Seattle, WA -- (SBWIRE) -- 02/21/2020 -- Green packaging is referred as usage of packaging materials and implementation of manufacturing methods that have low impact on energy consumption and environment. Green packaging involves adoption 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 that are used for manufacturing green packaging products.
Factors such as wide spread awareness among consumers about environmental safety and benefits of green packaging are the key factors that are expected to propel growth of the green packaging market. Moreover, initiatives of regulatory bodies recommending adoption of eco-friendly alternatives by the manufacturers, are further expected to boost growth of the green packaging market during the forecast period.
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Asia Pacific is expected to hold a dominant position, exhibiting 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 are expected to drive growth of the market over the forecast period.
North America held a dominant position in 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 about waste management and landfill are expected to 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 expected to augment growth of the green packaging market in the region.
Based on materials, green packaging market is segmented into paper & paperboard, plastic, glass, metal, and others. The paper & paperboard segment held a dominant position in the market in 2016 and is expected to retain market dominance throughout the forecast period.
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Middle East and Africa are witnessing sluggish growth at present due to weak penetration of several end users of green packaging. Political and economic instability in these regions restrain the market growth to a great extent. However, Latin America is expected to portray a favorable growth for green packaging during the forecast period on account of rising penetration of the end-use industries for green packaging and rising penetration by the manufacturers of green packaging.
Based on the end-use industry, green packaging market has been segmented into food & beverages, healthcare, personal care, and cosmetics. In 2016, food & beverages accounted for a major share in the green packaging market and is expected to retain its market dominance over the forecast period.
Major Players in the Global Green Packaging Market
Major players operating in the market of green packaging include Amcor Limited, Bemis Company Inc., Sealed Air Corporation, Tetra Laval International SA, Mondi Plc., Sonoco Products Company, Cargill Incorporation, Graham Packaging Company Incorporation, and Huhtamaki OYJ, among others.
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