has also stoked the use of green packaging units.
The global green packaging market has been segmented as follows:
- 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)
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