"As per the key findings of this market study, the green packing market is expected to witness many technological and design innovations by vendors during the forecast period. Packaged food, beverages, and personal care companies are likely to emerge as the biggest consumers of packaging materials that are not only eco-friendly but also visually appealing to consumers," said Technavio's senior packaging industry research analyst Sharan Raj.
“To meet these demands, the leading manufacturers of green packaging products are looking for high-performing packaging options that lower manufacturing costs. For instance, sugar beet, corn and sugarcane are some new raw materials being tested for manufacturing bio-plastics. This trend is predicted to open new market opportunities for vendors over the next four years,” said Raj.
APAC is the fastest-growing region in the global green packaging market and is expected to show robust growth over the next four years. The region offers enormous potential for development of new green packaging technologies. The leading countries in this region are Japan, Australia, and New Zealand. Countries such as India and China, owing to high population, are also expected to play a significant role in the growth of the green packaging market during the forecast period.
Technavio’s research study also predicts increased demand for convenience foods and branded products, particularly in dairy items emerging from India and China. It is expected to become a major factor contributing to the strong growth of green packaging in the APAC region until 2020.
The green packaging market in North America will experience moderate growth during the forecast period. The U.S. is the primary contributor to the growth of the green packaging market in North America. According to the market forecast, the demand for reusable packaging products is expected to increase in the U.S., which will help the country retain its position as the world leader in the packaging sector. Industries that largely augment its market growth are food and beverage and household products, and this trend is likely to continue through 2020.
Timely, incisive articles delivered directly to your inbox.