Green Packaging market registered a value of USD 224.92 billion in 2018 and is expected to register a CAGR of 5.7% over the forecast period 2019-2024. The packaging industry continues to make notable progress in environment-friendly innovations that meet consumer demand for a more sustainable community. There is a noticeable rise in awareness about high-performance packaging can increase the shelf life of a product and the need for sustainable end-of-life options for plastics waste.
Increasing awareness about environmental concerns among consumers and industries are primarily increasing the growth of the green packaging market.
Increasing public awareness about environmental concerns has resulted in higher demand for sustainable packaging and processing operations. Sustainability initiatives have advanced considerably, leading manufacturers to reduce the source material through downgauging, creating thinner and lighter packaging, while reducing waste.
Issues pertaining to sustainability, environment, ethics, safety, quality and product costs are becoming increasingly important for modern-day consumers when purchasing products. A number of these issues are also enforced by packaging legislative regulations, which is expected to have a positive impact on the green packaging market, globally.
Scope of the Report
Green packaging is also known as sustainable packaging that uses materials and manufacturing methods for the packaging of goods that has a low impact on both energy consumption and on the environment. Following the government regulations, most of the manufacturers use sustainable packaging to eliminate the contaminants and chemicals that destroy the water, soil, and atmosphere of our planet.
Key Market Trends
Food Industry is expected to hold the Major Share
The food industry is expected to hold the major share owing to the increasing usage of recyclable packaging and minimal waste generation practices in the industry.
Plastic bottles, aluminum cans, and reusable containers are the most preferred sustainable packaging solutions in the industry. Although most of the food packaging in the current market scenario is packed in plastics, only a small portion of it is recyclable or reusable.
The use of metal alternatives and refillable containers is increasing the use of aluminum cans and minimal packaging items, such as tubs and trays made from aluminum foil. This trend is mainly evident in the global dairy packaging industry. Manufacturers are increasingly preferring aluminum foil packaging alternatives, especially in North America and Europe, where sustainable packaging is one of the top preferences to pick a product.
According to European Aluminium AV, more than 22% of the aluminum produced in the region is used for packaging proposes. Also, with increasing awareness of green packaging, globally, the use of aluminum and recyclable/reusable food packaging is expected to increase, over the forecast period.
North America is Expected to Hold Largest Market Share
North America is currently the largest market for green packaging, globally. Unlike many regions in the world, where government regulations play a crucial part in the growth of green packaging, high awareness and consumer preferences for eco-friendly solutions are the prime reasons for rapid adoption. However, Asia-Pacific is estimated to be the major region along with the highest growth owing to immense demand for packaging from almost all end users dedicated to vast retail market and consumer preferences.
Competitive Landscape
The green packaging market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts by tapping new markets. For instance, in May 2018, Amcor announced the launch of two sustainable packaging innovations that boost efficiency and improve consumer convenience. While Polylnert laminates deliver a huge saving in material use and energy consumption, AluFix Retort Extra's easy-to-peel can-end has a low environmental impact.
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Companies Mentioned in TOC are -
- Amcor Limited
- Mondi Group
- Sealed Air Corporation
- Tetra Pak International SA
- Winpak Limited
- Berry Global Inc.
- Bemis Company Inc.
- BASF SE
- Huhtumaki Oyj
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Emergence of Substitutes such as Bioplastics
4.3.2 Increasing Awareness About Environmental Concerns Among Consumer Industries
4.4 Market Restraints
4.4.1 High Costs Involved with Recycling
4.5 Industry Attractiveness of Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Suppliers
4.5.3 Bargaining Power Of Consumers
4.5.4 Threat Of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type of Packaging
5.1.1 Recycled Content Packaging
5.1.1.1 Paper
5.1.1.2 Metal
5.1.1.3 Plastic
5.1.1.4 Glass
5.1.2 Reusable Packaging
5.1.2.1 Drums
5.1.2.2 Plastic Containers
5.1.2.3 Intermediate Bulk Containers
5.1.2.4 Others
5.1.3 Degradable Packaging
5.2 By End User Industry
5.2.1 Food
5.2.2 Beverage
5.2.3 Pharmaceutical
5.2.4 Personal Care
5.2.5 Other Industries
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Amcor Limited
6.1.2 Mondi Group
6.1.3 Sealed Air Corporation
6.1.4 Tetra Pak International SA
6.1.5 Winpak Limited
6.1.6 Berry Global Inc.
6.1.7 Bemis Company Inc.
6.1.8 BASF SE
6.1.9 Huhtumaki Oyj
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Research Methodology
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analysing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.