Published: Mar, 2019
The competitive landscape of global green packaging market showcases fierce competition among key players. Transparency Market Research (TMR) notes, the level of completion is likely to rise in the coming years owing to the entry of new players in the global green packaging market. Some of the top players operating in the global green packaging market are Evergreen Packaging, Rexam plc., Mondi plc,, DuPont, Be Green Packaging, Sealed Air, Be Green Packaging, DS Smith, Amcor Ltd., and Nampak Ltd.
As per a market report by the Transparency Market Research the global green packaging market was recorded at a valuation US$132.4 billion in 2014. The global green packaging market is likely to reach a valuation of US$203.1 billion by 2021, rising at a steady CAGR of 6.20% during the forecast period of 2015–2021.
Based on geography, Asia Pacific is projected to rise at an attractive pace in the near future. This is mainly because of extensive and steady demand for green packaging in the region. This is followed by Europe and North America owing to the rising awareness among consumers. Based on application, food and beverages packaging is anticipated to lead the global green packaging market over the assessment period.
Spiraling Awareness of Adverse Impact of Synthetic Packaging to Bolster Growth
Mounting environmental concerns because of burgeoning plastic and synthetic packaging is necessitating a replacement. This is a key factor driving the growth of the global green packaging market. The eco-friendly property of green packaging is a key factor leading to giant strides. Owing to the inclination of the consumers towards the biodegradable and recyclable packaging. Further, the adoption of green packaging helps reduce toxic emissions emitted by plastic based packaging.
Favorable Government Regulations for Environmental-Friendly Packaging to Drive Market
The rising popularity of environmental friendly packaging across end-use industries is bolstering the global green packaging market. Owing to immense environmental benefits, governments are advocating the use of green packaging. Environmentalists also propagate the adoption of green packaging. All these factors are boosting the global green packaging market. Cleaner production, energy conservation, and waste reduction are some others advantages of green packaging over traditional packaging. Apart from this, ease in transportation is another attractive proposition boosting the global green packaging market.
Nevertheless, the growth of the global green packaging market is hampered by a few setbacks. Some of them are high cost of production, deforestation, lack of awareness. Despite this, the global green packaging market is likely to witness attractive prospects owing to the innovative strategies adopted by key player to spread awareness.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Green Packaging Market (Application Type - Food and Beverage Packaging, Personal Care Packaging, and Healthcare Packaging; Packaging Type - Recycled Content Packaging (Paper, Plastic, Metal, and Glass), Reusable Packaging (Drums and Plastic Container), and Degradable Packaging) - Global Industry Analysis, Trend, Size, Share and Forecast 2015–2021”.
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