Eco Friendly Packaging Market Overview
The global Eco Friendly Packaging Market is forecasted to grow at an annual rate of 5.42% over the forecast period between 2017 and 2023. Market Research Future (MRFR) predicted in its recently published in-depth report that the global Eco Friendly Packaging Market will grow due to a number of key factors. The shifting preference towards sustainable packaging means over conventional packaging being one of the biggest drivers of growth for the global market. The popularity of the food & beverage industry and the increasing rate of urbanization is prompting higher demand for green and eco-friendly packaging means.
However, on the other hand, the high production cost as well as the fluctuating price level of raw materials can pose to be a major hindrance to the overall growth of the market. Additionally, factors like poor recycling facilities and stringent recycling proceedings can curb down the potential of the market.
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The global Eco Friendly Packaging Market hosts a number of key players. This includes names like
- Amcor Limited (Australia)
- Bemis Company, Inc. (U.S.)
- Tetra Laval International S.A. (Switzerland)
- Mondi Plc (South Africa)
- BASF SE (Germany)
- Mondi Plc. (South Africa)
- WestRock Company (U.S.)
- Sonoco Products Company (U.S.).
The market is highly competitive in nature owing to the presence of various regional, multinational, and local vendors. It is reported that the local vendors compete with each other in terms of cost due to their limited ability and capacity to compete with international vendors in terms of quality, product offerings, and features. Additionally, an increasing number of vendors are laying focus on innovation to gain an upper hand in the market and edge past their competitors.
May 22nd, 2019, Uflex, a leading printing ink manufacturing company, received the Excellence in Sustainable Packaging award for its sustainable pharma packaging at the 4th annual India Packaging Awards that was hosted by UBM India.
Green Packaging Market Segmentation
The global Eco Friendly Packaging Market segmentation is based upon two key dynamics: packaging and application.
By packaging, the market divides into degradable packaging and recycled content. The recycled content packaging segment is increasingly favorable in the global market owing to the increasing urbanization. Aside from this, the manufacturing process of recycled content packaging is extremely productive and aids in reducing the detrimental impact of factories in the environment. This is expected to push the recycled segment over the forecast period.
By application, the market comprises personal care, food & beverage, healthcare, and others. In recent years, the personal care and beauty segment uses green packaging to make packaging more sustainable globally. Additionally, green packaging helps keep the personal care product be fresh for a long period of time with an extended shelf-life. This, in turn, is propelling the personal care segment to grow and expand even further. However, the food and beverage segment hold a significant share due to the burgeoning demand for dairy products like raw milk, cheese, and yoghurt across the globe.
The global Eco Friendly Packaging Market is geographically segmented into the following major regions: Asia Pacific, Europe, and the Rest of the World (RoW).
The North American region leads the global Eco Friendly Packaging Market with the maximum share percentage and is expected to continue its dominance in the coming years. The region is spearheaded by the United States in terms of growth and contribution. The growing demand from the manufacturing as well as from the industrial sector in this region aids the market in a positive manner. Additionally, the growing awareness among the consumers concerning this form of packaging and the adoption of the same across varying industries like FMCG and Personal Body Care is anticipated to open new opportunities for the market in this region.
The Asia Pacific region is projected to be the fastest growing market in the global market as predicted by MRFR through its in-depth market study. The beneficial government policies are facilitating manufacturers to use eco-friendly modes of packaging, thereby allowing the Eco Friendly Packaging Market to grow at a positive pace. Furthermore, the presence of a large consumer base coupled with the increasing government focus upon the adoption of various eco-friendly solutions is another key driver of the market.
Table Of Content
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Eco Friendly Packaging Market, By Packaging Type
4.2 Recycled Content Packaging
4.3 Degradable Packaging
LIST OF TABLES
TABLE 1 GLOBAL GREEN PACKAGING MARKET, BY TYPE
TABLE 2 GLOBAL GREEN PACKAGING MARKET, BY PACKAGING TYPE
TABLE 3 GLOBAL GREEN PACKAGING MATERIALS MARKET, BY APPLICATION
TABLE 4 GLOBAL GREEN PACKAGING INDUSTRY, BY REGIONS
TABLE 5 NORTH AMERICA ECO FRIENDLY PACKAGING MARKET, BY TYPE
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