Global Green Packaging Market to Reach Close to USD 243 Billion by 2020, According to Technavio
By Business Wire News
According to the latest research report by Technavio, the global green packaging market is predicted to grow at a CAGR of over 7%.
In this report, Technavio covers the present scenario and growth prospects of the global green packaging market for 2016-2020. Based on product types, the market is divided into the following segments: recyclable packaging, reusable packaging, and degradable packaging.
“As per the key findings of this market study, the green packing market is expected to witness many technological and design innovations by vendors during the forecast period. Packaged food, beverages, and personal care companies are likely to emerge as the biggest consumers of packaging materials that are not only eco-friendly but also visually appealing to consumers,” said Technavio’s senior packaging industryresearch analyst Sharan Raj.
“To meet these demands, the leading manufacturers of green packaging products are looking for high-performing packaging options that lower manufacturing costs. For instance, sugar beet, corn, and sugarcane are some new raw materials being tested for manufacturing bioplastics. This trend is predicted to open new market opportunities for vendors over the next four years,” adds Raj.
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Some of the key leading players contributing to the growth of this market include Amcor, DuPont, Mondi, Sealed Air, and Tetra Laval. Some other prominent vendors outlined in this research report are Ardagh, Airlite, Be Green, Bemis, Berkley, BioMass, Cascades, Clondalkin, Crown, Dairi-Pak, DS Smith, Ecologic, Elopak, Emerald Packaging, EnviroPAK, Evergreen Packaging, Fabri-Kal, Georgia-Pacific, Gerresheimer, Huhtamaki, Innovia, IntraPac, Nampak, Owens-Illinois, Plastipak, Polyoak, Rexam, Reynolds, RockTenn, Sealed Air, Smurfit-Stone Container, Sonoco, Winpak, and Wipak.
APAC: largest green packaging market
APAC is the fastest-growing region in the global green packaging market and is expected to show robust growth over the next four years. The region offers enormous potential for development of new green packaging technologies. The leading countries in this region are Japan, Australia, and New Zealand. Countries such as India and China, owing to high population, are also expected to play a significant role in the growth of the green packaging market during the forecast period.
Technavio’s research study also predicts increased demand for convenience foods and branded products, particularly in dairy items emerging from India and China. It is expected to become a major factor contributing to the strong growth of green packaging in the APAC region until 2020.
Green packaging market in North America
The green packaging market in North America will experience moderate growth during the forecast period. The US is the primary contributor to the growth of the green packaging market in North America. According to the market forecast, the demand for reusable packaging products is expected to increase in the US, which will help the country retain its position as the world leader in the packaging sector. Industries that largely augment its market growth are F&B and household products and this trend is likely to continue through 2020.
Browse Related Reports:
- Green Packaging Market in the US 2015-2019
- Global Food Packaging Market 2015-2019
- Global Protective Packaging Market 2015-2019
- Global Advanced Packaging Market 2015-2019
- Global Flexible Paper Packaging Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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