Sustainable Packaging will be a key growth factor

Technavio has published a new report on the Global Recycled Paper Packaging Market, which is expected to grow at a rate of 7.73 percent from 2015-2019.

According to the latest report by Technavio, consumers are increasingly choosing eco-friendly packaging products over conventional packaging. Demand for sustainable packaging material is on the rise because of the growing affluent middle class population and a number of government initiatives in developing and developed countries.

“Growing consumer awareness about recycling and the ill-effects of plastic waste accumulation are expected to have a positive impact on the growth of the market during the forecast period,” says Faisal Ghaus, Vice President of Technavio.

The new Technavio report also emphasizes the growing demand for paper packaging products in China, which will influence the demand for recycled paper packaging products in the APAC region as a whole. Furthermore, governments of various countries worldwide are also implementing stringent regulations to encourage product recycling.

“The extended producer responsibility policy has been implemented in many countries worldwide, and mandates that manufacturers pay for the recycling and safe disposal of their products, rather than forcing local government to foot the bill,” says Ghaus.