Sustainable & green packaging is gaining prominence in the global packaging market and is gradually becoming an essential area for industry players, says a new study by UK-based researcher Visiongain.
The sustainable & green packaging market is experiencing a rise in demand from consumers, and this is made possible due to advanced packaging technologies. Although the market was negatively impacted by reduced margins due to pressure from higher production costs involved, the sustainable & green packaging industry still stands firm and is likely to enhance its market share in the global packaging industry. Visiongain calculates that the sustainable & green packaging market will be worth $107.7 billion in 2011.
Rising concerns over environmental hazards, eco-friendly packaging, carbon emissions, waste reduction targets specified by different countries and the trend towards 'green packaging', are the factors likely to boost the market for sustainable & green packaging solutions. The sustainable & green packaging market is likely to register consistent growth during 2011-2021, mainly influenced by rising environmental concerns, increasing health awareness, high disposable incomes, rapidly growing economies, dearth of natural resources and high-energy consumption. The North American and Western European economies are successfully established markets. However, the growing economies of Asia-Pacific (India and China), Eastern Europe (Germany and Russia) and Latin America (Brazil) offer tremendous potential to explore.