Unveiling the Future: The Flourishing Biodegradable Packaging Market
Research Reports
Sep 28, 2023
Market Overview:
The market for biodegradable plastic packaging market is expected to grow at a 19.2% CAGR between 2021 and 2028, reaching an around USD 13.2 billion market size. Packaging facilitates shipping, carrying, and is frequently used in advertising. Because plastic packaging is lighter than glass or metal, it is a practical and efficient option for conveying goods. The manufacturing of traditional plastic packaging indicates that society’s need is still not being supplied despite the rise in interest in eco-friendly items. To counteract climate change and the coming scarcity of fossil fuels, packaging ideas that are quick and effective are in high demand. Bioplastics are gaining traction in the packaging sector thanks to converters’ and brand owners’ requests.Bioplastics conserve resources while ensuring the safety of food, withstanding extreme heat, and maintaining their shape over time. Packaging made of biodegradable plastic gives the same benefits as traditional plastic while being more environmentally friendly. The basic materials for biodegradable plastic bags are entirely plant-based, enabling a natural breakdown process in which bacteria and fungi in the environment metabolise the polymers. Additionally, this facilitates the decomposition of a biodegradable plastic framework. A viable alternative to plastic packaging is biodegradable packaging manufactured from natural materials including starch, cellulose, protein, and vegetable oil. In reaction to governmental laws, numerous stores have started using recycled paper and biodegradable plastic bags for packaging.
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KEY Players
- Amcor
- Be Green Packaging
- DS Smith
- DuPont
- Evergreen Packaging
- Mondi
- Nampak
- Ball Corp.
- Sealed Air
- Tetra Laval
Regional Analysis:
China is the market leader for biodegradable plastic in the Asia-Pacific since it has many manufacturers and the product is widely available at low pricing. India and China are leading the Asia-Pacific area in terms of demand for biodegradable plastic packaging as a result of urbanisation. The market for biodegradable plastic packaging has several prospects in the area due to its large population. The market for biodegradable plastic packaging is driven by the need for appropriate packaging in every e-commerce transaction to move items from the supplier to the recipient. The need for biodegradable plastic has also increased as a result of fluctuating oil costs and shifting policies in Asia and Europe over the usage of petroleum-based plastics. In addition, North America is anticipated to develop at the fastest rate due to the growing need for biodegradable materials.The market for North America’s biodegradable plastic packaging will be driven by the region’s growing key players, including Plastic Suppliers Inc. (US), International Paper Company (US), Smurfit Kappa Group PLC (US), WestRock Company (US), and Bemis Company Inc. (US). The availability of professionals in the sector and the increase in research efforts in the area are two major market drivers. Additionally, the nation part of the study lists specific market-impacting variables and domestic market regulation changes that have an affect on the market’s present and future developments.Some of the key data points utilised to anticipate the market situation for individual nations include consumption volumes, production sites, and volumes, import-export analysis, price trend analysis, cost of raw materials, and downstream and upstream value chain analysis. When giving prediction analysis of the country data, it also takes into account the presence and accessibility of international brands as well as the difficulties they encounter due to low or high competition from local and domestic brands, the influence of domestic tariffs, and trade routes. Biodegradable plastic packaging is being made possible through innovative packaging trends, particularly sustainable packaging options. Due to North America housing the headquarters of the major players in the paper packaging industry, the region has a very high barrier to entry and level of competition for new entrants.
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Market Segmentation:
Based on type, application, and geography, the biodegradable plastic packaging market has been divided globally. The market for biodegradable plastic packaging is divided into categories based on type, including those made of cellulose, starch, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and others. The market for biodegradable plastic packaging around the world is still dominated by polylactic acid (PLA). Polylactic acid (PLA) is widely employed in a variety of industries, including healthcare, pharmaceuticals, packaging, and transportation. Polylactides degrade into non-toxic, biodegradable, and biocompatible materials, minimising plastic waste.
The biodegradable plastic packaging market is segmented into the following categories: food and beverage, pharmaceutical, personal/homecare, and others. In terms of revenue, the food and beverage category continues to maintain the majority position. Biodegradable polymers are being used more frequently in food and beverages as a result of growing environmental awareness. From bottles and cups to chip bags and coffee pods, everything is packaged in biodegradable plastic. Food and beverage packaging uses plant-based plastics and other biodegradable polymers because they are more environmentally friendly than conventional plastic.
The biodegradable plastic packaging market is divided into four regions based on geography: North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific, followed by Europe, is the region with the largest global market give this region flourishing food & beverage and healthcare industries for biodegradable plastic packaging.
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