Global Biodegradable Packaging Market to Surpass US$ 21 Billion by 2025, Underpinned by Burgeoning Growth of Food and Beverages Sector
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The global biodegradable packaging market is segmented into various end-use industries namely food, beverages, pharmaceuticals, personal/homecare, and others. Food is the largest end-use industry segment, followed by beverages. The food and beverages packaging segment is experiencing rapid growth due to major technological advancements focused towards decreasing environmental stress. Growing environmental concerns are paving the way for development of new packaging materials that are totally biodegradable, can be recycled, and are easily processed using eco-friendly production equipment. The continuous ban on the use of conventional packaging materials in food and beverage packaging, increasing awareness for the use of bio-based products, growing consumption of packaged food, and growing beverages industry globally are the major drivers for the growth of biodegradable packaging in the food and beverages end-use industry.
Key takeaways of the market:
Europe is projected to be the largest region in global biodegradable packaging market. It accounted for around 50.3% share of overall biodegradable packaging market in 2016, in terms of revenue. The market in this region is expected to be primarily driven by rampant consumption of biodegradable plastic and paper bags in food, beverages, and pharmaceutical end-use industries. The use of conventional plastic bags creates major environmental issues such as water and air pollution, global warming, and are very harmful for humans as well. This has allow the government of Europe to impose various regulations for banning the use of plastic bags around the region. The countries such as Italy, Germany, Austria, Bulgaria, France, and U.K. are now switching to biodegradable products for packaging to maintain the environment sustainability. Thus, Europe is positioned as the largest market for biodegradable packaging.
North America is expected to emerge as the second-largest market over the forecast period. The rise in consumer awareness for the eco-friendly products, regulations imposed on the use of conventional plastic bags, growing pharmaceuticals industry, and rising consumer preference for packaged food in the region is driving growth of the biodegradable packaging market in the region.
Asia-Pacific was the fastest-growing region in global plastic packaging market in 2016. The region is expected to retain high traction in the market through 2025. This is mainly attributed to rampant growth of end-use industries in China, India, and ASEAN countries. The growing food & beverages industries, rising economy, growing per capita income of middle class people, rising industrial and consumer awareness for eco-friendly products, in turn is enabling various manufacturers to produce bio-based products for packaging are some of the key drivers for the growth of biodegradable plastic packaging market in the Asia-Pacific region.
The plastic based biodegradable packaging was the dominant product segment in the global biodegradable packaging market in 2016 and the trend is expected to remain the same during the forecast period. The starch and PLA are the major plastic biodegradable polymers used for packaging. These polymers are widely used in food and beverages end-use industry due to their highly bio-based nature and have no harmful chemical intact in it, making them the most preferred polymer materials for food packaging applications. The growing global food and beverages industry is the key growth diver for the high consumption of these bio-based polymers. Hence, making the plastic based biodegradable packaging as the largest product type segment in the global biodegradable packaging market.
BASF SE, Smurfit Kappa Group, Mondi Group, Rocktenn, Stora Enso, Clearwater Paper Corporation, Amcor, Novamont S.P.A., Rocktenn, Kruger Inc., Smurfit Kappa Group, Reynolds Group Holding Limited, and International Corp. are some of the key players in global biodegradable packaging market.
Coherent Market Insights
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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