The green packaging market is set for further growth of 5.75% all the way to 2024 due primarily to increased awareness of recyclable packaging.
Sourced through Scoop.it from: www.environmentalleader.com
The green packaging market is currently valued at an impressive $224.9 billion as of the 2018 year end. It is expected to grow at a sizable rate of 5.7% between the years 2019 and 2024.
This growth is being driven primarily by increased awareness around packaging’s impact on the environment. This can be seen in both the consumers doing the buying and brands doing the manufacturing.
Other factors driving the growth include the introduction of stricter packaging regulations that encourage companies that migrate to more environmentally friendly practices and punish those who do not.
Furthermore many brands are seeing the benefit ‘green credentials’ have on how they are perceived. Many have introduced sustainability initiatives with bring with them new and advanced manufacturing processes.
The packaging industry in general has made some noteworthy progress towards more environmentally friendly solutions. Now they have far more easier access to sustainable raw materials. They also place much more emphasis on thinner and lighter packaging films.
It is expected that the food industry will account for the majority share of the increase as they look to further the use of recyclable packaging that has already been widely adopted.
Many brands are also introducing minimal waste strategies which further contribute to an overall increase in green packaging usage.
The preferred choices are reusable containers, laminated aluminium foil bags and reusable containers. Despite the increase and groundwork that has been done less than 20% of the current plastic food packaging market is recyclable or reusable.
By location North America is the largest market for green packaging. In contrast to other areas of the world where government regulations play a crucial part in encouraging adoption a high awareness and preference exists towards green packaging solutions.
However in terms of growth the Asia-Pacific region is leading the way primarily due to increasing demand for all sectors of retail packaging.