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| Biodegradable Packaging Market Size |
The global Biodegradable Packaging Market is estimated to be valued at US$ 10,101.7 Mn in 2023 and is expected
to exhibit a CAGR of 20.8% over the
forecast period of 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Biodegradable packaging refers to environmentally friendly packaging materials
that can be naturally decomposed by microorganisms. These packaging materials
are derived from renewable sources such as biomass, plants, and other green
sources. Biodegradable packaging offers several advantages, including reduced
carbon footprint, reduced waste generation, and decreased environmental impact
compared to traditional non-biodegradable packaging materials. The need for
sustainable packaging solutions to address growing environmental concerns is
driving the demand for biodegradable packaging products in various industries.
Market Key Trends:
One key trend in the Biodegradable
Packaging Market Size is the increasing adoption of compostable
packaging materials. Compostable packaging is a type of biodegradable packaging
that can completely break down into natural elements in a composting
environment within a specific timeframe. Compostable packaging not only reduces
waste but also provides additional benefits such as nutrient-rich compost for
agriculture. With the increasing emphasis on sustainable packaging solutions,
the demand for compostable packaging materials is expected to witness
significant growth in the coming years.
Porter’s Analysis
The biodegradable packaging market is expected to witness significant growth
over the forecast period, with a CAGR of 20.8%. This growth can be attributed
to the increasing awareness and demand for sustainable packaging solutions
across various industries.
Threat of new entrants: The threat of new entrants in the biodegradable
packaging market is moderate. While there are low barriers to entry in terms of
technology and resources, established players in the market have strong brand
recognition and a wide distribution network, making it challenging for new
entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the biodegradable
packaging market is moderate. Buyers have several options to choose from, but
the increasing demand for sustainable packaging solutions gives them less
leverage to negotiate prices.
Bargaining power of suppliers: The bargaining power of suppliers in the
biodegradable packaging market is moderate. While there are several suppliers
of biodegradable materials, the overall supply is limited compared to
conventional packaging materials. This allows suppliers to have some control
over pricing and terms.
Threat of new substitutes: The threat of new substitutes in the biodegradable
packaging market is low. As the demand for sustainable packaging continues to
grow, there are limited alternatives that can offer the same level of
biodegradability and environmental benefits.
Competitive rivalry: The competitive rivalry in the biodegradable packaging
market is high. There are several key players in the market, such as BASF SE,
Smurfit Kappa Group, Mondi Group, and Amcor, competing for market share. This
competition drives innovation and drives the market growth.
Key Takeaways
The global biodegradable packaging market is expected to witness high growth,
exhibiting a CAGR of 20.8% over the
forecast period from 2023 to 20230. This growth is driven by the increasing
demand for sustainable packaging solutions across various industries, including
food and beverages, healthcare, and consumer goods.
In terms of regional analysis, North America is expected to be the fastest-growing
and dominating region in the biodegradable packaging market. This can be
attributed to strict environmental regulations and increasing consumer
awareness about the benefits of biodegradable packaging.
Key players operating in the biodegradable packaging market include BASF SE,
Smurfit Kappa Group, Mondi Group, Amcor, and Novamont S.P.A. These players have
a strong market presence and are actively involved in research and development
activities to introduce innovative and sustainable packaging solutions.
In conclusion, the biodegradable packaging market is witnessing significant
growth due to the increasing demand for sustainable packaging solutions. With
the threat of new entrants and substitutes being moderate to low, and strong
competition among key players, the market is expected to continue growing at a
steady pace.
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More: https://www.ukwebwire.com/biodegradable-packaging-market-is-estimated-to-witness-high-growth-owing/