Biodegradable Plastic Packaging Is Fastest Growing Segment Fueling The Growth of Biodegradable Packaging Market

 

The global Biodegradable Packaging Market is estimated to be valued at US$ 37,919.7 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biodegradable packaging products are sustainable and environment-friendly. They degrade into water, carbon dioxide or biomass without leaving any toxic residues. They are used in packaging of food & beverages, pharmaceuticals and other consumer goods. The use of biodegradable packaging helps address the problem of non-degradable plastics waste.

Market key trends:

One of the key drivers of the biodegradable packaging market is the rising preference for eco-friendly packaging solutions among manufacturers and consumers alike. Growing concerns regarding environmental degradation caused by conventional plastics are prompting companies to adopt sustainable alternatives. Moreover, stringent regulations banning the use of single-use plastics in many countries are also fueling the demand for biodegradable packaging products. Biodegradable plastics is emerging as a promising segment. Advances in bioplastic technology have led to the development of biodegradable plastic made from renewables like corn, sugarcane or cellulose. They have similar properties as conventional plastics but break down easily in compost. Their widespread adoption will further accelerate the growth of the biodegradable packaging market during the forecast period.

Segment Analysis

The biodegradable packaging market is segmented into plastic, paper, and others. The plastic segment dominated the market in 2022 and is expected to witness the highest growth during the forecast period. This is attributed to the increasing adoption of biodegradable plastics such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA) for packaging to reduce plastic waste and environmental pollution.

Key Takeaways

The global biodegradable packaging market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing environmental concerns regarding non-biodegradable plastic waste and stringent government regulations to curb plastic pollution.

Regional analysis
North America dominated the global market in 2022 and is expected to maintain its dominance during the forecast period. This is attributed to stringent government regulations to reduce plastic waste and adoption of sustainable solutions in the region. Europe and Asia Pacific are expected to be the fastest growing markets during the forecast period due to growing awareness regarding waste management in countries like Germany, UK, China and India.

Key players
Key players operating in the biodegradable packaging market are BASF SE, Smurfit Kappa Group, Mondi Group, Rocktenn, Stora Enso, Clearwater Paper Corporation, Amcor, Novamont S.P.A., Kruger Inc., Reynolds Group Holding Limited, and International Corp. BASF offers biodegradable polyesters under the brand name Ecovio to cater to flexible packaging. Smurfit Kappa provides biodegradable packaging solutions from sustainable raw materials.

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