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ALBANY, New York, March 08, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) study states that the global green packaging market is considerably competitive and fragmented. The market is competitive owing to the influence of some leading players. The global green packaging market is in its early stage of the competition and the growth phase is projected to be more intense in the forthcoming years. Some leading players such as Sealed Air, Rexam, Evergreen Packaging, Nampak, and Mondi, are gaining strong hold in the market. The large and small-scale industries are putting efforts to introduce new offers and standout in competition. These players are focused about developments in the products to withstand the fierce competition of the market. Also, new players are determined on offering low-priced sustainable packaging.
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According to TMR, the global green packaging market is expected to surge with CAGR of 6.20% over the forecast period from 2015 to 2021. On the basis of application, the global green packaging market is divided into food & beverage, healthcare, personal care, and others. Among these, food & beverage section is probably to be the leading segment of the global green packaging market in the upcoming years. Rising demand for packaged food & beverages is projected to boost the demand for the global green packaging in the forthcoming years.
Geographically, the global green packaging market is divided into Europe, Middle East and Africa, North America, Latin America, and Asia Pacific. Among these, Asia Pacific is leading noteworthy share of the global green packaging market in the future. This is due to the rise in demand for food & beverages in developing economies, like China and India. Also, North American green packaging market is also experiencing a noteworthy growth in the coming years.
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Rising Education on Eco-Friendly Packaging is Gaining Momentum
Government initiatives are rising for educating users about the advantages of environmental friendly packages. Along with this, providing useful education about harmful effects of toxic packaging materials is expected to profit industry growth in the coming years. Reasons such as rising awareness among costumers about environmental safety and advantages of green packaging are the prime factors driving the global green packaging market.
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Moreover, steps taken by governing bodies are suggest that adoptions of environmental friendly substitutes by producers will further drive the global green packaging market in the future.
The rising demand in the food and beverages sector is one of the prime aspects boosting the development of the green packaging market. The consumption rate of food is quickly growing in the past few years. The rising demand for increased shelf life and packaged food is gaining impetus around the world. Personal care and healthcare sectors are making use of green packaging, which is largely gaining momentum.
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Lack of Awareness about Green Packaging Hampers the global Market
A major restraining factor related to the global green packaging market is the lack of awareness regarding the importance of sustainability in some emerging economies. However, the growing e-commerce industry is likely to provide many growth opportunities in the global green packaging market.
The global green packaging market has been segmented as follows:
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