The burgeoning green packaging industry is expected to be worth £118bn by 2018, according to a new report on the industry.

The ‘Green Packaging Market (Recycled, Reusable & Degradable): Global Scenario, Trends, Industry Analysis, Size, Share and Forecast, 2011-2018’ report said the global green packaging industry was worth £68bn last year but will be worth just under double that by 2018.

The report published in October by Transparency Market Research, stated that Europe accounted for the current largest share on the market and was last year worth £26bn.

North America was second with nearly £21bn spent.

North America is "expected to witness slow growth in recycled packaging but high growth in reusable packaging due to high energy consumption and higher cost incurred in the production processes of recycled packaging", according to Transparency Market Research.

Europe is expected to continue with the biggest share of the market due to high regulatory barriers and less land for landfills.

However, India, China and Indonesia will experience the fastest growth in the next four years, according to the report.

Recycled packaging accounts for the highest share of the market and has a forecast to grow 6.9% from 2013 to 2018.

Companies are believed to be moving more towards green packaging due to growing awareness of carbon emissions, energy consumption and waste reduction targets.

However, barriers to the market include poor recycling infrastructure, limited consumer demand and regulatory concerns, according to the report.