The global ‘green’ packaging market is expected to grow at a steady pace between 2015 and 2021, according to a new report by Reportlinker.
Increasing demand for reusable, recyclable and degradable packaging is being fed by growing consumer awareness, giving those companies who source sustainable packaging for their products a competitive advantage.
The market is also being helped by a marked increase in regulation as governments step up the pressure on manufacturers to use eco-friendly materials. Many industries are required to adhere to green packaging standards as part of their Extended Producers Responsibility (EPR). However, the market is restrained by the associated rise in costs that accompanies the switch to more eco-friendly packaging solutions.
The US is the largest market for green packaging and, together with fellow mature market Europe, is expected to sustain steady growth over the 2015-2021 period. Meanwhile Asia-Pacific’s rapidly growing population and increasing consumer awareness is expected to spur on demand, to make it the fastest-growing region over the next five years.