Change in Consumer Preferences towards Recyclable and Eco-Friendly Materials Propel the Growth of Sustainable Packaging
The sustainable packaging market is estimated to reach USD 303.60 Billion by 2020, with a projected CAGR of 7.17% from 2015 to 2020. Factors such as government initiatives towards reuse and recycling of packaging products, downsizing of packaging, and breakthrough in new technologies are driving the market. Application of sustainable packaging in the food & beverage segment dominated the market in 2014. In terms of function, the active packaging segment, which consists of barrier packaging, anti-microbial packaging, and modified atmosphere packaging (MAP), held the largest share in 2014. This domination is mainly due to growing packaged food and beverage industry, particularly in emerging markets such as China, Brazil, and India.
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