The market for biodegradable plastic packaging material is anticipated to reach USD 2.4 billion by 2028, growing at a CAGR of 4.5% from 2013 to 2021. It is currently valued at USD 1.8 billion.
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The Compostable Plastic Packaging Material market is a rapidly growing industry, driven by increasing consumer demand for environmentally friendly packaging options. These materials are made from natural sources such as corn starch, cellulose, and other plant-based materials, and are designed to decompose in a short period of time when exposed to the elements in a composting environment. This type of packaging is being used in a variety of applications, including food packaging, consumer goods, and agricultural products.
One of the key drivers of the market is the increasing awareness of the environmental impact of traditional plastic packaging. Plastic waste is a major problem, with millions of tons of plastic ending up in landfills and the ocean each year. Compostable plastics offer a solution to this problem by breaking down quickly in a composting environment, reducing the amount of waste that ends up in landfills.
Another driver of the market is the increasing regulations and standards for sustainable packaging. Governments and organizations around the world are implementing policies and standards to encourage the use of more environmentally friendly packaging materials. This is leading to more companies looking for sustainable packaging options, such as compostable plastics.
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The market for compostable plastic packaging materials is segmented into different types of materials, including starch-based, cellulose-based, and others. Starch-based materials are the most widely used, and are made from corn starch, potato starch, and other plant-based materials. Cellulose-based materials are made from wood fibers and other plant-based materials. Other materials include protein-based and biodegradable plastics.
Some key players in the market include NatureWorks LLC, Novamont, Plantic Technologies, and FKuR Kunststoff. These companies are at the forefront of developing and producing compostable plastic packaging materials. NatureWorks LLC, for example, produces a range of starch-based materials under the brand name Ingeo, while Novamont is a leading producer of cellulose-based materials.
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