Green Packaging Market Is Awaited To Reach USD 237.8 Billion By 2024

San Francisco, 17 May 2019 - The global green packaging market size is expected to reach USD 237.8 billion by 2024, according to a new report by Grand View Research, Inc., registering a 5.7% CAGR during the forecast period. Increasing consumer awareness about eco-friendly products is expected to be a key factor driving market growth.

Increasing government campaigns for educating consumers about the benefits of eco-friendly products and harmful effects of toxic packaging materials is expected to benefit industry growth over the forecast period.

According to a recent survey conducted by packaging manufacturer, Asia Pulp & Paper, over 50.0% of people in South and North America prefer green packaging when they purchase any product. Additionally, 42.0% of the people surveyed stated their willingness to pay more for green packaging options.

Bioplastics have zero CO₂ emissions, which makes them increasingly popular in developed regions of North America and Europe. In 2010, European Heads of State and Government (the European Council) finalized a 20% reduction in greenhouse gases and 20% energy to be derived from renewable sources as part of their strategy called ‘Europe 2020’. Government initiative schemes such as these are likely to be a key growth driver over the forecast period.

Key packaging manufacturers prefer outsourcing their own production to location with cheap labor and abundant raw material availability. However, outsourcing of production has some limitation as these products are low-valued goods and high transportation cost can limit profitability.

End-use industries such as food and beverages and healthcare work in collaboration with players in the packaging industry as design, shape, and print on the package play a crucial role in capturing potential customers.

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Further key findings from the report suggest:

• The global green packaging market is anticipated to reach USD 237.8 billion by 2024, at a CAGR of 5.7% from 2016 to 2024
• In terms of revenue, the recycled content packaging segment is projected to ascend at a CAGR of 5.2% over the forecast period
• The food and beverage application dominated the global green packaging market with a share of over 58.0% in 2015
• The North America market is anticipated to exceed USD 70.4 billion by 2024, while Europe is projected to witness a remarkable CAGR of 5.5%, owing to increasing demand from the healthcare sector
• Asian countries, especially India and China, are expected to observe strong growth in the coming years
• The global market is partially consolidated and competitive in nature, with presence of multinational players
• Some of the key companies present in the market are Amcor Limited, BASF SE, Dupont, DS Smith, Mondi, Tetra Laval, Sealed Air, Rexam, Evergreen Packaging, and Be Green Packaging.                                        

Grand View Research has segmented the global green packaging market on the basis of packaging type, application, and region:

Green Packaging Type Outlook (Revenue, USD Million, 2015 - 2024)

• Recycled Content Packaging
  • Paper
  • Plastic
  • Metal
  • Glass
  • Other
• Reusable Packaging
  • Drum
  • Plastic Container
  • Other
• Degradable Packaging

Green Packaging Application Outlook (Revenue, USD Million, 2015 - 2024)

• Food and Beverage
• Personal Care
• Health Care
• Others

Green Packaging Regional Outlook (Revenue, USD Million, 2015 - 2024)

• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)

Access Official Press Release Of This Report: www.grandviewresearch.com/press-release/global-green-packaging-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Green Packaging Market Size Was Valued At $141.7 Billion in 2015 and is expected to surpass $237.8 Billion By 2024

The global Green Packaging Market size is anticipated to reach USD 237.8 billion by 2024, according to a new study by Grand View Research, Inc. The favorable government initiatives and increased public awareness about eco-friendly products are expected to boost the industry growth. The industry is anticipated to witness an upsurge in the demand for sustainable packaging in the food & beverage, personal care, and healthcare industries. Edible packaging is anticipated to gain market penetration over the next eight years.

The high cost of production and fluctuating raw material price may hinder the growth of the industry over the forecast period. Poor recycling facilities and the high cost of recycling may also obstruct the industry’s growth over the forecast period.

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Further key findings from the study suggest:

• Green packaging is used in applications such as personal care, food & beverages, chemical, transport, healthcare, electronics, appliances, textile, and automotive. The increasing environment concerns and the growing concern over the use of toxic material in packaging is anticipated to favor the growth of green packaging in the food & beverage, healthcare, and personal care industries.
• The types of green packaging available in the market include reusable packaging, recycled content packaging, and degraded packaging. The key reusable packaging available in the market includes wooden pallets, plastic boxes, containers, industrial compressed gas cylinders, reusable field bins for fruits, drums, and many others.
• Carbon footprint is one of the major hazards associated with manufacturing plastic through crude oil. The use of bioplastics is expected to reduce carbon footprints substantially and is being promoted by major regulatory bodies around the world.
• The North American market accounted for around 28% of the global revenue share in 2015 and the region’s growth is driven by government regulations and consumers’ preference toward eco-friendly products. Introduction of new government regulations in Europe is anticipated to boost the bioplastics packaging market in the near future.
• The key industry participants include Be Sealed Air, DS Smith, Mondi, Evergreen Packaging, DuPont, Green Packaging, Rexam, Amcor, and Tetra Laval. The industry may witness a number of mergers and acquisitions as the key players may look to expand into either different segments or different regions. Recently, Amcor acquired a number of companies, such as Nampak Flexibles and Alusa, in order to enhance its offering and expand its market reach. The acquisition of Alusa allowed Amcor to expand its market in North and South America while the acquisition of Nampak Flexibles is expected to provide a platform to the company for growth in the African region.
• In September 2015, Mondi Group signed an agreement to acquire Ascania nonwoven Germany. The acquisition will strengthen Mondi’s position as the preferred supplier of hygiene components.
• In April 2016, Tetra Pak announced the launch of a new version of its Tetra Top package, which consists of more than 80% of plant-based materials.

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Grand View Research has segmented the global green packaging market on the basis of parking site, application, and region.

Green Packaging Application Outlook (Revenue, USD Million, 2015 - 2024)

• Food and Beverage
• Personal Care
• Healthcare
• Other

Green Packaging Type Outlook (Revenue, USD Billion,2015 - 2024)

• Recycled Content Packaging
  • Paper
  • Plastic
  • Metal
  • Glass
  • Other
• Reusable Packaging
  • Drum
  • Plastic Container
  • Other
• Degradable Packaging

Green Packaging Regional Outlook (Revenue, USD Billion, 2015 - 2024)

• North America
• Europe
• Asia Pacific
• ROW

Access Press Release of this Report: http://www.grandviewresearch.com/press-release/global-green-packaging-market

 

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com