The latest market report published by Credence Research, Inc. “Green Packaging Market, By Type, Application and Region – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024,” the green packaging market was valued at US$ 142.8 Bn in 2015, and is expected to reach US$ 228.6 Bn by 2024, expanding at a CAGR of 5.5% from 2016 to 2024.
Browse the full Green Packaging Market by Type, Application and Geography – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024 report at https://www.credenceresearch.com/report/green-packaging-market
Green or sustainable packaging is prepared by usage of renewable energy, design as well as related materials to reduce the environmental impact through its lifecycle. The green packaging are energy efficient and utilizes eco-friendly methodology and biodegradable materials. The growing awareness related to health all across the globe along with environmental issues have impelled the demand for green packaging based food or personal care products. Over the past few years, green packaging have also observed an upper hand in pharmaceutical sector as well. The bio plastic packaging have gained momentum in pharmaceutical and healthcare usages. The waste generation, unproductive utilization of materials and resources, and industrial pollution is expected to further create more demand for green packaging based products over the forecast period. Apart from this, changing preferences of consumers towards eco-friendly and sustainable packaging is expected to impel the growth of green packaging market.
Rising health and hygiene consciousness, increase in healthcare expenditure as well as rising intake of healthy food as well as higher consumption of organic and ready to eat products is anticipated to expand the growth of green packaging market over the forecast period. Rising utilization of innovative technology and thus enabling the producers to develop new products is further likely to impel the growth of green packaging market between 2016 and 2024.
Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into manufacturing of innovative packaging products which will help in strengthening the growth of the market.
- New product development
- Educating consumers (manufacturers) about green packaging