Green packaging, also known as sustainable packaging, is classified on the basis of packaging type, application, and geography. The market is expected to grow exponentially owing to growing environmental concerns across the globe. As a result of this, efforts are being undertaken by governments and non-government organizations to reduce the emissions of toxic wastes.
Using green package leads to considerably less toxic emissions and thus causes less population in the form of landfills. Therefore, there is an extensive demand for green packaging in order to keep the environment pollution free and clean. Furthermore, rising initiatives by governments across the globe for clean environment and stringent regulations formulated by them are also likely to bolster the growth of the market in the coming years.
As a result of the strict regulations, producers are now striving to introduce eco-friendly packaging materials and adopt techniques that will have less impact on the environment. Several industries have to also follow green packaging as a part of the Extended Producers Responsibility (EPR). This aspect is also expected to propel the demand for green packaging.
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Nevertheless, decrease in profit margins owing to a rise in production costs is a factor that is expected to negatively influence the growth of the market. Additionally, limited demand from consumers owing to low level of awareness among them regarding green packaging. However, governments are taking steps to educate people about the benefits associated with green packaging.
The global market for green packaging is likely to exhibit a 6.20% CAGR from 2015 to 2021. The market was valued at US$132.4 bn in 2014 and is likely to be worth US$203.1 bn by the end of 2021.
Food and Beverage to Be Leading Segment in terms of Adoption of Green Packaging
Based on application, the global green packaging market can be segmented into healthcare packaging, personal care packaging, and food and beverage packaging. Among these, the segment of food and beverage packaging is likely to emerge dominant rising at a CAGR of 6.4% between 2015 and 2021. This growth can be attributed to the growing consumer awareness regarding eco-friendly packaging and the harmful impacts of plastic and non-biodegradable packaging. Regulations imposed by governments to minimize the risk of food contamination is also expected to accelerate the use of green packaging in the food and beverages industry.