Green Packaging Market is expected to reach USD 203.15 billion by 2021, increasing demand for heavy metals, consumer electronics, and other goods, and cost-effectiveness of shipping will drive major growth for reusable containers during the forecast period.
Albany, NY -- (SBWIRE) -- 10/15/2020 -- Competition among the players operating in the global green packaging market is expected to increase due to the entry of new entrants, states Transparency Market Research. Leading players in the market are focusing on various organic and inorganic business development strategies to strengthen their position in the global market. Some of the manufacturers are entering in partnership with application industries to cover a larger region to sell the products. For example, Unilever collaborated with multiple packaging suppliers including MuCell Extrusion and ALPLA. Initiatives like these will benefit players to hold strong share in the market. Among the various players, the report includes profile of Be Green Packaging, Evergreen Packaging, Mondi plc, DuPont, DS Smith, Sealed Air, Amcor Ltd., Rexam plc., and Nampak Ltd.
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Increasing consciousness among people related with the harmful effects of plastic and growing understanding about the use of green packaging is expected to surge demand in the global green packaging market. According to TMR, this market is projected to reach US$203.1 bn by the end of 2021, progressing from US$132.4 bn earned in 2014. This figures can be achieved if the market grows at 6.20% CAGR between 2015 and 2021.
Application of green packaging is seen highest in t food and beverages segment due to the increasing demand for packaged food. Moreover, increasing regulations to minimize the use of harmful packaging has also increased the demand green packaging in the food and beverages industry. In terms of geography, Asia Pacific is expected to hold larger share in the global green packaging market. Rising preference for packaged food and rapid economic development has boosted demand or green packaging in Asia Pacific market. China and India are the key market where the demand for green packaging is comparatively high among the others. On the other hand, North America and Europe are also expected to contribute in growing this market, as these regions are rising at a steady rate.
Significant rise the use of advanced technologies in manufacturing green packaging material has boosted growth in the global green packaging market. Developments taking place in which natural material is used for creating edible packaging material has also further augmented demand for green packaging.
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Moreover, rising environmental consciousness among people in both developed and developing regions is also expected to drive growth in the global green packaging market. In addition, dearth of natural resources along with high-energy consumption is also considered to assist growth in this market. Use of advanced packaging technologies that assisted in developing biodegradable materials is also projected to expand the global green packaging market in the coming years.
Despite high demand for green packaging, few restraining factors are expected to hamper growth in the global green packaging market. High regulatory polices increases concerns among the people that are willing to use green packaging. Moreover, limited knowledge about sustainable packaging and its benefits among people residing in remote areas in developing regions might also deter growth in this market. Adding further to it, no proper facility to recycle green packaging has increased challenges faced in the global green packaging market.
But with increasing environmental concerns and high demand for recyclable material that are replacing virgin material might reduce the intensity of these restraints. Rising economic development in emerging economies with increasing healthcare awareness will also support the growth in green packaging in the coming years.
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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, Reusable Packaging, and Degradable Packaging) - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021".