Global Green Packaging Market Set For Rapid Growth, To Reach USD 218.50 Billion by 2021
Sarasota, FL -- (SBWIRE) -- 07/19/2017 -- Zion Market Research has published a new report titled "Green Packaging Market (Reusable Packaging, Recycled Content Packaging, and Degradable Packaging) for Personal Care, Food & Beverages, Healthcare and Other Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021". 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.
Packaging is the most important entity that helps to attract the customer attention towards the product. In various packaging techniques, green packaging is the most popular technique that is in great demand due to its excellent characteristics. Green packaging is the eco-friendly type of packaging which uses recyclable material for packaging process. It also helps to reduce the environmental impact. It does not harm ozone layer as well as does not emit volatile organic compounds and greenhouse gasses such as carbon dioxide and methane. Thus, it has the great scope of food and beverages application in coming future years.
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The global green packaging market is primarily driven by a paradigm shift for products related to green packaging due to rising health awareness among consumers coupled with rising disposable incomes. Secondly, increasing environmental concerns and stringent rules and regulation is projected to bolster the demand for green packaging within the forecast period. However, lack of information about green packaging and its benefits is a major restraint that is likely to hinder the demand of the market. Nonetheless, environmental issues are expected to offer new avenues to the major manufacturers of global green packaging market over the coming years.
Reusable packaging, recycled content packaging, and degradable packaging are the major types of global green packaging market. Among all these, recycled content packaging dominated the global green packaging market in 2015. It accounted for significant share of the total market. In addition, reusable packaging was the second largest type of green packaging in the same. Further, it is also expected to have remarkable growth over the years to come owing to the government regulations coupled with rapidly growing demand for bio-plastic packaging. Moreover, the degradable packaging is also projected to have moderate growth in coming years.
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The major applications of global green packaging are personal care, food and beverages, healthcare and other applications. The food and beverages held as leading application segment of the market in 2015. It accounted for more than 45.0% shares of the entire market and further it is expected to continue this trend in near future. This growth is attributed to the robust demand for eco-friendly packaging coupled with stringent government regulations. Moreover, healthcare and personal care are expected to have exponential growth during coming years.
Based on geographic segmentation, North America was the largest market for green packaging in 2015. It accounted for more than 28% shares of the entire market. Furthermore, it is expected to follow this trend within the forecast period. U.S. was the major revenue contributor in the region in the year 2015. North America was followed by Europe. Moreover, Asia Pacific is expected to be one of the fastest growing markets for green packaging in near future. China and India are expected to be major consumer due to the presence of a large number of food and beverages industries. Furthermore, Latin America and the Middle East & Africa are expected to have moderate growth for green packaging market in near future.
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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.
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