Biodegradable Plastic Packaging Market 2023 Top Players, Research Forecast, Analysis and Supply Demand 2028
Jan 09, 2023
According to MRFR analysis, the global Biodegradable Plastic Packaging Market is expected to register a CAGR of 19.2% from 2022 to 2028 and hold a value of over USD 13.2 Billion by 2028.
Biodegradable plastic and paper packaging is extensively used in the packaging of materials and products that are transported from one place to another, as plastic permits logistics companies to transport material and goods over a great distance and in any climate conditions. In the wake of maintainable development, logistic companies are more persuaded towards the use of biodegradable packaging material. It is non-toxic for the environment. Biodegradable plastic packaging aids protect goods from dust, water, and other environmental conditions, thus serving in keeping packed goods secure and safe. The growing environmental concerns regarding plastic usage are driving the use of biodegradable plastic alternatives. Floating plastic waste that survives thousands of years in water can serve as a transportation device for invasive species that disturb habitats. This aforementioned factor contributes to the growth of the market.
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Europe was the largest regional market for biodegradable plastics with a revenue share of more than 43.0% in 2021. High awareness among people toward plastic waste coupled with European Union ban on single-use plastics is projected to propel the regional market during the forecast period.
Asia Pacific is anticipated to emerge as the fastest-growing market in the global arena. Increasing disposable income and improving the standard of living in developing countries such as China and India are estimated to augment the market in the region.
The Global Biodegradable Plastic Packaging Market has been segmented into Product, and Application
Based on the Product, The Global Biodegradable Plastic Packaging Market has been segmented into Starch-Based, PLA, PHA, PBAT, and PBS. Starch-Based was the largest product segment for biodegradable plastics in 2021 with a revenue share of more than 40.5%. The starch-based segment is expected to dominate the market in terms of value as well as volume throughout the forecast horizon. Starch-based plastics are cast-off in application industries such as packaging, automobiles, and agriculture.
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Based on the Application, The Global Biodegradable Plastic Packaging Market has been segmented into Packaging, Consumer Goods, and Agriculture. Packaging was the largest application segment for biodegradable plastics in 2021 with a revenue share of more than 60.5%. Packaging is one of the foremost application sectors for biodegradable plastics. It is cast off in both rigid and flexible packaging. The replacement of conventional plastics by these plastics in food packaging such as boxes, wraps, cups, and plates are in advance momentum, which is supporting the growth of the biodegradable plastic market.
Some of the key market players are International Paper Company (US), Smurfit Kappa Group PLC (US), DS Smith PLC (UK), Klabin SA (Brazil), Rengo Co.Ltd (Japan), WestRock Company (US), Stora Enso (Sweden), Stora Enso (Sweden), Bemis Company Inc.(US), Rengo Co.Ltd (Japan), Tetra Pak International SA (Switzerland), Plastic Suppliers Inc.(US), Kruger Inc.(Canada), Amcor PLC(Switzerland), and Mondi PLC (UK)
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