Sustainable packaging market predicted to reach $142.42bn by 2015
Monday 16 August 2010Greater awareness about environmental disposal hazards and more stringent government regulations are predicted to drive the global market for sustainable packaging to reach $142.42bn by 2015, according to market research group Global Industry Analysts (GIA).
Other drivers are identified as increased awareness about recycling of packaging wastes and government initiatives to minimize greenhouse gas (GHG) emissions. Also making greater use of recycled and reusable materials has helped companies cut costs and packaging waste.
The report, “Sustainable (Green) Packaging: A Global Strategic Business Report,” identifies the food and beverage and food service industries that lead the drive to sustainable packaging along with cosmetics and personal care, shipping markets, and healthcare.
And the report highlights that several food companies also have announced plans to switch to compostable biopolymer packaging.
Unlike other sectors of the packaging industry, sustainable packaging has showed good over the past two years bucking the economic downturn.
Europe and the US together account for more than 70 per cent of the global sustainable packaging market. In the US recycled material accounts for the largest packaging category, contributing nearly 90 percent to the total demand, according to the report.