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Global sustainable packaging market to reach US $142.42 billion by 2015

-- Packaging Digest, 8/11/2010 1:05:29 PM

Global Industry Analysts have released a new global report on the sustainable packaging market, which the study forecasts to reach US$142.42 billion by the year 2015.

Unlike other segments of the packaging industry, sustainable packaging registered impressive growth during the period 2008-2009, and has been less vulnerable to the economic downturn. Sustainability helped companies as a medium to cut costs and reduce packaging waste using recycled and reusable materials, says the report.

Europe and the US represent the largest regions for sustainable packaging, together accounting for more than 70% of the global market, as stated by a new market research report on the sustainable packaging market. With sustainable packaging progressively becoming a mainstream global trend, several companies are adopting green packaging as a marketing tool.

In addition, manufacturers are presently under pressure to use environment-friendly materials, and adopt methods that require low-energy consumption and reduce adverse environmental impact of packaging. Besides, rising environmental issues are compelling legislative bodies in several countries to improve and implement laws and regulations for minimizing adverse environmental impact of the packaging industry.

According to the report, Asia-Pacific is poised to witness the fastest growth in terms of use of green packaging, increasing at a CAGR of more than 10% during 2007 through 2015. Factors driving market growth include increased awareness about environmental concerns, government initiatives, growing economies, and huge population.

In terms of market segmentation, the recycled material constitutes for the largest packaging category, contributing for close to 90% of the total demand in the US. However, biodegradable are witnessing growing demand from the packaging industry, and represent the fastest growing segment. Biodegradable materials are easily decomposed by microorganisms, and reduce packaging waste. In addition, the materials preserve food products and sustain freshness. Among biodegradables, bioplastics are registering increased demand in the green packaging market.

Key markets using sustainable packaging include cosmetics and personal care, food and beverage, food service and shipping markets, healthcare, and others. The increased demand for sustainable packaging in these end-use sectors is evident by the recent product launches with sustainability features.

Sustainable packaging is witnessing increased demand from cosmetic and personal care industries, mainly due to growing consumer preference for eco-friendly plastic packaging materials. More than 600 new beauty products with green label were introduced in Europe alone during the past two years. Several food companies are announcing plans to switch to compostable biopolymer packaging. Meanwhile unlike the food and beverage, and cosmetic industries, the medical sector still lags behind for sustainable packaging materials. Cost and regulatory concerns, poor recycling infrastructure, and limited consumer demand are few factors responsible for restricting the medical device and pharmaceutical industries to switch to sustainable packaging.

SOURCE: Global Industry Analysts, Inc.

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