Botanical Packaging is Estimated to Witness High Growth Owing to...

Botanical Packaging is Estimated to Witness High Growth Owing to Growing Environmental Concerns

Posté 2024-02-01 08:00:17

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Botanical packaging is manufactured using plant-based materials like fibers from various plant parts such as leaves, stems, and roots to manufacture packaging materials including cartons, bags, wraps, and boxes. Botanical packaging offers properties like renewability, biodegradability, and compostability which is driving the transition of consumers and businesses towards more sustainable packaging solutions. The global Botanical Packaging Market is estimated to be valued at US$ 138.24 Bn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

There has been increasing demand for sustainable and eco-friendly packaging materials from the food and beverage industry. Consumers are preferring products packed in materials that have less impact on the environment. Furthermore, regulations in several countries mandate the use of biodegradable and compostable materials for packaging. Botanical packaging helps companies comply with such regulations since they can be decomposed naturally after use without harmful emissions. The emergence of innovative raw materials derived from agricultural waste for manufacturing botanical packaging is contributing to their rising popularity. For instance, packaging made from agricultural residues like bagasse and straw offer comparatively lower costs than traditional plastics.

Segment Analysis

The global Botanical Packaging market is segmented into pods, cartons, boxes & crates. The pods segment accounts for the largest market share in the global Botanical Packaging market. This is due to the extensive usage of pods for packaging of food items such as tea & coffee. They are made from biodegradable raw materials such as bamboo, wood, paper & wheat straw. Pods offer protection to products from damage during transportation or storage and also help in product promotion through attractive designs.

Key Takeaways

The Global Botanical Packaging Market Size is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis: The Asia Pacific region is projected to be the fastest growing market for Botanical Packaging during the forecast period. Rapid industrialization and economic development in countries such as China and India is driving the growth of packaging industry in Asia Pacific. Rising adoption of biodegradable and sustainable packaging solutions to reduce plastic waste is further anticipated to boost the market growth.

Key players operating in the Botanical Packaging market are Acacia Communications, fSONA Networks, LightPointe Communications, Plaintree Systems Inc., Trimble Hungary Kft. (Eos Positioning Systems), Wirepas Ltd., Aoptix Technologies Inc., NEC Corporation, Signify Holding (formerly Philips Lighting), and Wireless Excellence Limited (CableFree). Acacia Communications provides advanced network hardware and software for high-speed data infrastructure.

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https://www.newsanalyticspro.com/botanical-packaging-market-size-share-growth-outlook-2023/