The global biodegradable packaging market is estimated to be valued at US$ 14741.05 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biodegradable packaging includes packaging materials that can be decomposed back into nature. It includes packaging made from renewable and/or sustainable resources like paper, cardboard, bioplastics etc. These types of packaging are environment friendly alternatives to conventional plastic packaging.
Market key trends:
One of the key trends in the biodegradable packaging market is the growing popularity of plant-based bioplastics for food packaging applications. Consumers are increasingly demanding sustainable and eco-friendly alternatives to conventional plastic packaging. Plant-based bioplastics like poly lactic acid provide a renewable solution for food packaging. They can be commercially composted and have comparable printability and sealability as petroleum-based plastics. Many food brands are actively rolling out plant-based bioplastic packaging solutions for food items to cater to the rising sustainability preferences of consumers.
SWOT Analysis
Strength: Biodegradable packaging is environment friendly as it decomposes naturally without polluting the environment. It also provides sustainability benefits to companies.
Weakness: High production cost of biodegradable packaging. Limited availability of raw materials for its production.
Opportunity: Growing consumer awareness about environmental hazards of plastic packaging. Stringent government regulations regarding the use of conventional plastic packaging.
Threats: Stiff competition from conventional plastic packaging producers. Lack of established end-of-life collection and composting infrastructure.
Key Takeaways
The Global Biodegradable Packaging Market Demand is expected to witness high growth, exhibiting a CAGR of 20% over the forecast period, due to increasing consumer awareness about the adverse environmental impact of plastic packaging. The growth is attributed to the rising demand for sustainable packaging solutions from industries such as food and beverage, pharmaceutical, personal care, etc.
Regional analysis: North America dominated the global market in 2023 and is expected to maintain its position throughout the forecast period. This is attributed to stringent government regulations imposed on the use of plastic packaging in the US and Canada. Asia Pacific is projected to witness the fastest growth in the biodegradable packaging market during the forecast period owing to growing use of biodegradable food packaging products in China, India and other developing nations.
Key players operating in the Biodegradable Packaging Market include 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. These players are focusing on new product development and expansion of production facilities to strengthen their market position.
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