Global Green Packaging Market to Surpass US$ 238.27 billion by 2025
Green packaging is referred to the use of packaging materials and implementation of manufacturing methods that have low impact on energy consumption and environment. Green packaging involves the usage of recyclable and biodegradable materials and thus referred as energy-efficient or sustainable packaging. Furthermore, bio-degradable plastics, bio-based plastics, solid bleach sulfate, and recycled papers are some of the key materials used for the manufacture of green packaging products.
Major factors propelling the growth of green packaging market include increasing awareness among consumers regarding environmental safety and the benefits of green packaging. Apart from this, the initiatives taken up by the regulatory bodies that supports the adoption of eco-friendly alternatives is another factor expected to drive the growth of the green packaging market during the forecast period.
In terms of revenue, Asia Pacific is expected to be the fastest growing market for green packaging, witnessing a significant CAGR of 8.85% during the forecast period. This growth is mainly driven by the presence of several manufacturers operating in the food and beverage industry in this region. Further, high population growth and increasing disposable incomes in the emerging economies such as China and India, are some of the factors driving the food and beverage industry, which in turn is fuelling the growth of the green packaging market in Asia Pacific.
North America dominated the green packaging market in 2016 and accounted for a market share of around 30%, with the U.S. being the major contributor. Initiatives taken up by the regulatory bodies regarding waste management and landfill drive the market growth in North America. Furthermore, stringent recycling targets set by the Environmental Protection Agency (EPA), are being implemented in the U.S., which in turn is augmenting the growth of the green packaging market in this region.
Based on materials, the green packaging market has been segmented into paper & paperboard, plastic, glass, metal, and others. The paper & paperboard segment dominated the market in 2016 and is expected to retain market dominance throughout the forecast period.
Middle East and Africa are witnessing sluggish growth at present due to weak penetration of several end users of green packaging. Political and economic instability in these regions restrain the market growth to a great extent. However, Latin America is expected to portray a favorable growth for green packaging during the forecast period on account of rising penetration of the end-use industries for green packaging and rising penetration by the manufacturers of green packaging.
Request Sample copy of [email protected] https://www.coherentmarketinsights.com/insight/request-sample/820
Based on the end-use industry, green packaging market has been segmented into food & beverages, healthcare, personal care, and cosmetics. In 2016, food & beverages accounted for a major share in the green packaging market and is expected to retain market dominance throughout the forecast period.
Major Players in the Global Green Packaging Market
The major players operating in the market of green packaging include Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, Graham Packaging Company Incorporation, and Huhtamaki OYJ, among others.
You may be interested
Cutting Equipment Market-Outlook, Insights and Revenue OpportunitiesAlex Mathew - March 24, 2018
In terms of volume, the global cutting equipment market was pegged at over 3,400 thousand units in 2016 and is projected to reach 4,900 thousand units by…
Cloud Backup Market Projections and Future OpportunitiesAlex Mathew - March 24, 2018
Cloud backup also known as online backup or remote backup is an alternative to conventional backup. Cloud backup aids in creating, editing, managing, and restoring data backup.…
Growing Incidence of Phishing Attacks Across the Globe Fueling Growth of Ransomware Protection MarketAlex Mathew - March 24, 2018
Ransomware protection refers to security against malicious cryptovirology software that prevents users from accessing their data or threaten to make their private information public unless a ransom…