Green Packaging or sustainable packaging is the application of materials and implementation method for packaging of goods having low impact on both environment and energy consumption. The packaging is formed in an environmentally friendly manner and is energy efficient, using the recyclable and biodegradable materials.
Sustainable packaging has lower packaging content and alternative energy sources which include wind, bio fuels, and solar energy which are further used in the production and transport process. Increasing demand for the bio plastic packaging or green packaging products from various industries is expected to spur the market growth over the forecast period. Growing awareness for the environment friendly packaging for the need to reduce the pollution has also led to the increased emphasis on the application of recyclable materials for packaging.
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Stringent laws are implemented over the application of non-biodegradable plastic bags and carriers. The initiatives taken by the regulatory body for the adoption of eco-friendly packaging products is further enhancing the industry growth. Furthermore, bio-degradable plastic are partially manufactured from renewable materials additives, biodegradable and petrochemicals which is anticipated to propel the market growth.
The green packaging market is segmented based on material, process, packaging type and application. Based on the materials, the industry is segregated into metal, glass, plastic, paper and paperboard and based on process; the categories include recycled content packaging, degradable packaging, and reusable packaging. The industry is further segregated into active packaging, molded pulp packaging and alternate fiber packaging based on packaging type. The application of green packaging includes food & beverage, healthcare, personal care and others (electronic appliances and home care products). The increasing demand for the dairy products such as milk, cheese, yogurt and others is anticipated to enhance the demand for the segment.
Furthermore, poor infrastructure facilities and high cost associated with recycling is expected to restrain the market. Although the benefits associated with green packaging which include waste reduction, cleaner production, energy conservation, efficient transport and increase in the application of renewable material is projected to reduce the negative effects over the forecast period.
North America is expected to have the major share with the U.S. being the major contributor in the region. Increasing government initiatives regarding the landfill and waste management is anticipated to support the industry growth. Furthermore, Asia Pacific region is projected to the fastest growing region over the forecast period owing to presence of various manufacturers functioning in food and beverage industry.
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Key players include Amcor Limited, Tetra Laval International S.A., WestRock Company, Mondi PLC, Bemis Company Inc., Sealed Air Corporation, Sonoco Products Company, Huhtamaki OYJ, and Smurfit Kappa Group PLC. The market is highly fragmented with the presence of various regional, local and international vendors. Hence, the vendors are majorly on the innovation for establishing their position in the market based on features, quality, range of offerings and at low price.
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