Green packaging market from the food and beverage application is developing globally due to the adoption of eco-friendly initiatives and usage of recyclable materials. Majority of the vendors are moving toward greener packing options to support these initiatives and comply with government regulations. The growing demand for dairy products packed in eco-friendly packages will drive the green packaging market growth. The growing implementation of sustainable packages in the healthcare segment is also expected to witness steady growth over the forecast timespan. These packages are used widely for packing medicines and other chemicals used in the healthcare sector. The increasing investment in the healthcare industry and provision of safe drugs to patients will boost the overall industry growth.
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The rise in conscious consumers’ mindset and awareness of using sustainable products is fueling the green packaging market growth. Environmentally conscious consumers notice brands that make their assurances to the social and environmental responsibility on their packaging. These organizational initiatives strengthen consumer base, eventually increasing the demand for green packaging. Carbon footprint is one of the major environmental concerns associated with plastic production using crude oil. The use of bio-based plastics is anticipated to decrease the carbon footprint and promoted by several global regulatory bodies.
The green packaging market growth is hindered by high production costs associated with manufacturing bioplastic packing materials, creating barriers for smaller and newer companies. Inefficient recycling of overall solid waste produced is a challenge for economies due to insufficient recycling sources, unawareness of waste management systems, and production of highly toxic wastes. Limited awareness related to green and eco-friendly packages in underdeveloped regions will hamper the green packaging market growth. The underdeveloped and remote areas have limited consumer demand, subsequently affecting the production rates and demand for sustainable packages.
In the green packaging market, the recycled content type is developing rapidly owing to its increased demand in the food & beverage industry. The segment will further boost the increasing prominence of the food & beverage service sector owning to escalating diners, restaurants, and cafes.
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The Asia Pacific green packaging market is expected to witness a high development due to the presence of the robust manufacturing and logistics sector. China, India, and South Korea are witnessing a rapid expansion owing to the emergence of large consumer base for packed & ready to eat food products and high government focus for sustainable development initiatives. The European countries including Germany and France are expected to support several opportunities for the market growth owing to governmental regulations by the European Union for promoting the concept of sustainable development. In addition, Horizon 2020, an initiative by the European Commission has been implemented to promote the usage of new biodegradable products, creating a positive impact on the market.
The green packaging market players include Mondi Ltd., TetraPak International, Amcor Ltd., Bemis Company, and DuPont. These companies have adopted various strategies such as product launches, joint ventures, collaboration, and investments. They have also formed strategic partnerships and direct alliances with other application industries. For instance, in January 2019, Samsung Electronics announced the introduction of its eco-friendly packaging solutions. The company has planned to minimize pack sizes and replace traditional materials with environmentally sustainable materials.
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