Compostable Bags Market Growth Prospects, Size, Regional Analysis...

Compostable Bags Market Growth Prospects, Size, Regional Analysis and Forecast 2028

Posted 2023-09-01 08:34:49

Overview of the Global Compostable Bags Market The global market for compostable bags demonstrated significant strength in 2020 and is expected to maintain a strong growth trajectory with a double-digit revenue compound annual growth rate (CAGR) over the forecast period. The rapid expansion of this market can be primarily attributed to the increasing awareness of the environmental advantages of utilizing bio-based materials, rising consumer demand for environmentally friendly plastic bags, and the growing adoption of compostable and biodegradable bags across various industries including packaging, food & beverages, retail & consumer goods, and agriculture. Government initiatives aimed at reducing plastic waste generation and stringent regulations against the use of single-use plastic bags are key drivers of this market's growth.

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Composting and Compostable Bags Composting involves the decomposition of organic waste in controlled aerobic environments with specific temperature and humidity levels. This process is also used to recycle organic waste materials in industrial composting facilities. Compostable bags are crafted from organic matter such as vegetable peels and corn starch, which naturally break down in the environment without leaving harmful residues. Other plant-based materials used in making compostable bags include polylactic acid (PLA), polyhydroxyalkanoates (PHA), and starch blends derived from potatoes, corn, and other sources. These bags are highly eco-friendly as they can decompose into soil without causing any toxic pollution.

Market Dynamics Drivers: The use of compostable bags offers several environmental benefits. These bags are biodegradable, non-toxic, and can be easily recycled. The resulting bio-waste can be utilized as compost to enhance soil fertility, improve water retention, and contribute to the healthy growth of plants. Additionally, the use of compostable bags helps reduce greenhouse gas emissions, which is expected to drive market growth.

Restraints: However, certain disadvantages are associated with compostable bags. Cross-contamination is a significant concern when disposing of these bags, as they cannot be simply thrown into the soil or regular recycling streams due to the risk of contaminating the entire batch. Consequently, compostable bags can only be recycled in specialized facilities with suitable conditions, which may limit market growth in the future.

End-Use Trends The packaging segment is projected to dominate the market in terms of revenue over the forecast period, driven by the increasing demand for compostable packaging solutions and growing environmental consciousness among global consumers.

Regional Analysis Europe leads the regional market for compostable bags in terms of revenue. The growth in this region is bolstered by consumer preferences for biodegradable packaging solutions, heightened concerns about human health and environmental well-being, and government initiatives, such as the Plastic Strategy by the European Union Commission, aimed at reducing plastic usage.

Key Companies Notable companies operating in the global compostable bags market include BASF SE, Novamont S.p.A., Dow Inc., Plantic Technologies Limited, NatureWorks, Corbion N.V., Mitsubishi Chemical Holdings, Biome Technologies plc, Eastman Chemical Company, and Danimer Scientific. For instance, in January 2021, the Hyderabad-based recycling company, SpruceGel, introduced a new range of compostable bags, expanding its line of eco-friendly carry bags, shopping bags, garbage bags, grocery bags, and disposable pouches.

Report Scope and Segmentation This comprehensive report provides historical data and forecasts, analyzing revenue growth at a global, regional, and country level, along with detailed insights into industry trends and consumption patterns from 2018 to 2028. It covers various aspects of the global compostable bags market, including trends, drivers, restraints, opportunities, threats, market strategies, segment revenues, and market share by region and country. Additionally, the report offers industry analysis, competitive landscape, company financials, and impact analysis. It presents a detailed perspective on the global compostable bags market, encompassing changing dynamics, trends, scenarios, market and regional segmentation, regional landscapes, analysis, evaluations, significant investments, product offerings, product launches, and historical, current, and projected revenues.

Market Segmentation The global compostable bags market is segmented based on:

Product Types: Home Compostable Plastic, Ecopond Flex 162, BWC BF 90A, BioPBS FD92, and Others.
Material Types: PLA (Polylactic acid), PBS (Polybutylene succinate), PHA (Polyhydroxyalkanoates), PBAT (Polybutylene Adipate Terephthalate), Paper, Starch Blends, Cellophane, and Others.
End Uses: Packaging, Retail & Consumer Goods, Food & Beverages, Agriculture & Horticulture, Buildings & Construction, Automotive, Textile, and Others.
Regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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