Global Green Packaging Market - Segmented by Type (Recycled Content Packaging, Reusable Packaging and Degradable Packaging), End-user, and Region - Growth, Trends, and Forecast (2018 - 2023)
The Global Green Packaging Market was valued at USD 214.33 billion in 2017, and is expected to reach a market value of USD 296.84 billion by 2023, registering a CAGR of 5.7%, during the forecast period of 2018-2023. The report discusses about the various types of materials used for green packaging. Regions considered for the scope of this report are North America, Europe, and various others. The study also emphasizes on how emergence of sustainable materials, such as bio-plastics is affecting the market.
The way consumers view and interact with packages is changing, with growing focus on sustainability; traditional packaging solutions are being replaced by innovative and more viable sustainable packaging. Millions of packaged items are shipped throughout the world on a daily basis, which creates waste. Also, many of the conventional packing materials are not recyclable. As the companies transport goods from factories to warehouses, and then to retailers in a huge amount coupled with the number of online orders placed daily, there is a hugely wasteful amount of plastics, Styrofoam, cardboard, and paper which are non-recyclable. To overcome this challenge, companies are focusing on green packaging solutions, which are either recyclable or have a lower impact on the environment.
Emergence of Sustainable Materials, such as Bio-Plastics to Drive the Market
Innovations in recent times have enabled the development of sustainable and customized flexible packaging solutions, which have led to a rise in the green packaging market. The emergence alternative materials based on polymers in the packaging industry, such as bio-plastics in line with the existing demand for environment-friendly packaging, is expected to drive the market during the forecast period. These materials can be used to reduce the problem of contaminating plastic waste that is suffocating and contaminating the environment.Also, they are already used in agriculture, textile industry, medicine, and container & packaging market. Biopolymers are already becoming popular in cities throughout Europe and the United States for ecological reasons. Moreover, its rising prominence in developing countries is expected to drive the market.
Food & Beverage is the Largest Market
Food consumption has witnessed a high growth in the recent past, creating a demand for the packaged food products with an extended shelf life and sterility. The dynamic structure of the food industry is evolving, as different parts of the supply chain are turning towards innovation to meet the increasing needs of the consumers. Moroever, the global food industry has witnessed sales in excess of USD 4 trillion, every year, through retail sales. Additionally, a growing consumption of beverages in developing countries is also expected to augment the growth. Also, the use of recyclable metal cans in the beverage industry, which results in almost 80% energy savings is anticipitated to boost the market growth.
Asia-Pacific is the Largest Market
The region occupies the highest share owing to high demand in the end user industries, specifically, in the food & beverage industry. A growing middle-class population that is increasingly becoming affluent and conscious of health and environmental issues also boosts the demand. Moreover, the initiatives are taken by respective governments, such as, in Singapore where the companies will have to report their packaging data and submit packaging reduction plans by 2021. These new rules are part of a plan to extend the lifespan of the island nation’s only landfill site, and to curb the generation of packaging waste. Also, government rules in other countries, such as India (Plastic Waste Management Rules) to curb the waste, and support the adoption of recyclable materials is expected to drive the demand for sustainable solutions.
Key Developments in the Market
- Jan 2018 - McDonald’s announced that all of its packaging will be made from renewable, recycled or certified materials by 2025. The restaurant aims for all of its 37,000 restaurants around the world to use these products. Currently, half of McDonald’s packaging is made from sustainable materials, and only 10% of its outlets are recycled
- Dec 2017 - The Kroger Co. announced it had joined the Sustainable Packaging Coalition (SPC), a membership-based collaborative of like-minded companies striving to advance sustainable packaging. It has joined more than 130 brands, manufacturers, government officials, academics, and organizations in SPC
- May 2017 - TIPA Sustainable Packaging, a developer and manufacturer of bio-based, compostable, flexible packaging, and Jindal Films Europe, involved in the development & anufacture of specialty packaging & labeling film solutions announced the signature of partnership agreement at Interpack 2017
Major Players - Dowdupont, Mondi Group, Sealed Air, Tetra Pak International S.A., Amcor Limited, Crown Holdings Incorporated, Sonoco Products Company And Westrock Company,among others.
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