Transparency
Market Research’s new market study on the global green
packaging market discusses the vital aspects of this market. The
report is titled, “Green
Packaging Market - Global Industry Analysis, Trend, Size,
Share and Forecast 2015 - 2021”. According to the report, the
global green packaging market will be valued at US$203.1 bn by 2021,
exhibiting a CAGR of 6.20% between 2015 and 2021. The market had a
valuation of US$132.4 bn in 2014.
Across the globe,
the increasing environmental awareness among consumers is one of the
major factors driving the global market for green packaging. Green
packaging made out of natural materials such as paper and straw is
free of leaching issues if used for the packaging of liquid foods. On
the contrary, plastic packaging when used for the packaging of liquid
foods, could release toxins into the food due to a reaction with the
packaged content. This food can have serious health implications
depending on the quality of the plastic packaging.
Other than this,
concern for the environment, which is the subject of discussion in
various big and small industries, has prompted enterprises to ‘go
green’ in every way at all possible levels of human activity.
Depleting natural
resources have necessitated the utilization of alternatives; green
packaging holds significant importance therein. Easy availability of
raw materials for green packaging and the recyclable characteristics
of these materials have proven to be a highly sustainable packaging
option. Government support in this regard for the availability of raw
materials for green packaging has been fruitful for the development
of this market.
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However, the green
packaging market is subject to several detrimental factors. The
increasing production cost of green packaging, which results in lower
profit margins for entities in the value chain, is slowing the
market’s growth. Nevertheless, several governments across the world
are taking initiatives to address this issue, which is expected to
turn into profitable payoffs for market entities.
The report segments
the global green packaging market on the basis of application,
packaging type, and geography. Reusable packaging, degradable
packaging, and recycled content packaging are the segments of the
market based on product type.
Personal care
products, healthcare products, food and beverages, and others are the
segments that divide the global market on the basis of application.
Amongst these, packaging for food and beverages is ahead of all other
application segments and will register a CAGR of 6.4% for the
2015-2021 period. With increasing consumer awareness for eco-friendly
packaging, product manufacturers are focused on developing improved
green packaging solutions.
Currently, the U.S.
is the Largest Market
for green packaging due to the easy availability of eco-friendly
packaging products and government initiatives for the same being
deployed on a large scale. China and India are expected to emerge as
significant markets for green packaging due to the increasing
cognizance of environmental deterioration.
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Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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