Most sectors of packaging have been taking a hit during these tough economic times, but not sustainable packaging. Sustainable packaging has experienced positive growth over the past two years and it’s not expected to slow down. According to “Sustainable (Green) Packaging: A Global Strategic Business Report”, the green packaging market should to be worth $142 billion by 2015.
What sectors of packaging are the key developers of sustainable packaging? Cosmetics and personal care, food and beverage, shipping, and healthcare packaging have all embraced green packaging to a large degree.
There are key driving forces that account for the growth of sustainable packaging. Growing concerns of the environment around the globe is number one. Also, stricter government regulations are making it mandatory for companies to adhere to sustainable practices and production. Other drivers include increased awareness about recycling of packaging wastes and companies cutting costs by using recycled and reusable materials in manufacturing.
The United States and Europe currently cover more than 70 percent of the global green packaging market. Recycled material is the most important packaging category in the US, accounting for 90 percent of the total demand.
The fastest growing region for green packaging is expected to be Asia-Pacific with 10 percent annual growth over the next 5 years. The fastest growing segment of the packaging industry are biodegradables with the highest demand coming from bioplastics.