Biodegradable Packaging Materials Market Outlook 2031
The global biodegradable packaging market size was valued at USD 87.53 billion in 2022 and is projected to reach USD 158.23 billion by 2031 expand at a substantial CAGR 6.8% during forecast period, 2023-2031. The growth of the market is attributed to the increasing focus on recyclability and rising government emphasis on efficient packaging management.
Biodegradable material refers to the ability of materials to decompose, reducing negative impact of plastic packaging on environment. According to European bioplastics, biodegradable plastics altogether, including PLA, PHA, and starch blends account for over 53.5% of the global bioplastics production capacities.
The process of biodegradable packaging begins with the material selection, which in turn, decides the overall packaging durability and reliability. Biodegradable packaging is produced using biopolymers, which are molecules that are often found in living organisms such as cellulose and proteins. This results in swift degradation of the packaging material.
Biodegradable Packaging Materials Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for bottled water and non-alcoholic beverages is driving the market growth.
- Ease of manufacturing and lightweight of plastic bottles as compared to carton-based packages can limit its adoption in various industries across the globe
- Growing demand for recyclable materials from several industries is anticipated to spur the market growth.
- Increasing consumer awareness regarding the environmental protection is expected to positively influence the market growth.
- Development of cost-effective biodegradable plastic packaging is speculated to create remunerative opportunities during the projected timeline.
- The use of biodegradable materials in the packaging industry is gaining strength from the constantly rising demand for recyclable materials in end-use industries such as personal and home care, food and beverages, and pharmaceuticals.
- Rising penetration of biodegradable material in packaging across various industries is expected to create remunerative opportunities in the coming years.
Scope of The Biodegradable Packaging Materials Market Report
The report on the global biodegradable packaging material market includes an assessment of market, trends, segments, and regional market. Overview and dynamics are also included in report.
Biodegradable Packaging Materials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Corrugated Board, Flexible Paper, Boxboard), by Applications (Food Packaging, Beverage Packaging, Electronic Packaging)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Biopac, Nature Works LLC, BASF SE, Kruger Inc., Mondi Group, Clearwater Paper Corporation
Global Biodegradable Packaging Material Market Segment Insights
Corrugated boards segment to hold a large market share
Based on types, the global biodegradable packaging material market is segmented into corrugated boards, flexible papers, and boxboards. The corrugated boards segment to account for a large market share during the forecast period. Increasing demand for corrugated boards in the logistics industry is driving the segment growth.
Moreover, rising use of corrugated boards for the personal/homecare packaging applications is acting as one of the key factors for the growth of corrugated boards segment. Conversely, the boxboards segment is anticipated to exhibit a robust CAGR owing to the increasing usage of boxboards in packaging of pharmaceutical, cosmetics, and frozen products.
Food packaging segment to dominate the market
Based on applications, the global biodegradable packaging market is segmented into food packaging, beverage packaging, and electronic packaging. The food packaging is expected to hold dominant position in the global biodegradable packaging market. Rising demand for packaged food products is expected to spur the segment growth. Conversely, the electronic packaging segment to exhibit a high CAGR owing to rising manufacturing activities in emerging economies such as India and China.
North America to account a significant market share
Based on regions, the global biodegradable packaging material market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to act as a potentially lucrative regional market owing to ongoing technological advancements in manufacturing processes.
Moreover, growing awareness about biodegradable packaging is driving the market growth in the region. The market in Asia Pacific is expected to exhibit a high CAGR due to the rising adoption of recyclable materials in the food and beverage sector.
The global biodegradable packaging material market has been segmented on the basis of
- Corrugated Board
- Flexible Paper
- Food Packaging
- Beverage Packaging
- Electronic Packaging
- North America
- Latin America
- Asia Pacific
- Middle East
The major players of the market are Biopac, Nature Works LLC, BASF SE, Kruger Inc., Mondi Group, and Clearwater Paper Corporation.
Companies are engaging in partnerships and investing in R&D activities to expand their market share.