The global green packaging market size is expected to reach USD 237.8 billion by 2024, according to a new report by Grand View Research, Inc., registering a 5.7% CAGR during the forecast period. Increasing consumer awareness about eco-friendly products is expected to be a key factor driving the market growth.
Increasing government campaigns for educating consumers about the benefits of eco-friendly products and the harmful effects of toxic packaging materials is expected to benefit industry growth over the forecast period.
According to a recent survey conducted by packaging manufacturer, Asia Pulp & Paper, over 50.0% of people in South and North America prefer green packaging when they purchase any product. Additionally, 42.0% of the people surveyed stated their willingness to pay more for green packaging options.
Bioplastics have zero CO2 emissions, which makes them increasingly popular in developed regions of North America and Europe. In 2010, European Heads of State and Government (the European Council) finalized a 20% reduction in greenhouse gases and 20% energy to be derived from renewable sources as part of their strategy called ‘Europe 2020’. Government initiative schemes such as these are likely to be a key growth driver over the forecast period.
Key packaging manufacturers prefer outsourcing their own production to location with cheap labor and abundant raw material availability. However, outsourcing of production has some limitations as these products are low-valued goods and high transportation costs can limit profitability. End-use industries, such as food & beverages and healthcare, work in collaboration with companies in the packaging industry as design, shape, and print on the package play a crucial role in capturing potential customers.
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Further key findings from the report suggest:
The global green packaging market is anticipated to reach USD 237.8 billion by 2024, at a CAGR of 5.7% from 2016 to 2024
In terms of revenue, the recycled content packaging segment is projected to ascend at a CAGR of 5.2% over the forecast period
The food and beverage application dominated the global green packaging market with a share of over 58.0% in 2015
The North America market is anticipated to exceed USD 70.4 billion by 2024, while Europe is projected to witness a remarkable CAGR of 5.5%, owing to increasing demand from the healthcare sector
Asian countries, especially India and China, are expected to observe strong growth in the coming years
The global market is partially consolidated and competitive in nature, with the presence of multinational players
Some of the key companies present in the market are Amcor Limited, BASF SE, Dupont, DS Smith, Mondi, Tetra Laval, Sealed Air, Rexam, Evergreen Packaging, and Be Green Packaging.
Grand View Research has segmented the global green packaging market on the basis of packaging type, application, and region:
Green Packaging Type Outlook (Revenue, USD Million, 2015 - 2024)
Recycled Content Packaging
Green Packaging Application Outlook (Revenue, USD Million, 2015 - 2024)
Food and Beverage
Green Packaging Regional Outlook (Revenue, USD Million, 2015 - 2024)
Rest of the World (RoW)
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