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| Biodegradable Packaging Market Growth |
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 2023-2030,
as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biodegradable packaging refers to packaging products that can break down and
return to nature, either through biological processes such as composting or
anaerobic digestion. It provides an eco-friendly alternative to conventional
plastic packaging. Key types of biodegradable materials used in packaging
include paper & paperboard, plastic and jute. Biodegradable packaging finds
extensive application in food packaging, beverage packaging, pharmaceutical
packaging and personal & homecare packaging due to its advantages such as
sustainability, renewability and compostability. With growing environmental
concerns, biodegradable packaging is gaining preference over conventional
plastics as it eliminates the need for landfills and reduces greenhouse gas emissions.
Market key trends:
One of the major trends in the biodegradable packaging market is the rising
popularity of bioplastics. Bioplastics are plastics derived from renewable
biomass sources such as vegetable fats and oils, corn starch, straw, woodchips
etc. Key bioplastic polymers used in packaging include polylactic acid (PLA),
polyhydroxyalkanoates (PHA), cellulose and starch blends. Compared to
petroleum-based plastics, bioplastics have lower carbon footprint and are
inherently biodegradable. Growing consumer demand for sustainable packaging
alternatives is driving investments by manufacturers in bioplastics production.
Another key trend is the increasing uptake of compostable materials such as
paper, pulp & paper boards for disposable food packaging. Compostable food
service packaging finds wide usage in takeaway containers, cups, plates and
cutlery. This reduces packaging waste ending up in landfills.
Porter's Analysis
Threat of new entrants: The threat of new entrants in Biodegradable
Packaging Market Growth is low as the established players have invested
significantly in R&D and product development. The new players also need to
have high capital requirement to build facilities.
Bargaining power of buyers: The bargaining power of buyers is moderate as the established
players offer variety of options and there are many regional and local players
who can fulfill buyers demand.
Bargaining power of suppliers: The bargaining power of suppliers is low as
there are many raw material suppliers for biodegradable packaging and switching
cost for buyers is low.
Threat of new substitutes: The threat of new substitutes is moderate as the
plastic packaging is still dominant. However, stringent regulations on single
use plastic are favoring biodegradable options.
Competitive rivalry: High as the market has several global and regional players
competing on basis of product innovation, brand image and supply chain.
Key Takeaways
The global biodegradable packaging market is expected to witness high growth,
exhibiting CAGR of 20.8% over the
forecast period, due to increasing government regulations banning single use
plastic and trends towards sustainable packaging.
Regional analysis: Asia Pacific region dominated the global market and is
expected to grow at fastest pace during forecast period. China, Japan and India
are major markets owing to large population and growing environmental concerns.
Europe and North America are also significant contributors to overall market
revenues.
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, and International
Corp. Key players are focused on development of affordable and innovative
biodegradable options to strengthen their market position.
Read More: https://www.ukwebwire.com/biodegradable-packaging-market-size/