With the demand for biodegradable and healthy packaging surging at an exponential rate, the market for green packaging is expected to report 6.20% CAGR between 2015 and 2021. Transparency Market Research (TMR), a leading market intelligence firm, has published a report studying the trajectory of the global green packaging market.The report is titled “Green Packaging Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021.” It pegs the overall value of the global green packaging market at US$132.4 bn in 2014. The market is expected to reach US$203.1 bn by the end of 2021.
Green packaging or sustainable packaging uses biodegradable packaging materials to offer improved sustainability. The packaging involves lifecycle assessment (LCA) and ensures increased lifecycle inventory (LCI). Since eco-friendly materials are used in green packaging, it is considered as a means to reduce environmental pollution and carbon footprint.
The green packaging market is steered by the rising health awareness among consumers. As consumers become more health-conscious, a paradigm shift toward healthy and biodegradable packaging is observed. The demand for green packaging is thus increasing due to the health benefits it offers. Furthermore, the increasing environmental concerns are also bolstering the market, as green packaging’s contribution to environmental pollution is negligible. Additionally, the shortage of natural resources has also boosted the demand for green packaging since it is easily recyclable.
On the flip side, the diminishing profit margins owing to the rise in production cost is a primary factor inhibiting the growth of the global green packaging market. Furthermore, the lack of awareness among consumers has also negatively impacted the demand for green packaging. Nevertheless, the market is expected to significantly gain from the rising government initiatives for keeping the environment clean and pollution free.
Based on packaging type, the report segments the green packaging market into recycled content packaging, reusable packaging, and degradable packaging. In terms of application, the market is segmented into food and beverages, personal care products, healthcare packaging, and others. Of these, the food and beverages packaging dominated the market in 2014, accounting for a share of 59.7%.
Regionally, the global green packaging market is segmented into Europe, Asia Pacific, North America, and RoW. The U.S. has emerged as the biggest green packaging market in the world due to the favorable government policies encouraging the large-scale use of eco-friendly packaging. Furthermore, the global market is also significantly gaining from the rising demand in emerging economies of Asia Pacific such as India and China.
To study the prevailing competition in the market, the report also profiles companies such as E. I. Du Pont de Nemours, Tetra Laval, Crown holding, Biopack Environmental Solutions, Amcor, and Ball Corp. Using SWOT analysis the report weighs out the strengths and weaknesses of the companies profiled. The analysis also helps analysts in projecting the threats and opportunities that these companies may face during the forecast period.
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