Eco-friendly Packaging to Boost Growth of Botanical Packaging Market

Global Botanical Packaging Market

The global Botanical Packaging Market is estimated to be valued at US$ 120.0 Mn or Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Botanical packaging refers to the use of plant-based materials like seeds, leaves, stems and fibers for packaging various products. These materials are renewable, biodegradable and compostable. Some common botanical materials used in packaging include bamboo, wheat/rice straw, sugar cane fibers and seaweeds. Botanical packaging offers advantages like sustainability, recyclability and lower carbon footprint compared to traditional plastic packaging. It is increasingly being adopted across food and beverage, cosmetics, pharmaceutical and other industries due to growing demand for eco-friendly packaging solutions.

Market key trends:
One of the key trends in the botanical packaging market is the rising focus on incorporating recycled content. Manufacturers are developing packaging solutions made from recycled agricultural residues and waste materials. For instance, some players offer packaging made from recycled coffee grounds and discarded fruit and vegetable peels. Use of recycled content helps reduce greenhouse gas emissions and improves the sustainability quotient of botanical packaging. Its maintains the inherent environmental benefits while supporting the circular economy goals of industries.
Porter's Analysis

Threat of new entrants: The threat of new entrants is medium as the Global Botanical Packaging Market requires high capital investments for setting up production facilities and R&D. However, threat increases due to low brand loyalty.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of various product alternatives. Buyers can choose substitutes easily thus exerging pressure on price.

Bargaining power of suppliers: The bargaining power of suppliers is medium as there are number of suppliers for raw materials however suppliers of advanced and innovative materials have some bargaining power.

Threat of new substitutes: Threat of new substitutes is high as flexible and plastic packaging are used as alternatives which are inexpensive, durable and widespread.

Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering wide range of products.

Key Takeaways

The global Botanical Packaging market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for sustainable packaging from food and beverage industry.

Regional analysis: North America dominates the global market followed by Europe due to stringent regulations regarding usage of plastics. Asia Pacific is expected to grow at fastest pace due to expansion of FMCG industry in developing economies like China and India.

Key players operating in the Botanical Packaging market are Amcor Limited, Ball Corporation, Smurfit Kappa Group, Ardagh Group, Gerresheimer AG, DS Smith Plc, Constantia Flexibles Group, WestRock Company, Uflex Ltd., Mondi Group, Bemis Company, Inc., Tetra Pak International S.A., SIG Combibloc Group AG, Huhtamäki Oyj, Crown Holdings, Inc.

 

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