Global Green Packaging Market Report, published by Variant Market Research, forecast that the global market is expected to reach $244.9 Billion by 2024 from $140.6 Billion in 2016, growing at a CAGR of 7.2% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 8.3% and 7.2%, respectively, during the forecast period.
"Green Packaging Market (By Packaging Type: Reusable Packaging, Recycled Content Packaging, And Bio-Degradable Packaging; By Application: Healthcare, Food and Beverages, Personal Care, And Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
The drivers that are significantly increasing the global demand for green packaging market are adoption of enhanced technologies in packaging sector, rising health-related concerns, shortage of natural resources, need for economizing of packaging, and rising environmental concerns. Though, factors such as high cost involved in recycling process, and variations in raw material prices would pose challenge for the market. Besides, growing e-commerce sector, and government regulations on restraining the use of plastic packaging would offer growth opportunities for the market in years to come.
The key bifurcations included in the global green packaging market are packaging type, application, and geography. Packaging type is segmented as reusable packaging (plastic containers, drums, and others), recycled content packaging (plastic, paper, metal, glass, and others), and bio-degradable packaging. Application segment is classified into healthcare, food and beverages, personal care, and others.
In product type segment, recycled content packaging dominated the global market with largest market share, while, bio-degradable packaging will grow with fastest CAGR. Food and beverages accounted the largest market share in 2016 and is anticipated to attain the highest CAGR during forecast period 2016 – 2024.
Europe held the majority of the global share with 38.1% in the year 2016, owing to stringent regulations and need to increase shelf life of products. North America held second largest market share with 30.3%. In terms of growth, Asia-Pacific will attain fastest growth rate during the forecast period, driven by increasing awareness among consumers, stringent regulations on toxic waste emissions, and rising pressure on manufacturers to adopt eco-friendly packaging.
Major players included in this report are Amcor Limited, Tetra Laval International S.A., Bemis Company, Inc., E.I. Du Pont de Nemours and Company, Plantic Technologies Ltd., Biopack Environmental Solutions, Inc., Crown Holdings Inc., Innoware Plastic, Inc., Constar International LLC, and Saint-Gobain S.A., among others.