New York, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on the “Global Biodegradable Packaging Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Biodegradable Packaging Market Size:
The global biodegradable packaging market is projected to gather around USD 160 billion in revenue by 2031 and to grow with a CAGR of ~6% during the forecast period. The market has flourished as a result of the expanding popularity of online food delivery. By 2026 it is predicted that almost 2,700 million would people probably opt for online meal delivery services, with a user penetration rate of nearly 26% in 2022. Films made of biodegradable materials are moisture resistant and simple to compost. They serve as oxygen sheds for food packing and are applied to lock containers and wrap perishables. Additionally, manufactured from biomaterials are biodegradable bags. They are regarded as safe for packing food ingredients as they are robust, break-resistant, and durable. Biodegradable boxes with lids are made using corn-based bio-oriented polystyrene. In 2018, packaged food retail sales in India were more than USD 77 billion. The value of sales for the industry has steadily increased, during 2018 and four years prior. The rise in sales of packaged foods further drives the demand for biodegradable packaging.
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Global Biodegradable Packaging Market: Key Takeaways
- Asia Pacific region gains the major portion of the revenue
- The beverage packing segment to influence the revenue graph
- PHB plastic subsegment remains prominent in the product type segment
Increasing Waste Production and Expanding Online Food Delivery Businesses to Drive Market
The growth of the market is anticipated to be boosted by an increase in wastewater production as a result of urbanization and the fast-expanding population. The World Bank predicts that by 2050, the amount of waste produced annually would have increased by 70% from levels in previous years. In addition to this, the total population increases to 8.0 billion people in mid-November 2022, around the world. The demand for online delivery rises along with the population, and biodegradable packaging is encouraged. By 2027, it is predicted to be 2,620 million customers in the online food delivery industry, growing at an 8% annual rate (CAGR 2022-2027). In 2022, user penetration in this segment is expected to reach 24%.
Global Biodegradable Packaging Market: Regional Overview
The global biodegradable packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa Region.
Expanding Urbanization and Raising Awareness of Ecologically Friendly Packaging to Drive the Growth in the Asia Pacific Region
On the basis of growing awareness regarding environmentally friendly packaging for food delivery orders, the market in the Asia Pacific region is predicted to experience considerable expansion over the forecast period. For instance, in China, in 2020, more than 88% of food delivery customers indicated that they would be ready to pay more for packaging that is more environmentally friendly. In the coming years, it is also anticipated that expanding urbanization, hectic lifestyles, increasing ready-to-eat meal consumption, and high disposable income, all contribute to an increase in demand for biodegradable packaging. According to the World Bank statistics, 63% of China’s total population resided in urban areas in 2021. The demand for ready-to-eat meals rises along with the urban population, driving the market expansion in the region. In terms of worldwide comparison, China contributes the majority of the ready-to-eat segment’s sales which is USD 123 billion in 2022.
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Growing Consumer Awareness and Supportive Government Laws to Favor Growth in the North American Region
On the other hand, with increasing consumer awareness and favorable regulatory laws, the North American region is expected to gain a significant share in the global biodegradable packaging market over the forecast period. The United States produces up to 80 thousand tons of packaging waste annually, based on the Environment Protection Agency (EIA) statistics. Polystyrene containers are otherwise called styrofoam containers. Additionally, 330 tons of various packaging and 140 tons of polystyrene bags, sacks, and rolls were produced in 2018, with 20 tons of those being recycled (3.6 percent of PS in containers and packaging).
Moreover, many of the businesses in the food and beverage sector, some of which have long been at the vanguard of packaging advancements currently made commitments to lessen the impact of their packaging on the environment. For instance, the plant-based ink-printed Kraftpak packaging used for the vegetarian meat substitutes from No Evil Foods in the U.S. is compostable, unbleached Kraftpak carton board seals using water-soluble adhesives and is biodegradable.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
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Global Biodegradable Packaging Market, Segmentation by Application
- Food Packaging
- Beverage Packaging
- Pharmaceuticals Packaging
- Personal & Homecare Packaging
- Others
The beverage packaging segment is predicted to hold the largest market among these over the forecast period. The increased demand for non-alcoholic beverages and bottled water over the expanding need for high-quality drinking water, the worry about diseases from drinking tainted tap water, and the portability and convenience offered by bottled water are all factors in the growth of the segment.
For instance, 91% of Americans believe that bottled water should be sold alongside other beverages in 2020, according to the International Bottled Water Association (IBWA). Furthermore, in 2020, bottled water sales generated average revenue of USD 77 billion per capita which increased to USD 95 billion in 2022 globally.
The rising demand for bottled water is expected to raise the need for biodegradable packaging and expands the growth of the segment. In addition to this, the Environment Audit Committee (EAC) estimates that just in the United Kingdom solely, 700,00 bottles are left lying around every day. This highlights the necessity for biodegradable packaging options for beverages.
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Global Biodegradable Packaging Market, Segmentation by Product Type
- Plastic
- Paper
The plastic segment is anticipated to witness a significant market share among these segments over the forecast period. It is further sectioned into PLA, PHA, PHB, and other biodegradable plastics as well as starch and cellulose-based products. Among these, PHB which is used in food packaging is estimated to hold a major share among sub-segments. For instance, about 270,000 metric tons of bioplastics could be produced globally for consumer products in 2021. This was a significant rise from the consumer items bioplastics production capacity of 167,000 metric tons in 2019. The growth of the segment can be attributed to the increasing production of bioplastics.
Global Biodegradable Packaging Market, Segmentation by Distribution Channel
- Wholesalers
- Retailers
- Distributors
- Resellers
- Others
A few of the well-known market leaders in the global biodegradable packaging market that are profiled by Kenneth Research are Amcor plc, Sealed Air, Mondi, Tetra Pak, Elevate Packaging, Ball Corporation, BASF SE, Georgia-Pacific LLC, Holmen Paper (Holmen Group), International Paper, and others.
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Recent Developments in the Global Biodegradable Packing Market
- In February 2021, in order to provide more sustainable solutions for a variety of applications, Mondi introduced a new line of paper-based release liners that were made from lightweight, recycled materials.
- In September 2020, the AmLite HeatFlex Recyclable solution from Amcor is employed in the company’s first recyclable flexible retort pouch, which has the potential to be used in a variety of retort applications for products with a long shelf life that needs high-barrier, high-heat resistant packaging.
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