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Green Packaging Market is expected to rise at a CAGR of 6.20% between by 2021
Green Packaging Market - Global Industry Analysis, Trend, Size, Share and Forecast 2015 - 2021
Published 29 October 2015
By setting limitations to conventional packaging methods and materials, most of which involve plastic and related materials, and moving ahead by adopting better options companies can not only reduce their carbon footprint on the environment but may also reap many other benefits, such as reduction in the transportation and warehousing costs.
Browse: Green Packaging Market
Name it an environmental cause or a way to reduce costs, many industries are looking into ways to move from the conventional packaging ways and rapidly adopting sustainable, eco-friendly, biodegradable or natural products for their overall packaging needs. The move is being named green-packaging.
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What exactly is green packaging?
Green packaging refers to any change made by a product manufacturer or service provider to lessen the environmental-impact of the materials or processes involved in packaging the products and services while their deployment to the end-user.
Materials used for packaging, especially the ones made from plastic and which do not break down easily or the ones that are disposed off immediately can have huge impact on the environment. Implementing methods for green packaging include practices such as the use of biodegradable or recycled material, reducing the amount of material used for packing a product or using refillable or reusable packaging containers. This also includes employing ways to limit the amount of waste and emissions developed in the process of manufacturing the packaging material.
Packaging material can easily account for a large quantity of waste since it is of practically no use after the product is purchased. The most conventional material used for packaging, plastic, can keep lingering in landfills for ages. In many areas around the world, waste materials from the packaging industry are endangering the environment. Packaging waste is also dangerous for the wildlife as animals can eat it or get entangled in it and hurt themselves. At places where enough land is not available to dump such waste, it is commonly plunked in oceans, thus endangering the ocean eco-system.
In response to these issues, conversationalists are advocating product manufacturers and service providers to increase use of green packaging products – products that are less harmful than the ones earlier used. The term green-packaging can be misleading though, as in some cases, the packaging materials can be still harmful, just a bit less. In other cases, however, the changes are genuinely green – representing genuine improvement.
The global scenario:
While the trend of switching to the “greener” way of packaging products is not a very old phenomenon, the industry of green packaging products is already flourishing rapidly. Green ideas are swiftly penetrating all parts of the packaging industry, right from the choice of raw materials to the production processes.
A recent report from Transparency Market Research mentions that the green packaging market is set to observe enormous growth in the coming years and that during a period of five years from now, the industry could experience growth of nearly 60%. The current market value of this industry is nearly USD 109 billion.
If according to the report, this market observes 60% growth, at a CAGR of 7.6% in the next few years, it would amass market value worth USD 178 billion by 2018.
The market has huge growth opportunities in European countries, especially in the UK where nearly 5.91 million tons of packaging waste is generated every year - approximately 20.1% of the total global packaging waste. The country has strict regulations about waste management and land for landfills is relatively less in the region.
The market could also observe significant growth in the Asia Pacific region, a region that is home for more than half the world’s population and quite naturally, home to a huge amount of packaging waste.
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