Packaging News
US research company Technavio said the study segments the market on the basis of types of materials, end-users, and geography.
The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.
Europe was the largest market for recyclable packaging with Germany dominating the market in the region.
The high market share of this region can be attributed to the presence of major consumer goods companies such as Nestlé and Pernod Ricard, it said.
Technavio transportation and logistics analysts highlight the following four factors that are contributing to the growth of the global recyclable packaging materials market:
Standardized industry norms; increased demand from food and beverages industry; growth in organized retail sector; increased demand from APAC.
Sharan Raj, lead analyst at Technavio for packaging research, said: “The global recyclable packaging materials market is witnessing the standardization of rules, regulations, and methods relating to the manufacture of sustainable green packaging.”
Manufacturers of foods and beverages demand eco-efficient packaging materials that can preserve food and maintain its nutritional value.
Companies like Cadbury, Coca-Cola, ConAgra Foods, Nestlé, and Pepsico use sustainable packaging materials, including plastic and metals, which gives them a competitive advantage over other market players.
“Improving economic conditions in many developed countries along with the rise in disposable income of consumers in developing countries such as China, India, and Saudi Arabia, has led to an increase in demand for packaged and processed foods, which augurs well for the market,” added Sharan.
