The “sustainable and green packaging market,” as it is referred to by independent business information provider Visiongain, will be worth $107.7 billion in 2011.
A new study from the company, “The Sustainable & Green Packaging Market 2011-2021,” indicates that sustainable and green packaging are gaining prominence in the global packaging market and are gradually becoming an essential area for industry players. Says Visiongain, “Although the market was negatively impacted by reduced margins due to pressure from the higher production costs involved, the sustainable and green packaging industry still stands firm and is likely to enhance its market share in the global packaging industry.”
The report says that the market is likely to register consistent growth from 2011 through 2021, due to rising environmental concerns, increasing health awareness, high disposable incomes, rapidly growing economies, a dearth of natural resources, and high energy consumption. Technological advancements related to lightweight packaging will further boost the demand in the industry. In addition, key industry players and manufacturers will continue to opt for better materials made from renewable sources for packaging purposes.
While the North American and Western European economies are successfully established markets, the growing economies of Asia-Pacific (India and China), Eastern Europe (Germany and Russia), and Latin America (Brazil) offer tremendous potential.
Visiongain expects the global sustainable and green packaging market to demonstrate above-average growth in developing nations and a steady growth in mature markets.
Guiding most of the packaging trends of 2009 and into 2010 were considerations of value and health. In the realm of health, consumers were looking not only for fresh, safe, and nutritious products, but also at items having "healthy," sustainable packaging.
Manufacturers are now under pressure to use environmentally friendly materials, adopt methods that require low-energy consumption, and reduce the adverse environmental impact of packaging in the landfill. Although regulatory concerns, poor recycling infrastructure, and limited consumer demand are a few factors limiting the switch to sustainable and green packaging, Visiongain predicts that with advanced packaging technologies and cost-effective methods and technologies in place, the sustainable and green packaging market will expand globally.
Green packaging market