- The global green packaging market will experience a CAGR of more than 7% from 2016 to 2020 with bioplastics at the forefront, especially in the Asia-Pacific region and South America, according to an Infiniti Research report titled Global Green Packaging Market 2016-2020. Demand for sustainable packaging with advanced technology is driving product developers to focus on durable, recyclable materials that can stand up to elements such as moisture and heat as well as friction.
- Key points made in the report are that growth drivers, beyond the demand for bioplastics, include a push to reduce greenhouse gases and to use compostable materials. The report also focuses on market challenges such as high production costs, complexities in switching to bioplastics, and a competitive business environment. In addition to an in-depth analysis from industry experts, the research project includes a discussion of the top vendors with stakes in this market.
- As the authors delve into the present state of the industry and growth prospects of the global green packaging market for 2016-2020, they answer questions regarding the market size and growth rate in 2020, the market opportunities and threats to vendors as they develop products, and the factors challenging market expansion.
There are 200 million tons of plastic in use today, volumes of which will eventually end up in the waste streams calling for a push not only to recycle, but to re-engineer products for more sustainable features.
This movement is thrusting the global green packaging market forward, with Europe leading the way; that continent commands 31% of market share for green packing. There is also a clear demand and drive for eco-friendly products in the U.S. where recycling of post rigid plastics increased by 27% in 2014. Plastic film recycling jumped 79% from 2005 to 2014.
Bioplastic packaging in particular is gaining researchers' and developers’ attention as evolving legislation calls for consumers and municipalities to conserve energy and natural resources while cutting CO2 emissions. The food packaging industry is laying the most tracks in sustainable packaging, holding 54% of the global market in 2015. But others are following in suit, including healthcare and personal care industries.