Published on : Feb 16, 2016
Nowadays, the demand for sustainable and eco-friendly packaging materials by consumers is high and therefore, vendors have been focusing on making materials which could be recycled and have the conventional capabilities of moisture, heat, and friction resistance. There are 5 key trends that will keep on influencing the packaging market in the coming years. These are as follows:
- Advent of New Coating/Barrier Technologies: Board and paper is predicted to witness exponential growth in the coming years. Brands are poised to continue targeting on making new barrier technologies which will be renewably sourced, biodegradable, ready recycled or all of the above. Water-based coatings and bio plastics come under barrier technologies that have been explored by a number of brands to achieve a balance between renewability and recyclability. New barrier technologies are emerging as key business imperatives for brand packaging in 2016.
- Increasing Significance of Sustainability: The top consumer demands apart from quality is the demand for sustainability. As per a survey, over 50% of the Americans prefer to have sustainable packaging while purchasing products. In addition, 42% of Americans are ready to pay much more provided they have the sustainable packaging options and approximately 60% sad that they are always on the lookout for ways in which they can wrap gifts via reusing materials.
- Rising Demand for Transparency of Supply Chain: The transparency of supply chain is a major area that has to be prioritized by brands in 2015 if they wish to impede potentially high-priced legal and environmental infractions damaging overall relationships and corporate reputation with customers as well as stakeholders. The prime way in which brands may aid further sustainable packaging is by enhancing the packaging traceability all across the supply chain.
Thus, within the packaging market, the global green packaging market is on the rise and is diversified in North America, Europe, Asia Pacific, and Rest of the World (RoW), with Europe holding the largest share in the market in 2015. The top countries within this region are the UK, Italy, and German. The rising demand for recycled plastic products as well as recycled packaging is the key reason fuelling the growth of the market within Europe.