Global Eco Friendly Bottles Market: Snapshot
The global eco friendly bottles market has risen at a rapid pace in recent years in response to the growing support to environmental causes from governments and the masses alike. The eco friendly bottles market has been driven by the eagerness of key competitors to cash in on the growing support to environmentalism, which has led to consistent innovation, as well as steady government support. The steady prevalence of these drivers is likely to enable rapid growth of the eco friendly bottles market in the coming years.
According to Transparency Market Research, the global eco friendly bottles market was valued at US$2.5 bn in 2017 and is likely to rise to US$3.7 bn by 2024, exhibiting a strong 8.1% CAGR therein.
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Polylactic Acid to Remain Dominant Material
The global eco friendly bottles market employs a number of materials in order to produce high-quality eco friendly bottles. Currently, polylactic acid is the dominant material segment of the global eco friendly bottles market and is likely to dominate the market’s proceedings in the coming years due to its widespread usage. Polylactic acid accounted for 35.3% of the global eco friendly bottles market in 2017 with a valuation of US$902.3 mn. The segment is expected to rise to US$1,322.8 mn by 2024 at a strong CAGR of 8%. The mechanical properties of polylactic acid make it favorable for use in the production of bottles, which is likely to ensure steady growth of the segment in the global eco friendly bottles market in the coming years.
North America to Dominate Eco Friendly Bottles Market due to Increasing Mass Participation
The leading regional contributor to the global eco friendly bottles market is North America, which is likely to retain its dominance through the forecast period thanks to the widespread distribution of environment-friendly infrastructure in the developed region and the steady government support for expansion of the same. The eco friendly bottles market in North America was valued at US$617.2 mn in 2017 and is expected to rise to US$1,123.4 mn by 2024, exhibiting a solid 12.7% CAGR from 2017 to 2024.
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Europe to Retain Steady Share, Asia Pacific except Japan Set to Rise
Europe is also an important contributor to the global eco friendly bottles market and is likely to remain a key region for technological development as well as sales expansion for the eco friendly bottles market. Like in North America, the eco friendly bottles market enjoys solid government support in Europe, where environmental conservation has been a valued tenet of most governments. The Europe market for eco friendly bottles accounted for more than 32% of the global market’s revenue in 2017.
The Asia Pacific except Japan market for eco friendly bottles could emerge as a significant player in the coming years, with the market expected to create an absolute opportunity of US$252.2 mn over the 2017-2024 forecast period. The Japan market for eco friendly bottles is also set to rise to a strong valuation of US$228.2 mn by 2024, exhibiting a steady 6.2% CAGR upon its 2017 valuation.
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Global Eco Friendly Bottles Market: Competitive Dynamics
Leading players in the global eco friendly bottles market include EcoXpac A/S, One Green Bottle, Earthlust, Ecologic Brands Inc., SKS Bottle and Packaging Inc., Cascade Designs Inc., Pachamama, and Pepsi-Cola Metropolitan Bottling Company.
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