According to the report, global green packaging market was valued at USD 161.50 billion in 2015 and is expected to reach USD 242.50 billion in 2021, growing at a CAGR of 7.0% between 2016 and 2021.
Green packaging is an alternative to the conventional form of packaging, which is being used to reduce the impact on the environment and energy consumption. It is also known as sustainable packaging. Green packaging uses environmentally-sensitive methods of packaging including biodegradable materials, energy efficiency, down-gauging and reusability. Moreover, green packaging supports human and ecological health. This parameter is expected to drive the demand of green packaging high in near future.
The global green packaging market is driven by multiple factors. One of the major factors is growing health awareness among consumers. The increase in packaging waste leads to the imposition of rules and regulations by the government is likely to propel the demand for green packaging over the future years. Rapid growth in disposable income is another major factor that will have the positive impact on green packaging demand among consumers. However, poor infrastructure for recycling process may limit the growth of green packaging. Furthermore, growing awareness and attempt to reduce the environmental pollution may offer new opportunities for green packaging market during the years to come.
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Based on types of packaging, the global green packing market is bifurcated into reusable packaging, recycled content packaging, and degradable packaging. The global green packaging market was governed by recycled content packaging in 2015. Additionally, reusable packaging was the second largest segment in the same year. The products such as containers, drums, cylinders, plastic boxes and wooden pallets come under reusable packaging. This segment is likely to have strong demand in coming years due to growing shipment of chemicals, food and medicinal drugs. Furthermore, the degradable packaging material is degraded naturally. Thus, it is expected to have moderate growth within the forecast period.
The global green packaging market is segmented on basis of applications such as personal care, food and beverages, healthcare and other applications. Food and beverages emerged as largest application segment of global green packaging market in 2015. It accounted over 45.0% shares of the total market and further it is expected to remain its dominance over the market in near future. This growth is attributed to the strong demand and regulations imposed by regulatory bodies on food packaging industries. Moreover, personal care and health care are expected to have significant growth owing to the adoption of eco-friendly techniques.
In terms of region, North America held to be a foremost region for the strong demand of green packaging material in 2015. U.S. was the largest revenue contributor due to the strong government support. Furthermore, it is also expected to continue this trend owing to the rising demand from food and beverage industry in the region. Europe was the second largest market for green packaging in the same year. Asia Pacific is expected to be one of the fastest growing markets in near future owing to the emerging economies such as China and India. Latin America and the Middle East & Africa are also an important market that is expected to have potential growth in coming years owing to the emerging food and beverages industries.
Some of the key vendors of global green packaging market are Amcor, Berry Plastics, BASF, DuPont, Printpack, Inc., Innovia Films Ltd, Bemis Company, Tetra Laval and Ball Corporation amongst others.