With time, the ideologies observed by the global industries have changed radically. The society has graduated since the time of indiscriminate exploitation of non-renewable resources, to a generation of more conscious entrepreneurs who seek environment-friendly ways of boosting manufacturing operations.
We are in a time when an increasing number of companies around the globe are rooting for the incorporation of green ideologies. While many of these companies claim to be ‘green’, there are a few whose efforts are only focused on popularizing their green image. Despite such odds, the green packaging industry is poised to exhibit exponential growth over the next few years.
As manufacturers from around the world take informed decisions to benefit their business output and alleviate global concerns, the global green packaging market, according to experts, will substantially progress in the next five to six years. A recent report published by Transparency Market Research forecasts that the global green packaging market, which was valued at US$132.47 billion in 2014, is expected to reach US$203.15 billion by the end of 2021, exhibiting a positive 6.2% CAGR during the period.
Browse Market Research Report of Green Packaging Market:
What Purpose Does Packaging Serves?
The core function of packaging involves protecting and preserving the contents during the transit from manufacturers or storage warehouses to the customers. With the evolution of technology, packaging has emerged as one of the most important promotional and marketing tools to attract consumers. For many companies, packaging represents another way of increasing their consumer base. This is especially true in case of food and beverage brand owners, who voraciously seek novel packaging material development. Consumers, on the other hand, relate packaging to the notions of safety, comfort, and convenience. Hence, the expansion of the global packaging market is inevitable.
Factors Determining the Green Packaging Market’s Growth
In a world that loves to eat, packaging is undoubtedly one of the leading contributors to waste. For years, manufacturing companies have been using toxic materials in packaging that have aggravated environmental concerns such as air pollution, water pollution, and landfill. To curb the rate of pollution, green packaging and sustainable packaging have been introduced and are picking up speed in the packaging market scenario.
Green packaging essentially means packaging that is environmentally friendly. An increasing number of companies are adopting green packaging to reduce their carbon footprint. This has in turn increased the use of recycled materials for packaging. Such factors are expected to ensure sustainable growth of the global green packaging market in the forthcoming years.
Growing awareness about the ill effects of traditional packaging material and increasing demand for more flexible and sustainable packaging materials are the key factors driving the global green packaging market. Changing consumer preference and increasing health awareness amongst them regarding the hazardous effects of toxic packaging also prompt manufacturers to opt for green and biodegradable packaging.
Browse Press Release of Green Packaging Market:
Dearth of natural resources, a result of the rampant use of nonrenewable materials for product packaging, has created a major environmental concern, which in turn is also propelling the green packaging market globally. As natural resources have started to exhaust, manufacturers are now looking towards green packaging, since the latter uses mostly recycled materials. The green packaging market has advanced significantly in the last couple of years, and it is expected that with robust innovation and technologies, it will prosper further in the forthcoming years.