The Global Green Packaging Market was valued at US$ 134.15 billion in 2016, according to Global Green Packaging Market Report by Material (Paper and Paperboard, Plastic, Metal, Glass, and Others), by Process Type (Recycled Content Packaging, Re-Usable Packaging and Degradable Packaging), by Packaging Type (Paper and Paperboard Packaging, Plastic Packaging, Metal Packaging, Glass, and Others), by End-Use Industry (Food and Beverages, Healthcare, Personal Care and Cosmetics, and Others). The green packaging market is expected to register a CAGR of 6.71% over the forecast period (2017-2025) to reach US$ 238.27 billion by 2025. Major factors propelling the growth of this market include, increasing awareness among consumers regarding the benefits of green packaging and government regulations that encourage people to adopt eco-friendly alternatives. However, the amount of solid waste generated is a key factor hindering the growth of green packaging market. In 2012, according to the World Bank, the solid waste generated annually was around 1.3 billion tons at global level and it is anticipated to increase up to 2.2 billion tons by the end of 2025.
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Key Trends and Analysis of Green Packaging Market:
- On the basis of material, paper and paperboard segment dominated the global green packaging market in 2016 and is expected to lead the market throughout the forecast period. This segment is gaining popularity due to the rising demand for eco-friendly and biodegradable packaging material since paper is 100% recyclable, compostable, and biodegradable.
- On the basis of process type, recycled content packaging is projected to have a significant share in the green packaging market. This segment has gained popularity, owing to its benefits associated with reduced energy consumption and reduced carbon footprint. During the period from 2007 to 2015, the Coca-Cola Company has managed to reduce its CO2 emission by 86,939 tons by adopting recycled packaging materials such as corrugated carbon, newsprint, paperboard, steel, glass, and others.
- Among the various end users, food and beverage led the market in 2016 and is expected to maintain its lead throughout the forecast period. Rapid adoption of green packaging products among the manufacturers operating in the food and beverage industry is one of the key factors driving the growth of the green packaging market.
Key Takeaways of the Market:
- North America dominated the global green packaging market in 2016 and is projected to retain its position throughout the forecast period. The region is projected to witness a CAGR of 5.04%, in terms of revenue, during the forecast period. The demand for re-usable packaging has surged in the U.S., thus making this country a prominent contributor to the growth of the green packaging market in North America. Further, in 2016, Amcor Ltd., which is one of the leading players operating in the field of green packaging acquired Alusa, which is one of the largest flexible packaging manufacturers in Latin America. This acquisition would allow Amcor Ltd. to address a broader base of consumers in both Latin America and North America.
- Asia Pacific is projected to be the fastest growing market, witnessing the highest CAGR of 8.85% during the forecast period followed by Latin America. Rising awareness about environmental concerns among the consumers has altered their preference, which, in turn, has resulted in a shift in focus among the manufacturers toward green packaging. Moreover, significant presence of multiple players operating in the food and beverage industry is another key factor propelling the growth of the green packaging market in Asia Pacific.
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.