Selbyville, Delaware, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., Biodegradable Paper and Plastic Packaging Market is anticipated to reach a value of over USD 5.5 billion by 2030.
The food & beverage industry generates a huge volume of waste, including non-biodegradable packaging materials. The increasing need for packaging solutions with greater environmental performance and commercial value will contribute to the biodegradable paper and plastic packaging market. Supply chain and manufacturing process efficiency can be increased by using lesser packaging in the rapidly expanding food & beverage sector.
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A massive rise in the number of initiatives focused on reducing carbon emissions throughout the supply chain has been observed lately, which is promoting regenerative farming and addressing food waste. With more companies in the food and beverage sector shifting toward sustainable packaging, the market will observe considerable growth during the projection period.
Increasing preference for PHA packaging
The polyhydroxyalkanoates (PHAs) type segment was valued at over USD 100 million in 2021 and is expected to depict appreciable growth, owing to the exceptional biodegradability, biocompatibility, thermal, and mechanical qualities of these polymers. PHA-based packaging products are heavily utilized for packaging personal care and home care items. Furthermore, PHAs are also considered to be inert, hydrophobic, and nontoxic, supporting their application in both medical and food packaging.
Growing popularity of biodegradable plastic
Bioplastic, or biodegradable plastic, is replacing conventional polymers in several applications. Through 2030, the global biodegradable paper and plastic packaging market share from plastic material segment is expected to expand at a CAGR of over 10.5%. Currently, packaging materials, food containers, shopping bags, and garbage collecting bags are the common uses of biodegradable plastic. The need for plastic packaging materials has increased as well-known firms, particularly those in the food & beverage industry, use biodegradable plastics. Regulations that prohibit the usage of conventional plastic will also encourage more companies to employ packaging made of biodegradable polymers.
Browse key industry insights spread across 350 pages with 402 market data tables & 31 figures & charts from the report, “Biodegradable Paper and Plastic Packaging Market Size By Type (Starch Based Plastic, Cellulose Based Plastic, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA)), By Material (Paper, Plastic), By End-user (Food and Beverage, Catering Service Wares, Personal and Home Care, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/biodegradable-paper-and-plastic-packaging-market
Adaption of ecofriendly packaging by healthcare sector to increase market expansion
With the global pharmaceutical market continuing to show significant growth, there are constant efforts to reduce the usage of environment-deteriorating plastic. In order to overcome this challenge, PHA is often used for medical applications for single-use product packaging. Industry players are taking initiatives to introduce novel completely recyclable and biodegradable plastic packaging solutions. To that end, the healthcare end-user segment is poised to reach over 900 million by 2030.
High demand for packaged food to fuel North America market share
North America biodegradable paper and plastic packaging market is anticipated to surpass USD 1 billion in valuation by 2030, owing to the rising population in the United States. The popularity of packaged food items and amplifying fast food chains will increase the demand for biodegradable packaging materials in the coming years. Additionally, well-established enterprises are expanding their customer base and enhancing their public image by leveraging marketing methods related to sustainable packaging which is transforming the industry dynamics in North America.
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Strategic Collaborations and product developments to expand the industry
In July 2022, International Paper Company launched the Bow Tie Shipper, a novel packaging innovation that is appropriate for several hand-assembly applications in the eCommerce and pick-and-pack distribution segments. It was designed to meet the practical and environmentally responsible demands of clients looking for packaging that doesn't have glue joints.
Such initiatives along with strategic collaborations by other companies including Clearwater Paper Corporation, WestRock Company, BASF SE, Bemis Manufacturing Company, Amcor PLC, Tetra Pak International SA, Riverside Paper Co. Inc., SmartSolve Industries, and Hoşgör Plastik will stimulate the worldwide biodegradable paper and plastic packaging industry trends.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
