Biodegradable Packaging Market Regional Outlook, Analysis, and Trends during the Forecast period 2021-2028

 

Biodegradable Packaging Market

Packaging is a technology that encloses and protects various products for storage, distribution, sale, and use. Increasing demand for healthy, safe, convenient food, as well as growing industry and consumer awareness of eco-friendly products, has been driving the global Biodegradable Packaging Market growth in recent years in Asia Pacific, Europe, and North America. The ability of materials to degrade and return to nature within a short period of time after disposal is referred to as biodegradability.

Starch, polylactic acid (PLA), cellulose, polyhydroxyalkanoates (PHA), and other biodegradable polymers are used in packaging. The widespread use of starch and PLA as biodegradable packaging materials in the food and beverage and pharmaceutical industries is expected to drive the Biodegradable Packaging Market during the period 2021-2028. This is because starch and PLA polymers have high strength, versatility, and recyclability. Paper biodegradable packaging, which primarily consists of Kraft, flexible, corrugated, and boxboard materials, is expected to be the fastest-growing product type segment during the forecast period. The overuse of corrugated and flexible materials for personal/homecare packaging applications is the primary driver of the Biodegradable Packaging Market's growth.

The global Biodegradable Packaging Market is expected to surpass US$ 37,919.7 million by the end of 2028 in terms of revenue and exhibit a CAGR of 20.8% during the forecast period (2021 to 2028).

Because of their low environmental impact, growing focus on sustainability, government emphasis on efficient packaging management, rising consumer awareness, and an increasing ban on plastic, Biodegradable Packaging solutions are finding increased application in packaging. According to the European Bioplastics Association, global bioplastics production capacity will increase from around 2.11 million tonnes in 2019 to around 2.43 million metric tonnes in 2024. With the increased generation of packaging waste worldwide, governments around the world are shifting to alternative sources such as Biodegradable Packaging. The United States has only 4% of the world's population but generates 12% of global municipal solid waste (MSW). According to reports, the United States generates approximately 106.2 kg of plastic waste per person per year.

The global Biodegradable Packaging Market is divided into two categories: plastic and paper. Plastics dominated the global Biodegradable Packaging Market in 2020 and are expected to continue to do so throughout the forecast period. Starch, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and other materials are classified as plastics. The dominant product type sub-segments are starch and PLA. They are widely used in the food and beverage industries due to their high biodegradability and recyclability. Growing packaged food demand, a growing population, and a rapidly expanding beverage industry in Europe, North America, and Asia-Pacific are key growth drivers for the global Biodegradable Packaging Market.

As a result, retailers in various European countries have been able to charge for plastic bags, resulting in a decrease in the use of plastic bags by consumers. As a result, European manufacturers have started mass-producing biodegradable plastic and paper bags.

In terms of revenue and volume, Europe led the global Biodegradable Packaging Market in 2020, followed by North America and Asia Pacific, and this trend is expected to continue over the forecast period. In terms of value, Europe held a 52.0 percent market share in the global Biodegradable Packaging Market in 2020. A large amount of plastic carrier bags are made from naphtha, a byproduct of oil refining, which causes a variety of environmental issues. Because of these issues, the European Union imposed strict regulations requiring the use of Biodegradable Packaging materials in the production of plastic and paper bags.

Top companies covered- 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.

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