Green packaging is referred to the use of packaging materials and implementation of manufacturing methods that have low impact on energy consumption and environment. Green packaging involves the usage of recyclable and biodegradable materials and thus referred as energy-efficient or sustainable packaging. Furthermore, bio-degradable plastics, bio-based plastics, solid bleach sulfate, and recycled papers are some of the key materials used for the manufacture of green packaging products.
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Factors such as wide spread awareness among consumers regarding environmental safety and benefits of green packaging are the key factors propelling growth in green packaging market. Moreover, initiatives of regulatory bodies recommending adoptions of eco-friendly alternatives by the manufacturers, will further boost growth of the green packaging market during the forecast period.
Asia Pacific is estimated to be the dominant region with a CAGR of 8.85% in the green packaging market during the forecast period. Factors such as high population growth and increasing disposable incomes in the emerging economies such as India and China, coupled with large presence of several manufacturers operating in the food and beverage industry in this region will increase growth in the market during the forecast period.
North America dominated the green packaging market in 2016 and accounted for a market share of around 30%, with the U.S. being the major contributor. Initiatives taken up by the regulatory bodies regarding waste management and landfill drive the market growth in North America. Furthermore, stringent recycling targets set by the Environmental Protection Agency (EPA), are being implemented in the U.S., which in turn is augmenting the growth of the green packaging market in this region.
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