Pune, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global biodegradable packaging market size was USD 3593.05 million in 2021 and is expected to register a steady revenue CAGR of 6.91% during the forecast period. High focus on reducing carbon emissions throughout the supply chain, and growing adoption of sustainable packaging across various sectors such as food and beverages, pharmaceutical and biomedical, home care packaging, and cosmetics are key factors driving global market growth.
Packaging plays a key role in the protection and extension of shelf life of a product. Over years, plastic packaging, derived from petroleum has been used. These are not only costly but also require many years to decompose. However, rising environmental impact and carbon footprint, and increasing plastic waste have resulted in rising adoption of sustainable and eco-friendly packing.
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Biodegradable packaging is made entirely from eco-friendly, natural materials that are easier to decompose and recycle and require less energy to produce. This type of packaging is rapidly gaining traction owing to an increasingly eco-conscious population, rising concerns about recycling, and high focus on making better environmentally friendly decisions.
Cardboard, paper, corn starch, acid-free tissue paper, water-soluble plastic, and organic fabrics are some of the widely used biodegradable packaging materials.
Factors such as rising government efforts to cut down conventional packaging usage, rapid adoption of biodegradable plastic, and increasing investments in R&D activities are expected to drive global market growth going ahead.
However, factors such as low awareness about biodegradable materials and packaging, high cost required for developing biodegradable products, and hesitance to use biodegradable materials over traditional among many individuals are expected to hamper overall market growth to a certain extent during the forecast period.
Natural Segment To Register Rapid Revenue CAGR:
The natural segment is expected to register rapid revenue CAGR over the forecast period owing to growing preference for natural or synthetic due to availability of natural sources in abundance, less production costs and overall cost-effectiveness, increasing consumer awareness, and rising inclination towards biobased and sustainable packaging.
Food and Beverage Segment to Account for a Significantly Larger Revenue Share:
The food and beverage segment is expected to account for a significantly larger revenue share over the forecast period. This can be due to rising preference for online food delivery due to hectic lifestyles, shifting F&B company preferences to sustainable packaging to cater to rising consumer demand, and growing demand for ready-to-eat food, and packaged food.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global biodegradable packaging market owing to increasing government initiatives to ban single-use plastic, changing consumer preferences, rising concerns about environmental impact and plastic pollution, and high adoption of biodegradable packaging across various end-use industries.
Biodegradable Packaging Industry Recent Developments:
- In June 2022, Corona India announced the launch of new 100% compostable and biodegradable six-pack beer packaging using 100% barley straw.
- In August 2022, Unilever announced the launch of a biodegradable detergent capsule in a plastic free box designed and developed by Graphic Packaging International.
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Biodegradable Packaging Market By Company:
- Be Green Packaging
- Biopak
- BASF
- International Paper
- Mondi
- Smurfit Kappa
- Stora Enso
- Nature Works
- Simbiousa
- Delta Packaging
- RNS Packaging
- Cortec Corporation
- Green Packaging
- AR Metallizing
- Amcor
- RPC Group
- Prolamina Corp
- CAN-PACK
- DS Smith
The global biodegradable packaging market has been segmented based on type, application, and region:
Biodegradable Packaging Market Segment by Type:
- Natural
- Synthetic
Biodegradable Packaging Market Segment by Application:
- Food and Beverage
- Pharmaceutical and Biomedical
- Home Care Packaging
- Cosmetics
- Others
Biodegradable Packaging Market Segment by Region:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
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Key Reasons to Purchase:
- Qualitative and quantitative analysis of the global biodegradable packaging market based on segmentation, including both economic as well as non-economic factors
- Current and upcoming market developments, growth factors, opportunities, challenges and restraints
- Competitive landscape enlisting key players and ranks according to global standing, revenue generation and overall investments along with new services/product launches, business expansion plans, mergers and acquisitions, and partnerships
- Brief about impact of COVID-19 on the global biodegradable packaging market
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which regional segment is expected to account for largest revenue share between 2017 and 2028?
- What are the vital challenges faced by prominent players in the global market?
- How is the competitive landscape of the global biodegradable packaging market at present?
- How has the COVID-19 outbreak impacted the global biodegradable packaging market?
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