Wilmington, Delaware, United States, May 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Rapid adoption of biodegradable films in food packaging applications is fueling market growth. Surge in demand for these films in the packaging industry is ascribed to rise in popularity of compostable materials. Increase in preference of bioplastics over nondegradable synthetic containers is anticipated to augment market size.
The global Biodegradable Films Industry was valued at US$ 1.3 Bn in 2022 and is projected to expand at a CAGR of 6.6% from 2023 to 2031 to reach US$ 2.3 Bn by 2031.
Considerable research in the development of cost-effective starch-based biodegradable films for use in the food & beverage packaging, cosmetics & personal care, agriculture, and medical industries is anticipated to accelerate market development in the next few years.
Market Scope:
| Market Revenue | USD 1.3 Bn | |
| Estimated Value | USD 2.3 Bn | |
| Growth Rate - CAGR | 6.6% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 375 Pages | |
| Market Segmentation | By Product Type, Composition, Application, End-use | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
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Key Findings of Study
- Rise in Adoption of Starch-based Biodegradable Films in End-use Industries: Significant demand for starch-based bioplastics is expected to bolster the market. Starch is widely preferred owing to characteristics such a tensile strength and heat tolerance. Recent market trends indicate that usage of starch-based plastics is likely to gain momentum in the medical industry due to its biocompatibility and other attractive physical properties. High market attractiveness of the starch-based plastics composition segment is ascribed to the growing trend of adoption of recyclable plastics instead of fossil-fueled plastics. Starch-based biodegradable films are also cost-efficient to manufacture, as these could be made using standard processing machinery.
- Rapid Utilization of Biodegradable Packaging Materials in F&B Industry: Considerable increase in usage of plastics in the food & beverage (F&B) packaging applications is likely to propel market value. Expansion of the food & beverage industry presents lucrative opportunities for utilization of bioplastics in packaging. Increasing efforts to reduce the carbon footprint is likely to fuel demand for bioplastics in the food packaging sector.
Key Drivers
- Rise in adoption of plastics in food & beverage packaging is a key factor expected to drive the biodegradable films market. A range of plastics are widely used in the packaging of fresh food items, dairy products, ready-to-eat meals, and frozen food products. High rate of utilization of plastics in the packaging sector has led to rise in demand for sustainable packaging made of bio-based plastics.
- Increase in financial support by governments of several countries to companies for the manufacture and production of compostable plastics is likely to drive the market. Surge in focus on accelerating commercialization of bio-based plastics is bolstering market growth in the next few years.
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Regional Growth Dynamics
- Asia Pacific is anticipated to constitute major market share from 2023 to 2031. The region accounted for 47.0% market share in 2022. Biodegradable packaging is gaining traction in multiple industries, especially food and pharmaceutical. Developing countries such as India and China offer significant opportunities to companies in the region.
- The market in North America is projected to record significant growth from 2023 to 2031. Rise in R&D activities in bioplastics and extensive usage of biodegradable films in end-use industries in the U.S. and Canada are anticipated to propel the market. The region accounted for 28.0% share of the global biodegradable films market in 2022.
Competition Landscape
Small number of large players hold majority stake in the biodegradable films market. Hence, the market landscape is highly consolidated. Leading players are offering environmental-friendly products in order to increase market share. Prominent companies in the market are
- BASF SE,
- Taghleef Industries,
- BioBag Americas, Inc.,
- Plascon Group,
- Cortec Corporation,
- Polystar Plastics Limited,
- Walki Group Oy, and Paco Label Systems.
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Biodegradable Films Market Segmentation
Product Type
- Oxo-biodegradable
- Hydro-biodegradable
- Others
Composition
- Starch-based Plastics
- Bacteria-based Plastics
- Soy-based Plastics
- Cellulose-based Plastics
- Lignin-based Plastics
- Natural Fiber Reinforcement Plastics
- Others
Application
- Carrier & Trash Bags
- Mulch Films
- Food Films
- Agricultural Films
- Mailing Films
- Others
End-use
- Food Packaging
- Agriculture & Horticulture
- Cosmetics & Personal Care
- Medical
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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