The green packaging market across the globe is expected to experience a stable growth from 2015 to 2021. Green packaging alternatively known as sustainable packaging market is segmented on the basis of application, packaging type and geography. The packaging type is further bifurcated into recycled content packaging, reusable packaging and degradable packaging. The various categories of recycled content packaging are paper packaging, plastic packaging, metal packaging and glass packaging among others. The reusable packaging is divided into drums, plastic container and others. On the basis of application the green packaging market has been segmented into food and beverage packaging, personal care packaging, health care packaging and others. By geography, the green packaging market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Increasing environmental concern is one of the major factors fuelling the demand for green packaging globally. Owing to this factor, considerable efforts are being made for reduction of toxic waste emissions. Green package results in very less toxic emission and causes less pollution in form of landfills. Consequently, there is an increasing demand for green packaging to keep the environment clean and pollution free. Moreover, Owing to increase in government’s initiative to clean the environment, strict regulations are formulated by government globally. Manufacturers are now under pressure to use eco friendly material in packaging and adopt methods that have less adverse impact on environment.
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Consequently, many industries have to adhere to green packaging as a part of their Extended Producers Responsibility (EPR). This factor is also boosting the market to a great extent. In addition, the use of green packaging gives competitive advantage to industry over other market players since consumers prefer products having sustainable packaging over others. Owing to this factor, the demand for green packaging is increasing and expected to grow rapidly during the forecast period.
However, reduction in profit margin due to increase in production cost is one of the factors restraining the growth of green packaging market. In addition, limited consumers demand due to lack of awareness regarding green packaging among consumers also limits the industries to switch to green packaging. However, government is taking initiative to make people aware of the importance and benefits of green packaging. In spite of these restraining factors the green packaging market will stand firm during the forecasted period.
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