Biodegradable Packaging Market is Estimated to Witness High Growth Owing to Increased Demand for Environment-Friendly Products
Biodegradable packaging utilizes plant-based materials like paper, paperboard, and plastics derived from renewable plant sources like corn starch or sugarcane for packaging various products. It provides an eco-friendly alternative to traditional packaging made from petroleum-based plastics. Biodegradable packaging decomposes quickly in the natural environment without harming the ecosystem. The growing environmental concerns regarding plastic waste have boosted the demand for biodegradable and compostable packaging solutions from various end-use industries like food and beverages, pharmaceuticals, personal care, and industrial.
The Global Biodegradable Packaging Market is estimated to be valued at US$ 111.55 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Biodegradable Packaging 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, International Corp., Solenis, DuPont, Ball Corp, Novamont, Tetra Pak International SA, Biopak PTY, Imex Packaging, and Elevate Packaging Inc.
The key opportunities in the Biodegradable Packaging Market Demand include growing demand from food packaging and agricultural applications. Moreover, increasing investments by manufacturers in R&D activities to develop innovative and sustainable biodegradable solutions would open new avenues over the forecast period.
Technological advancements like marine biodegradable packaging, home compostable packaging, oxo-biodegradable plastics offer improved biodegradation and are gaining traction. Introduction of smart and active biodegradable packaging integrated with sensors is expected to boost market growth.
Market drivers: The major market driver is stringent government regulations towards use of conventional plastic packaging and bans on single-use plastic items. Growing consumer preference for eco-friendly sustainable packaging coupled with increasing consumer awareness about environmental issues is another key factor augmenting the biodegradable packaging market demand.
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