Green Packaging Market Quantitative Market Analysis, Current and Future Trends, 2021
Albany, NY -- (SBWire) -- 09/27/2017 --Transparency Market Research's new market study on the global green packaging market discusses the vital aspects of this market. The report is titled, "Green Packaging Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021". According to the report, the global green packaging market will be valued at US$203.1 bn by 2021, exhibiting a CAGR of 6.20% between 2015 and 2021. The market had a valuation of US$132.4 bn in 2014.
Across the globe, the increasing environmental awareness among consumers is one of the major factors driving the global market for green packaging. Green packaging made out of natural materials such as paper and straw is free of leaching issues if used for the packaging of liquid foods. On the contrary, plastic packaging when used for the packaging of liquid foods, could release toxins into the food due to a reaction with the packaged content. This food can have serious health implications depending on the quality of the plastic packaging.
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Other than this, concern for the environment, which is the subject of discussion in various big and small industries, has prompted enterprises to 'go green' in every way at all possible levels of human activity.
Depleting natural resources have necessitated the utilization of alternatives; green packaging holds significant importance therein. Easy availability of raw materials for green packaging and the recyclable characteristics of these materials have proven to be a highly sustainable packaging option. Government support in this regard for the availability of raw materials for green packaging has been fruitful for the development of this market.
However, the green packaging market is subject to several detrimental factors. The increasing production cost of green packaging, which results in lower profit margins for entities in the value chain, is slowing the market's growth. Nevertheless, several governments across the world are taking initiatives to address this issue, which is expected to turn into profitable payoffs for market entities.
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The report segments the global green packaging market on the basis of application, packaging type, and geography. Reusable packaging, degradable packaging, and recycled content packaging are the segments of the market based on product type.
Personal care products, healthcare products, food and beverages, and others are the segments that divide the global market on the basis of application. Amongst these, packaging for food and beverages is ahead of all other application segments and will register a CAGR of 6.4% for the 2015-2021 period. With increasing consumer awareness for eco-friendly packaging, product manufacturers are focused on developing improved green packaging solutions.
Currently, the U.S. is the largest market for green packaging due to the easy availability of eco-friendly packaging products and government initiatives for the same being deployed on a large scale. China and India are expected to emerge as significant markets for green packaging due to the increasing cognizance of environmental deterioration.
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