Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new Transparency Market Research report states that the global green packaging market was valued at US$132.4 bn in 2014 and is predicted to reach US$203.1 bn by 2021. It is expected to rise at a CAGR of 6.20% between 2015 and 2021. The title of the report is "Green Packaging Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021".
As per the report, the green packaging market is majorly stimulated by the rising health awareness amongst consumers. Consumers have become more health-conscious and there is a shift in preference towards biodegradable and healthy packaging. This has raised the demand for green packaging owing to its health benefits. Furthermore, rising environmental concerns are also fuelling the demand for green packaging on a worldwide level, as green packaging causes very little environmental pollution. Additionally, the shortage of natural resources has also played a major part in raising the demand for green packaging owing to the fact that green packaging can be easily recycled. The rise in initiatives taken by various governments for keeping the environment pollution-free and clean has also boosted the market.
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On the other hand, lowering of the profit margin owing to a rise in production cost is amongst the key factors impeding the development of the market for green packaging. Furthermore, the absence of awareness amongst consumers has lowered the demand for green packaging and has held back some industries from switching to green packaging. Nonetheless, a number of government initiatives have been taken to overcome these issues and the market for green packaging is poised to rise through the forecast horizon as a result.The report segments the green packaging market in terms of packaging type, applications, and geography.
On the basis of packaging type, the green packaging market is segmented into reusable packaging, recycled content packaging, and degradable packaging. The reusable packaging segment is further segmented into plastic containers, drums, and other reusable packaging. The recycled content packaging is further segmented into plastic, paper, glass, metal, and others.
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On the basis of application, the green packaging market is segmented into personal care products packaging, food and beverage packaging, healthcare packaging, and other packaging. Amongst these packaging segments, the segment of food and beverages held the biggest market share of 59.7% in the market for green packaging.
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). The U.S. is the biggest green packaging market at present due to eco-friendly packaging products being used on a large scale and encouraged by the government. On the other hand, the regional market of Asia Pacific, particularly China and India, is the most swiftly developing markets for green packaging. The rising population base in Asia Pacific leads to a rising demand from the food and beverage industry, which utilizes green packaging for packing products.According to the report, Tetra Laval, Crown holding, Amcor, Ball Corp., E. I. Du Pont de Nemours, and Biopack Environmental Solutions are among the key players operating in the market.
The global green packaging market has been segmented as follows:
- Food and Beverage Packaging
- Personal Care Packaging
- Healthcare Packaging
- Other Packaging
By Packaging Type
Recycled Content Packaging
- Plastic Containers
- Other Reusable Packaging
- North America
- Rest of the World (RoW)
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Source:Transparency Market Research