According to the latest report by IMARC Group titled, “Green Packaging Market Trends: Global Industry, Share, Size, Growth, Opportunity and Forecast 2019-2024”, The global green packaging market was worth US$ 168.2 Billion in 2018. Green Packaging, or sustainable packaging, refers to the use of environment-friendly products and manufacturing methods for the packaging of various goods. It is manufactured using biodegradable raw material, including plant-based plastics, resins, starch, polyglycolic acid and cellulose, which aid in reducing the carbon footprint and minimizing overall waste generation. Green packaging also involves the usage of alternative energy sources, such as wind, solar and biofuels, during the production and transportation process. Looking forward, IMARC Group expects the market to reach a value of US$ 238.6 Billion by 2024, at a projected CAGR of around 6% during 2019-2024.
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The global market is primarily driven by the growing awareness regarding environmental conservation and sustainable living among the masses. This is resulting in an increasing demand for green packaging and processing operations across various industries. Furthermore, the thriving food and beverage industry that uses products, such as glasses, cups, spoons and plates that are made using bio-compostable paper and plastic materials, is also providing a boost to the market growth. Other factors, including extensive research and development (R&D) activities and technological advancements in the manufacturing processes of these products, are projected to drive the market further.
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Key Market Segmentation:
Breakup by Packaging Type:
1. Recycled Content Packaging
2. Reusable Packaging
Breakup by End Use Industry:
1. Food Industry
2. Beverage Industry
3. Healthcare Industry
4. Personal Care Industry
Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
The competitive landscape of the Green Packaging Market has also been examined with some of the Top Green Packaging Companies being Amcor Limited, E. I. du Pont de Nemours and Company, Mondi Limited, Sealed Air Corporation, TetraPak International S.A., Ardagh Group Co., PlastiPak Holdings, Inc., Bemis Company, Inc., Uflex limited, and ELOPAK AS.
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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This post was originally published on Trading Herald