15 February 2017
Global Green Packaging Market to Reach $207.5 Billion by 2022
The global green packaging market will grow significantly over the next six years, according to a new report released by Allied Market Research.
This growth is being fueled by the arrival of bioplastic, environmental concerns on sustainable development, and the enforcement of strict government regulations on non-degradable plastics. A rising demand for recycled packaging products and increasing health and hygiene concerns among consumers are also contributing to the growth of green packaging. Consumers of luxury goods are favoring green packaging techniques that use bioplastics. This is true across a variety of industries, including pharmaceutical, personal body care, and fast-moving consumer goods (FMCG).
The global green packaging market size is expected to reach $207.5 billion by 2022 and grow at a compound annual growth rate (CAGR) of 5.41% between 2016 and 2022. In 2015, the global market produced $132.6 billion in revenue. The food and beverages segment has contributed to a vast amount of this growth.
Additionally, several multinational companies have banded together to form a community called “Together for Sustainability” to promote sustainable developments. This program supports the United Nation’s Global Compact and Responsible Care initiatives to accomplish sustainable development.
Recycled content packaging is estimated to grow at a CAGRf 4.92% from 2016 to 2022. Bioplastics—biodegradable plastics derived from renewable resources—are a new ecological alternative to polymer oil-based products. Bioplastics have surged in the pharmaceutical and healthcare industries. Additionally, reverse logistics in the packaging industry and a rise in legislation for green packaging techniques have eased the recycling of municipal wastes.
The use of degradable raw materials has grown immensely in developed and developing countries. Europe, which led the market in 2015, is projected to lead the market during the forecasted period, followed by North America. The German market is expected to grow at 5.10%, while the Middle East region is estimated to grow at 3.15%. The North American and Asia-Pacific regions combined made up more than half of the total market share in 2015.
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