The global green packaging market features an increasingly competitive vendor landscape. Transparency Market Research (TMR) notes that in the coming years, the constant entry of new players is likely to raise the level of competition in the market. Despite being largely in developmental stage, the market is fast evolving shaped by the changing government regulations in various parts of the globe, which is offering lucrative avenues for companies to capitalize on. To this, numerous agile and astute players are adhering to the existing regional norms. Several players are also focusing on product differentiations and making sizeable investments in research and development activities as key strategies, in order to stay ahead of others, finds TMR. Furthermore, prominent players are focused on brining innovation in the market.
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The top players in the green packaging market are DuPont, Rexam plc., Evergreen Packaging, Mondi plc., Be Green Packaging, Sealed Air, DS Smith, Nampak Ltd., and Amcor Ltd.
The global green packaging market was valued at US$132.4 billion in 2014 and is forecast to reach a worth of US$203.1 billion by 2021. The market is projected to expand at a CAGR of 6.20% during the forecast period of 2015–2021.
The various application areas of green packaging are personal care, healthcare, and food and beverages (F&B) industries. Of these, the F&B packaging is anticipated to lead the global market rising at a CAGR of 6.4% over the assessment period. The rapidly rising demand for green packaging in this end industry is attributed to the widespread consumer awareness of the favorable health impacts of eco-friendly, sustainable packaging.
Geographically, Asia Pacific is projected to rise at potentially attractive pace, driven by extensive and steady demand for green packaging among end consumers, especially in the food and beverages industry. Meanwhile Europe and North America are considered mature regional markets.
Demand to ride on back of Spiraling Awareness of Adverse Ecological Effects of Conventional Packaging
The drive for green packaging or eco-friendly packaging stems from the need for addressing the mounting environmental concern arising out of burgeoning plastic and synthetic material waste generated by conventional packaging across the globe. The green packaging market is witnessing giant strides underpinned by the rising awareness about the environmental impact of conventional packaging materials due to its non-recyclability.
The rising popularity of biodegradable and recyclable packaging among consumers and manufacturers alike is a notable factor boosting the market. The adoption of this type of packaging by end users has helped reduce toxic emissions emitted by the inadequate disposable of conventional packaging materials. In various parts of the world, substantial curbs on the usage of plastic and synthetic materials are also catalyzing the demand for green packaging.