Published: Jul, 2018
The global green packaging market features an increasingly competitive vendor landscape. Transparency Market Research (TMR) notes that in the coming years, the constant entry of new players is likely to raise the level of competition in the market. Despite being largely in developmental stage, the market is fast evolving shaped by the changing government regulations in various parts of the globe, which is offering lucrative avenues for companies to capitalize on. To this, numerous agile and astute players are adhering to the existing regional norms. Several players are also focusing on product differentiations and making sizeable investments in research and development activities as key strategies, in order to stay ahead of others, finds TMR. Furthermore, prominent players are focused on brining innovation in the market.
The top players in the green packaging market are DuPont, Rexam plc., Evergreen Packaging, Mondi plc., Be Green Packaging, Sealed Air, DS Smith, Nampak Ltd., and Amcor Ltd.
The global green packaging market was valued at US$132.4 billion in 2014 and is forecast to reach a worth of US$203.1 billion by 2021. The market is projected to expand at a CAGR of 6.20% during the forecast period of 2015–2021.
The various application areas of green packaging are personal care, healthcare, and food and beverages (F&B) industries. Of these, the F&B packaging is anticipated to lead the global market rising at a CAGR of 6.4% over the assessment period. The rapidly rising demand for green packaging in this end industry is attributed to the widespread consumer awareness of the favorable health impacts of eco-friendly, sustainable packaging.
Geographically, Asia Pacific is projected to rise at potentially attractive pace, driven by extensive and steady demand for green packaging among end consumers, especially in the food and beverages industry. Meanwhile Europe and North America are considered mature regional markets.
Demand to ride on back of Spiraling Awareness of Adverse Ecological Effects of Conventional Packaging
The drive for green packaging or eco-friendly packaging stems from the need for addressing the mounting environmental concern arising out of burgeoning plastic and synthetic material waste generated by conventional packaging across the globe. The green packaging market is witnessing giant strides underpinned by the rising awareness about the environmental impact of conventional packaging materials due to its non-recyclability.
The rising popularity of biodegradable and recyclable packaging among consumers and manufacturers alike is a notable factor boosting the market. The adoption of this type of packaging by end users has helped reduce toxic emissions emitted by the inadequate disposable of conventional packaging materials. In various parts of the world, substantial curbs on the usage of plastic and synthetic materials are also catalyzing the demand for green packaging.
Implementation of Government Regulations on Environmental-Friendly Packaging bolsters Uptake
The several environmental and economic benefits that green packaging comes offers to players in end-use industries are key to their rising popularity. Some of the attractive characteristics that green packaging display are the use of less packaging material, recyclability of the materials, cleaner production, waste reduction, and energy conservation. The benefits that manufacturers gain in transportation of goods with green packaging is another attractive proposition boosting the market.
However, the growth of the market has witnessed few setbacks owing to the high cost of production of green packaging and the lack of awareness by masses, especially in low-income countries.
Nevertheless, the market is likely to witness attractive prospects from the initiatives taken by governments in several emerging economies to support environmental-friendly packaging. To this end, they have framed numerous legislations promoting the use of eco-friendly materials in the packaging industry among customers.
Research efforts by manufacturers in the packaging industry to develop innovative packaging materials augur well for the market.
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”.
The global green packaging market is segmented based on:
- Food and Beverage Packaging
- Personal Care Packaging
- Healthcare Packaging
- Other Packaging
- Recycled Content Packaging
- Reusable Packaging
- Plastic Containers
- Other Reusable Packaging
- Degradable Packaging
- North America
- Rest of the World (RoW)
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