DUBLIN--(BUSINESS WIRE)--The "Global Green Packaging Market - Growth, Trends, and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
Green Packaging market registered a value of USD 224.92 billion in 2018 and is expected to register a CAGR of 5.7% over the forecast period 2019-2024.
The packaging industry continues to make notable progress in environment-friendly innovations that meet consumer demand for a more sustainable community. There is a noticeable rise in awareness about high-performance packaging can increase the shelf life of a product and the need for sustainable end-of-life options for plastics waste.
Increasing awareness about environmental concerns among consumers and industries are primarily increasing the growth of the green packaging market.
Increasing public awareness about environmental concerns has resulted in higher demand for sustainable packaging and processing operations. Sustainability initiatives have advanced considerably, leading manufacturers to reduce the source material through downgauging, creating thinner and lighter packaging, while reducing waste.
Issues pertaining to sustainability, environment, ethics, safety, quality and product costs are becoming increasingly important for modern-day consumers when purchasing products. A number of these issues are also enforced by packaging legislative regulations, which is expected to have a positive impact on the green packaging market, globally.
Scope of the Report
Green packaging is also known as sustainable packaging that uses materials and manufacturing methods for the packaging of goods that has a low impact on both energy consumption and on the environment. Following the government regulations, most of the manufacturers use sustainable packaging to eliminate the contaminants and chemicals that destroy the water, soil, and atmosphere of our planet.
Key Market Trends
Food Industry is expected to hold the Major Share
The food industry is expected to hold the major share owing to the increasing usage of recyclable packaging and minimal waste generation practices in the industry.
Plastic bottles, aluminum cans, and reusable containers are the most preferred sustainable packaging solutions in the industry. Although most of the food packaging in the current market scenario is packed in plastics, only a small portion of it is recyclable or reusable.
The use of metal alternatives and refillable containers is increasing the use of aluminum cans and minimal packaging items, such as tubs and trays made from aluminum foil. This trend is mainly evident in the global dairy packaging industry. Manufacturers are increasingly preferring aluminum foil packaging alternatives, especially in North America and Europe, where sustainable packaging is one of the top preferences to pick a product.
According to European Aluminium AV, more than 22% of the aluminum produced in the region is used for packaging proposes. Also, with increasing awareness of green packaging, globally, the use of aluminum and recyclable/reusable food packaging is expected to increase, over the forecast period.
North America is Expected to Hold Largest Market Share
North America is currently the largest market for green packaging, globally. Unlike many regions in the world, where government regulations play a crucial part in the growth of green packaging, high awareness and consumer preferences for eco-friendly solutions are the prime reasons for rapid adoption. However, Asia-Pacific is estimated to be the major region along with the highest growth owing to immense demand for packaging from almost all end users dedicated to vast retail market and consumer preferences.
The green packaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts by tapping new markets.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Emergence of Substitutes such as Bioplastics
4.3.2 Increasing Awareness About Environmental Concerns Among Consumer Industries
4.4 Market Restraints
4.4.1 High Costs Involved with Recycling
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Type of Packaging
5.1.1 Recycled Content Packaging
5.1.2 Reusable Packaging
22.214.171.124 Plastic Containers
126.96.36.199 Intermediate Bulk Containers
5.1.3 Degradable Packaging
5.2 By End User Industry
5.2.4 Personal Care
5.2.5 Other Industries
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amcor Limited
6.1.2 Mondi Group
6.1.3 Sealed Air Corporation
6.1.4 Tetra Pak International SA
6.1.5 Winpak Limited
6.1.6 Berry Global Inc.
6.1.7 Bemis Company Inc.
6.1.8 BASF SE
6.1.9 Huhtumaki Oyj
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/8mtnuo