NEW YORK, Oct. 3, 2016 /PRNewswire/ -- The global green packaging market size is anticipated to reach USD 237.8 billion by 2024, according to a new study by Grand View Research, Inc. The favorable government initiatives and increased public awareness about eco-friendly products are expected to boost the industry growth. The industry is anticipated to witness an upsurge in the demand for sustainable packaging in the food & beverage, personal care, and healthcare industries. Edible packaging is anticipated to gain market penetration over the next eight years.
The high cost of production and fluctuating raw material price may hinder the growth of the industry over the forecast period. Poor recycling facilities and the high cost of recycling may also obstruct the industry's growth over the forecast period.
Further key findings from the study suggest:
Green packaging is used in applications such as personal care, food & beverages, chemical, transport, healthcare, electronics, appliances, textile, and automotive. The increasing environment concerns and the growing concern over the use of toxic material in packaging is anticipated to favor the growth of green packaging in the food & beverage, healthcare, and personal care industries.
The types of green packaging available in the market include reusable packaging, recycled content packaging, and degraded packaging. The key reusable packaging available in the market includes wooden pallets, plastic boxes, containers, industrial compressed gas cylinders, reusable field bins for fruits, drums, and many others.
Carbon footprint is one of the major hazards associated with manufacturing plastic through crude oil. The use of bioplastics is expected to reduce carbon footprints substantially and is being promoted by major regulatory bodies around the world.
The North American market accounted for around 28% of the global revenue share in 2015 and the region's growth is driven by government regulations and consumers' preference toward eco-friendly products. Introduction of new government regulations in Europe is anticipated to boost the bioplastics packaging market in the near future.
The key industry participants include Be Sealed Air, DS Smith, Mondi, Evergreen Packaging, DuPont, Green Packaging, Rexam, Amcor, and Tetra Laval. The industry may witness a number of mergers and acquisitions as the key players may look to expand into either different segments or different regions. Recently, Amcor acquired a number of companies, such as Nampak Flexibles and Alusa, in order to enhance its offering and expand its market reach. The acquisition of Alusa allowed Amcor to expand its market in North and South America while the acquisition of Nampak Flexibles is expected to provide a platform to the company for growth in the African region.
In September 2015, Mondi Group signed an agreement to acquire Ascania nonwoven Germany. The acquisition will strengthen Mondi's position as the preferred supplier of hygiene components.
In April 2016, Tetra Pak announced the launch of a new version of its Tetra Top package, which consists of more than 80% of plant-based materials.
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