The global ‘green packaging’ market is set to grow by more than 60% by 2018 according to new research.
A report by Transparency Market Research, Green Packaging Market says that the growth is being driven by waste reduction targets, increasing awareness of carbon emissions, rapidly growing economies, a lack of natural resources, and consumer preference for eco-friendly products.
It adds that the green packaging market will be worth $178bn (£111bn) within five years. Europe accounts for the highest share of the market, $41.3bn last year, followed by North America at $32.6bn However the highest growth is expected in India and China, driven by economic growth, especially in the food and drink industries, and increased awareness of green products.
Reusable and degradable packaging is expected to witness a high growth rate in the Asia Pacific region from 2013 to 2018.
According to the report the biggest barriers to growth of the green packaging market is poor recycling infrastructure, limited consumer demand and regulatory concerns. However, these are likely to be offset by advances in packaging technologies.
In the UK, 5.91m tonnes of packaging waste is estimated to be generated each year, around 20.1% of all waste, the report says, boosting the growth of the green packaging market.
For more on this report visit: MRW
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