Green Packaging Market Research Report- Forecast till 2023
The global green packaging market 2020 is supposed to gain traction due to multiple factors. Market Research Future (MRFR) has recently provided a report that suggests that the global green packaging market is expected to register 5.42% CAGR over the evaluation period 2017 to 2023. It offers a detailed study of the pertinent trends and past data and uncovers the foreseen growth pattern of the market. It has been assessed that the rising awareness about environmental degradation is expected to drive the growth of the green packaging market in the forthcoming years.
Packaging solutions require tremendous evolution to due to the irreversible damage caused to the environment with plastic and other non-degradable solutions. This has led to a revolution in the industry and paved the way for the expansion of the green packaging market. Companies are inclining towards green packaging solutions as a part of their corporate social responsibility. It is supposed to influence the green packaging market positively in the coming years. In the near future, more companies are expected to contribute to market development by opting for eco-friendly packaging.
Rising availability of environment friendly solutions for packaging, coupled with rising awareness, is prognosticated to accelerate revenue generation. Manufacturers are innovating technologies to cater to the rising demand for green packaging. Also, technologies are being developed to bring down the cost of these packaging solutions at par with the traditional packaging solutions. These factors are expected to drive the augmentation of the green packaging market. The governments are also implementing stringent regulations to restrict the adverse effect on earth. It is expected to prompt expansion of the green packaging market in the near future. Urbanization has also been providing impetus to the growth of the market on the global front. However, the production cost of these packaging materials remains high, which can check the growth of the market. Also, fluctuating price of raw materials is expected to restrain the proliferation of the green packaging market.
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On the basis of packaging type, the green packaging market has been divided into recycled content packaging and degradable packaging.
On the basis of application, green packaging market has been segmented into food & beverage, personal care, healthcare, and others.
The geographical evaluation of the global green packaging market is covered in this analysis to offer an in-depth intelligence. The regional segments covered for the study are – North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The regional analysis of the market is trailed by a detailed country-based assessment. Asia-Pacific is presumed to thrive at the highest rate due to rising consumer base. The development of economic condition of the region is projected to further expand the green packaging market in the coming years. North America is the leading segment due to rising adoption across the manufacturing industry. The United States is projected to contribute the most to the development of the green packaging market in the region.
Amcor Limited (Australia), Tetra Laval International S.A. (Switzerland), Bemis Company, Inc. (U.S.), Mondi Plc (South Africa), BASF SE (Germany), WestRock Company (U.S.), Sonoco Products Company (U.S.), Sealed Air Corporation (U.S.), Smurfit Kappa Group PLC (U.S.), and Huhtamaki OYJ (Finland) are few of the major holders of the global green packaging market share. Innovations in packaging technologies in alignment with stringent government regulations are projected to drive competition in the market place in the upcoming years. Some of the growth strategies poised to be seen in the green packaging market are facility expansion, technological innovation, mergers & acquisitions, collaborations, agreements, strategic partnerships, and alliances among others.
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Global Green Packaging Market, By Packaging type (Recycled Content Packaging, Degradable Packaging) By Application (Food & Beverage, Health Care, Personal Care and Other) – Forecast 2017-2023
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