Global green packaging market to reach $ 203 bn by 2021

Increasing health awareness among consumers is anticipated to drive the global green packaging market to reach $ 203.15 billion by 2021 from $ 132.47 billion in 2014, growing at a CAGR of 6.2% from 2015 to 2021, according to a Transparency Market Research (TAM) report.
 
The green packaging market can be bifurcated into: recycled content packaging, reusable packaging and degradable packaging. The various categories of recycled content packaging are paper packaging, plastic packaging, metal packaging, glass packaging and others. The reusable packaging is segmented into drums, plastic container and others.
 
Currently, consumers are becoming more conscious about their health. Toxic materials used in packaging, especially food packaging is hazardous to consumer’s health. “In addition, consumer preference towards healthy and biodegradable packaging is one of the key driving factors responsible for the growth of green packaging market due to its health benefits,” said TAM in a press release.
 
Moreover, increasing environmental concern is also boosting the demand of green packaging globally. With increase in the environmental concern, consumers are shifting towards green packaging as they cause less environmental pollution such as land pollution, landfills and water pollution. In addition, the dearth of natural resources is also contributing to the growing demand for green packaging. As the natural resources are getting exhausted the packaging material manufacturers are leaning towards green packaging as they can be easily recycled.
 
Among the different packaging segments, food and beverage segment accounts for the highest market share, ie 59.7 percent in overall green packaging market. Being the largest market, growth rate of Canada and Japan is sluggish, since the market penetration of green packaging market is the highest and the market is matured. Developing countries such as India, China, Germany, Russia and Brazil are the fast growing markets for green packaging and the demand is expected to be high in the coming years. “Large food and beverage industry, rising disposable income and growing awareness about green products are the major factors fuelling the demand for green packaging in these regions,” added TAM press release.