Smithers Pira: Global sustainable packaging market to reach $244 billion by 2018
The global market for sustainable packaging is forecast to reach $244 billion by 2018, according to a new market report from Smithers Pira. Consumer demand and government legislation around the world are the leading drivers for the sustainable packaging agenda. Environmental awareness among a growing population of consumers is fuelling demand for sustainability and the reduction of the impact of packaging on the environment.
According to the study, the most common trends in sustainable packaging are:
- Downsizing/lightweighting of packaging
- Increased recycling and waste recovery
- Increased use of recycled content
- Increased use of renewably sourced materials
- Improvements in packaging and logistical efficiency
The biggest growth comes from the Asian market, driven by demand for sustainable packaging in countries like China and India. Boosted by a growing middle-class population that is increasingly becoming affluent and conscious of health and environmental issues, the demand for sustainable practices is driving the market for greener packaging. In 2018, Smithers Pira forecasts that Asia will be the largest market for sustainable packaging, accounting for 32% of the overall market (News Release Smithers Pira, 1 August 2013).
Click here for the news release.