Global biodegradable packaging market size would surpass a US $21.60 billion valuation by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The biodegradable packaging market landscape is divided on the basis of region, end-use industry, and product type. When it comes to product type, the industry is further segmented into paper and plastic. The plastics segment accounted for the biggest industry share followed closely by paper, however, going forward, the paper segment is expected to witness the fastest rate of growth.
The plastics segment is further bifurcated into starch, cellulose, PLA, and PHA among others. Among the numerous plastics segments, the PLA and starch segment is anticipated to account for the biggest market share. Owing to properties like recyclability and high strength of starch polymers, the PLA and starch segment is expected to hold a huge market share over the forecast timeframe. The paper segment is classified into flexible, Kraft, box board, and corrugated.
Speaking of the end-use outlook, the biodegradable packaging industry is further divided into healthcare, food & beverages, and home/personal care among others. Across these industry segments, the food & beverages industry amassed a bigger share in the global biodegradable packaging market. Increasing government regulations with regards to non-biodegradable food packaging that is harmful for the environment has promoted higher use of biodegradable or degradable food packaging.
Some prominent growth drivers for biodegradable packaging market include growing demand for safer, healthier, and more convenient food alongside increasing consumer awareness regarding environmentally friendly products. Additionally, increasing environmental awareness and stringent government regulations are promoting usage of eco-friendly materials, boosting biodegradable packaging demand further.
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From a regional perspective, Europe is anticipated to account for the largest industry share across the global biodegradable packaging market during the forecast timeframe. The regional markets of North America and the Asia Pacific would be following Europe, cites the study.
A few crucial business strategies that are being adopted by enterprises operating across the biodegradable packaging market include geographical expansion, new product & technology development, as well as acquisitions and mergers. For instance, Amcor recently announced its plan to establish itself as the world’s first global packaging firm to develop all of its packaging material as reusable or recyclable by 2025. Moreover, the company has also partnered with Plantic Technologies for producing biodegradable and flexible plastic packaging for confectionery.
Leading industry players operating across the global biodegradable packaging market include Clearwater Paper Corporation, Kruger Inc., Mondi Group, International Corp., Rocktenn, Novamont S.P.A., Amcor, Reynolds Group Holding Limited, Smurfit Kappa Group, BASF SE, and Stora Enso among others.