Green Packaging Market Size, Share, Growth and Industry Analysis Reportby Susan Hill Business Consultant
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 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 233 times.