Green Packaging Market Size, Share, Growth and Industry Analysis Report
by Susan Hill Business ConsultantThe 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
market growth.
Increasing government campaigns for educating
consumers about the benefits of eco-friendly products and 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 limitation as these
products are low-valued goods and high transportation cost can limit
profitability.
End-use industries such as food and beverages and
healthcare work in collaboration with players 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 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.
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Created on Dec 11th 2019 04:10. Viewed 391 times.