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Sustainable packaging market to hit $244 billion by 2018
February 17, 2014
Sustainable packaging market to hit $244 billion by 2018
Consumer demand, advances in material technology and legislation will push sustainable packaging to a $244 billion market by 2018, according to report by Smithers Para. 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 ? for instance, packaging materials ? and market development, the report says. The report also forecasts that downsizing or lightweighting, increased recycling and waste recovery, increased the 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.
Demand for sustainable packaging in China and India and a growing middle class aware of health and the environment is driving growth in Asia. The Smithers Para report forecasts that Asia will be the largest market for sustainable packaging in the world by 2018, accounting for 32 percent of the overall market, reported PackWorld.
Read more at Environmental Leader.
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