LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global green packaging market is projected to grow to USD 265.2 billion by 2021, at a CAGR of close to 8% over the forecast period.
This research report titled ‘Global Green Packaging Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Green packaging is the use of manufacturing methods and materials for packaging of goods that have a low impact on the environment and energy consumption. The emergence of bio-based and renewable raw materials for the manufacture of green packaging is driving the growth of the global market.|
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Based on product type, the report categorizes the global green packaging market into the following segments:
- Recyclable green packaging
- Reusable green packaging
- Degradable green packaging
Recyclable green packaging
“The recyclable green packaging segment occupies a majority 76% of the global market. It is expected to showcase steady growth over the forecast period owing to its immense environmental benefits and a significant reduction in carbon footprint,” says Sharan Raj, a lead analyst at Technavio for packaging research.
The Coca-Cola company has managed to successfully reduce its carbon dioxide emission by 86,939 tons during 2007-2015 due to the adoption of recycled packaging materials. These materials may include molded pulp, corrugated carton, paperboard, newsprint, aluminum, steel, glass, and some plastics.
Reusable green packaging
The reusable green packaging segment is projected to be worth USD 53.35 billion by 2021. The major product sin the segment include pallets, bulk and handheld containers, bins, racks, and dunnage, which are made from materials such as wood, plastic, and metal. These reusable packaging materials can withstand the supply chain requirements for five years or more, which puts it at the top of the packaging market. The use of reusable packaging also makes the supply chain more efficient from both the environmental and operational perspectives.
Degradable green packaging
“The degradable packaging sector is expected to showcase a CAGR of nearly 16% over the forecast period, making it the fastest-growing segment of the global market. The push for these packaging products from developed countries in Europe and the Americas is expected to drive this growth,” says Sharan.
The environmentally conscious population across the globe are advocating the use of durable packaging materials to reduce the stress on the environment. Also, a large number of businesses, supported by governments in the form of incentives and tax benefits, are switching to degradable packaging materials.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Sealed Air
- Tetra Laval
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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