Green packaging, also referred to as sustainable packaging, is used for packaging goods that have a low impact on energy consumption and the environment.. Green packaging is created using recyclable, and biodegradable materials and hence, is energy-efficient. Biodegradable plastics, recycled products, plant-based plastics, and alternative energy sources are some of the materials used in green packaging. The key benefits of green packaging are material reduction, waste reduction, increased recycling and recycled content, energy conservation, increased use of renewable materials, and transport-efficient. Increasing awareness among consumers regarding the benefits of green packaging and government regulations that encourage people to adopt eco-friendly alternatives are projected to drive growth of the green packaging market during the forecast period.
Green Packaging Market Taxonomy
On the basis of product type, the global market is segmented into:
On the basis of packaging type, the global market is segmented into: Folding Cartons
On the basis of application, the global market is segmented into: Food and beverages
Recyclable packaging attributed to the largest market share in the global green packaging market, owing to its benefits such as energy conservation and reduced carbon footprint. Among application, the food and beverage industry segment is expected to hold a dominant position in the green packaging market due to increasing demand for food products such as raw milk, cheese, yoghurt, and other dairy products.
Green Packaging Market Outlook-
Asia Pacific is the fastest growing region in the global green packaging market owing to its large food and beverage industry. Increasing population in emerging economies such as India and China, have increased the demand for food and beverages, in turn increasing the demand for green packaging for these products. This ultimately boosts growth of the green packaging market in Asia Pacific.
North America and Europe are expected to witness a steady growth in the green packaging market. The stringent government regulations related to landfill and waste management are creating opportunities for growth of the green packaging market. The Environmental Protection Agency (EPA), sets recycling targets, which are stringently implemented in the U.S. U.S states and municipalities actively pass laws and support initiatives to meet these recycling targets. Although, packaging wastes were not specifically addressed in these laws.
In Latin America, the Middle East, and Africa, strict regulations imposed on the use of conventional packaging are driving growth of the market for green packaging. The National Confederation of Industry (CNI) entered into an agreement with Ministries of Environment (MMA) and Industry, Trade and Services to develop services and products that minimize environmental impact and reduce energy consumption, raw materials, and emission generation.
Manufacturers are adopting various organic and inorganic strategies to expand their product portfolio and enhance their strength. In 2014, Be Green Packaging, one of the leading players in green packaging was acquired by The Riverside Company.
Poor infrastructure facilities for recycling and high costs associated with recycling are factors that restraint growth of the green packaging market.
Some of the key players in global packaging are Be Green Packaging, Amcor, DS Smith, Evergreen Packaging, DuPont, Mondi, Rexam, Nampak, Sealed Air, Mondi Group, Tetra Laval (Tetra Pak), and Bemis Company, Inc.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.