Green Packaging Market – Top 3 Factors Influencing Growth

The green packaging market is projected to stand at US$203.1 bn by the end of 2021, growing rapidly over its valuation of US$132.4 bn in 2014. These numbers stand testimony to the many opportunities that are coming up in the global green packaging industry. Consumers are making it a point to look at packaging options that are not only biodegradable, but are also safe enough when they come in contact with the skin or edible products. Innovation is the defining characteristic of the green packaging market; however, there are a few areas within the green packaging industry that will hold more revenue-generation potential than others.

Here are three main drivers of the green packaging market that companies can monetize:

Packaging waste is a concern for more and more consumers: Recent surveys have indicated that consumers now worry about what happens to packaging after it has been disposed of. The alarming increase in waste generated and dumped into landfills is becoming a cause for concern for many consumers, especially the younger ones. Interestingly, people are more willing to spend on products packaged in sustainable materials. Edible packaging is an interesting trend that several companies are already exploring.

Increasing health awareness: Packaging material that contains toxic chemicals and substances that cause damage to the environment have received considerable negative press in recent years. This has made consumers take a stand on the kind of packaging materials they want to see in supermarket shelves and elsewhere. Reports linking materials such as BPA with cancer have been especially detrimental to the reputation of certain packaging materials, and even the companies using them.

Food and beverage industry continues to heavily impact green packaging trends: The food and beverage industry generates the highest demand for green packaging. Several companies in the F&B sector have already started adopting recyclable and biodegradable materials to make their products more attractive to consumers. Thus, any major changes in this sector are likely to reflect on the current dynamics of the green packaging industry as well.

However, several consumers still remain ignorant about the benefits of green packaging, while many others in developing countries are not keen on shelling out a premium for eco-friendly packaging. These factors could hamper the market in the coming years.

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