Biodegradable packaging products are made from renewable or recycled materials like paper, bagasse, bamboo or plant based polymers. These products have less environmental impact and helps reduce landfill waste. Biodegradable packaging provides protection and preserves the quality and shelf life of food and other products.
Market key trends:
One of the major trends in the biodegradable packaging market is the replacement of single use plastic packaging with biodegradable films and bags. Major retailers and food service outlets are focusing on eliminating single use plastic and adopting biodegradable films for packaging various products. The biodegradable films made from plant based polymers have properties similar to conventional plastic films and bags but breaks down completely after disposal without harming the environment. This helps companies target environment conscious consumers and strengthen their sustainability commitments.
The global biodegradable packaging market is segmented on the basis of raw material into paper, plastic and others. The paper segment dominates the market and is expected to continue its dominance over the forecast period. This is because paper is widely used for packaging various products such as food, beverages, cosmetics, pharmaceuticals etc. Paper is easily recyclable, sustainable and has Low environmental impact making it a preferred choice for packaging.
The Global Biodegradable Packaging Market Demand is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing awareness about ecological and sustainable packaging solutions.
Asia Pacific dominates the global biodegradable packaging market and is expected to continue its dominance over the forecast period. This is attributed to presence of emerging economies like India and China where demand for sustainable packaging is rising rapidly due to growing population, urbanization and economic growth.
Key players operating in the biodegradable packaging market are BASF SE, Smurfit Kappa Group, Mondi Group, Rocktenn, Stora Enso, Clearwater Paper Corporation, Amcor, Novamont S.P.A., Kruger Inc., Reynolds Group Holding Limited, and International Corp.
The global biodegradable packaging market size for 2023 is US$ 14741.05 Mn. The market is expected to grow at a CAGR of 20.% during the forecast period of 2023 to 2030.
- Source: Coherent Market Insights, Public sources, Desk research
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