Sustainable packaging market to hit $244 billion by 2018

According to a Smithers Para report, consumer demand, advances in material technology and legislation will push sustainable packaging to a $244 billion market by 2018.

The “Future of Sustainable Packaging to 2018” report found awareness among consumers is driving demand for sustainability, particularly packaging that has a smaller environmental footprint.

Sustainability programs are increasingly seen as a source of innovation that can serve as a platform for new product and market development, the report says.

The report also forecasts that downsizing or light-weighting, increased recycling and waste recovery, increased use of recycled content, improvement in packaging and logistical efficiency and increased use of renewable-sourced materials are the five most common trends in sustainable packaging.

The increasing demand for sustainable packaging is particularly evident in countries like China and India. ‘The biggest growth comes from the Asian market,’ says Smithers Pira, forecasting that this will account for 32% of green packaging consumption owing to ‘a growing affluent and health-conscious middle-class population’.

The increased focus on sustainability will continue to be a major trend in the packaging industry, which supports the adoption of materials from renewable sources.

Source: Environmental Leader

http://www.environmentalleader.com/2014/02/17/sustainable-packaging-market-to-hit-244-billion-by-2018/

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