Asia – Driven by consumer demand, material advances and legislation, the global sustainable packaging market will be worth US$ 244 billion by 2018, according to a new report by Smithers Pira. This would represent a huge increase over the 2013 figure of US$ 190 billion and the predicted US$ 200 billion for this year.
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’.
Paper counts as the largest segment in recycled packaging, followed by metal, glass and plastics. While the recycled plastics sector remains ‘strong’, notes Smithers Pira, various issues are yet to be tackled, including: compliance standards; lack of adequate collection and sorting; and international market competition for existing recovered materials.
The issue of sustainable packaging will continue to grow in importance over the next decade, according to the report. Moreover, it is likely to become ‘the number one challenge’ facing companies by 2023, ahead of cost and other concerns.
For more information, visit: www.smitherspira.com
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