New York (US), May 17, 2023 (GLOBE NEWSWIRE) -- Biodegradable Packaging Market Overview
The MRFR study reports imply that the “Biodegradable Packaging Market Research Report Information by Product Type, Region, and End-Use - Forecast Till 2032, the global Biodegradable Packaging market research predicts that the market is likely to bolster substantially during the review era from 2023 to 2032 at a substantial growth rate of around 7.20%. The reports further predict that the Biodegradable Packaging market size will be nearly USD 167.0 billion by the end of 2032.
Market Scope: Biodegradable packaging material is producing and selling packaging capable of decomposing naturally without harming the environment. Biodegradable packaging are developed to lower waste and pollution by breaking down into natural elements such as biomass, carbon dioxide, and water.
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Competitive Analysis
The listing of the prominent biodegradable packaging companies across the global market for Biodegradable Packaging includes players such as:
- Amcor
- Sealed Air
- Be Green Packaging
- Ball Corp.
- DS Smith
- Nampak
- DuPont
- Mondi
- Evergreen Packaging
- Tetra Laval
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 167.0 Billion |
| CAGR | 7.20% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material Type, Packaging Format, Application, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Increased consumer preference toward sustainable packaging materials and expanding demand for recyclable and biodegradable products across various end-user industries |
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Market USP Covered
Market Drivers
The global Biodegradable Packaging industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the increase in demand for recyclable and biodegradable items across a range of end-user sectors. Furthermore, the preference among consumers for eco-friendly packaging is also projected to enhance the performance of the market.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Biodegradable Packaging market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Segment Analysis
Among all the types of biodegradable,the degradable packaging segment held the top spot across the global market for Biodegradable Packaging in 2022.
Among all the material types, the paper & paperboard segment secured the leading position across the global market for Biodegradable Packaging in 2022.
Among all the packaging formats, the boxes & cartons segment ensured the top spot across the global market for Biodegradable Packaging in the year 2022.
Among all the application areas, the food & beverages segment secured the leading position across the global Biodegradable Packaging market in 2022.
Among all the distribution channels, the wholesaler's segment ensured the top spot across the global market for Biodegradable Packaging in the year 2022.
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Regional Analysis
The global market for Biodegradable Packaging is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region is anticipated to secure the top position across the global Biodegradable Packaging industry over the coming years. The region has Canada and the U.S. as the leading growth contributors. The main parameter supporting the regional market's growth is the rising consumer awareness of eco-friendly packaging around the region. The presence of the U.S. Food and Drug Administration (FDA) regulating like papers, plastics, etc., to guarantee safety in use is also likely to be one of the crucial parameters supporting the development of the regional market over the assessment period.
The European regional market for Biodegradable Packaging is anticipated to secure the second position across the globe over the review timeframe. The region is further classified into nations such as Spain, Germany, Italy, the UK, France, and the rest of Europe. The main parameter supporting the regional market's growth is the positive government regulations across the region. Furthermore, the rising consumer awareness of ecologically friendly packaging is also likely to enhance the performance of the regional market over the assessment era.
The Biodegradable Packaging Material market in Asia-Pacific will likely showcase the maximum growth rate over the coming years. The region is further divided into countries such as South Korea, Australia, Japan, India, and China. The increasing population density is the main parameter supporting the regional market's growth. Furthermore, the growing consumption of convenient foods & drinks will also likely catalyze the regional market's development over the coming years.
The rest of the world's Biodegradable Packaging Material market is split into Latin America, Africa, and the Middle East. The regional market is likely to grow substantially over the coming years, given factors like government initiatives to promote eco-friendly products, growing demand for sustainable packaging, and increasing environmental awareness.
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