Global Biodegradable Packaging Market is valued approximately at USD XXX billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.1% over the forecast period 2022-2029. The concept "biodegradability" defines a material's ability to decompose and return to its natural form shortly after disposal. Starch, cellulose, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and other biodegradable polymers are used in packaging. The increasing use of PLA and starch as biodegradable packaging materials for the food, beverage, and pharmaceutical industries is anticipated to fuel the market's expansion for these products. The key factors driving the market growth are rising demand for sustainable packaging solution and growing awareness regarding ecofriendly packaging which reduces carbon foot print.
According to the 2021 Global Buying Green Report, more than half of respondents (54%) consider about sustainable packaging when choosing a product, and younger consumers (aged 44 and under) are the one who are driving this trend. Compared to 70% of customers overall, 83% of people in that age group say they are willing to pay more for products that have been packaged sustainably packaging. This report is based on a survey conducted with Boston Consulting Group with 15,000 consumers in North America, Europe, and South America. As a result, rising demand for sustainable is anticipated to crates demand for the market. Also, the government's regulations on the use of single-use plastic products offer the biodegradable packaging market the opportunity to grow. However, the high cost of biodegradable packaging stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Biodegradable Packaging Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the dominating region across the world in terms of market share, owing to the rising awareness among consumers and favorable government regulations regarding the use of biodegradable packaging. Europe is also anticipated to exhibit highest growth rate over the forecast period, owing to factors such as the ban on single-use plastic products and growing demand for sustainable packaging solution would create lucrative growth prospects for the global Biodegradable Packaging Market across the Europe region.
Major market players included in this report are:
Berry Global Group
Smurfit Kappa Group
Sealed Air Corporation
International Paper Company
Recent Developments in the Market:
In 2022, Happiness Moon, Co. Ltd. (Happiness Moon) and Karat Packaging Inc. announced a joint venture to construct a new factory in Taiwan for producing compostable foodservice items from bagasse.
In 2022, Mondi made a investment of UUD 285 Million in corrugated packaging solution to boost the sustainable growth plans of the company.
Global Biodegradable Packaging Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Material, Packaging Format, End Use, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Paper & Paperboard
By Packaging Format:
Bottles & Jars
Boxes & Cartons
Trays & Clamshells
Cups & Bowls
Pouches & Bags
By End Use:
Food & Beverage
Personal Care & Cosmetics
Rest of the World