by Biodegradable packaging products are packaging materials that decomposes after use, causing no harm to the environment. They are derived from renewable plant-based resources like paper, paperboard, and corn starch polymers which reduces dependency on petroleum. Biodegradable packaging helps reduce landfill waste and environmental pollution.
The global biodegradable packaging market is estimated to be valued at US$ 25 billion in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing environmental concerns is one of the key trends driving growth of the biodegradable packaging market. Consumers are increasingly demanding sustainable packaging solutions to reduce pollution. Various initiatives undertaken by governments and regulatory bodies to curb usage of single-use plastics is prompting packaging manufacturers to focus on developing biodegradable alternatives. Stringent legislation banning certain plastic products is also propelling demand for biodegradable packaging made from natural polymers and fibers that decomposes without harming the environment. Rapid urbanization and rising disposable income levels in developing nations are further expected to boost market growth over the forecast period.
SWOT Analysis
Strength: Biodegradable packaging materials are environment friendly and help reduce plastic waste. They decompose quickly without harming the environment.
Weakness: Biodegradable packaging materials are generally more expensive to produce than conventional plastics. They also have a shorter shelf life.
Opportunity: Rising consumer awareness about sustainability and growing regulations against single use plastics provide growth opportunities for biodegradable packaging manufacturers.
Threats: fluctuating prices of raw materials like cornstarch, plant fibers can adversely impact profit margins. Substitutes like compostable plastics also pose competitive threats.
Key Takeaways
The global biodegradable packaging market is expected to witness high growth. The global biodegradable packaging market is estimated to be valued at US$ 25 billion in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030.
Regional analysis revealed Asia Pacific dominates currently due to rapid industrialization and existence of key players in countries like China, India. North America and Europe are other major markets.
Key players operating in the biodegradable packaging market are Amcor, DS Smith, International Paper, Mondi, Smurfit Kappa, BASF, Westrock, Georgia-Pacific, Biopac, and Natureworks LLC. These companies provide a range of biodegradable materials for food, pharmaceutical and industrial packaging applications.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
