Anticipated to experience a compound annual growth rate (CAGR) of 5.6%, the global biodegradable films market is poised for significant expansion. Projections indicate a rise in market value from US$ 1,040.1 Million in 2022 to a substantial US$ 1.7 Billion by 2032. Having reached a valuation of US$ 1,000.5 Million in 2021, the market is expected to demonstrate a year-on-year (Y-o-Y) growth of 5.4% in 2022. This growth trajectory underscores the increasing prominence of biodegradable films, reflecting a growing emphasis on sustainable and eco-friendly packaging solutions within the broader market landscape.
A surge in demand for biodegradable films is evident in sectors such as food, agriculture, and cosmetics, with a notable uptick in interest from the food industry, packaging, and distribution sectors. The exploration and integration of bioplastics in food applications have garnered considerable attention, captivating industries involved in food packaging and distribution. Biodegradable films find diverse applications in the food sector, including but not limited to edible coatings, paper boards, egg trays, carry bags, wrapping films, and various forms of food packaging. This trend reflects a broader shift towards sustainable practices in industries keen on reducing environmental impact.
The Indian market is poised for a significant surge in demand for biodegradable films, driven by the lack of well-established packaging collection and recycling facilities for waste management. Intensified pressure on fast-moving consumer goods (FMCG) manufacturers, retailers, and regulatory authorities to mitigate packaging waste has escalated. Moreover, in India, there is a notable willingness among consumers to pay a premium for environmentally sustainable food packaging compared to counterparts in other countries. This underscores a growing consciousness and preference for green packaging solutions, aligning with the increasing emphasis on eco-friendly practices and the need for effective waste management in the region.
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Global Biodegradable Films Market: Key Players
Some of the key players operating in the global biodegradable films market are as follows:
- Taghleef Industries Group
- Cortec Corporation
- Clondalkin Group
- Futamura Group
- Storopack, Inc.
- Transilwrap Co., Inc.
- Accredo Packaging, Inc.
- POLYNOVA Industries Inc.
- Tipa Corporation
- Plastiroll Oy Ltd.
Competitive Landscape-
- In October 2021, Walki Group acquired the French packaging producer Rollpack to expand its geographical footprint.
- In December 2020, BASF and BillerudKorsnäs cooperated to develop unique home-compostable paper laminate for flexible packaging.
Demand for Bio-based PLA Films to Gain Momentum
The bio-based PLA segment is poised for robust growth, with sales projected to increase at a commendable CAGR of 6.5%, resulting in a significant incremental opportunity of US$ 217 Million. The expansion of PLA production, particularly in Europe and North America, has been driven by the escalating demand for diverse packaging applications, encompassing both dry products and perishables like fruits and vegetables. According to FMI, the global PLA market, valued at US$ 700 Million in 2019, is forecasted to reach US$ 2.5 Billion by 2025. Recognized for its compostable nature under industrial settings, PLA is derived from renewable sources, exhibits biocompatibility, is recyclable, and stands as a viable substitute for traditional plastic materials, endorsed as safe by the U.S. Food and Drug Administration (FDA). Furthermore, the increasing utilization of bio-PLA in 3D printing and the rising production of genetically modified corn are anticipated to contribute to the segment’s sales growth.
Growth in the Food Packaging Market Propelling Sales of Biodegradable Films
- Environmental Concerns: There is a growing awareness and concern about the environmental impact of non-biodegradable packaging materials, particularly plastic. Biodegradable films offer a more sustainable and eco-friendly alternative, as they can break down into harmless substances, reducing the burden on landfills and ecosystems.
- Regulations and Sustainability Initiatives: Many governments and organizations have implemented regulations and sustainability initiatives to encourage the use of biodegradable packaging materials. This has driven companies to adopt biodegradable films to meet these requirements and demonstrate their commitment to environmental responsibility.
- Consumer Demand: Consumers are increasingly looking for eco-friendly and sustainable packaging options. As more people seek products with environmentally friendly packaging, food manufacturers and retailers are responding by using biodegradable films to meet consumer preferences.
- Innovation and Technological Advancements: Advancements in biodegradable film technology have improved their performance and versatility. These films now offer better barrier properties and shelf life for food products, making them more attractive to businesses.
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Key Segmentations
The global biodegradable films market has been segmented into material, application, thickness, and end-user industry.
On the basis of material
- Bio-LDPE (Low Density Polyethylene)
- Bio-MDPE (Low Density Polyethylene)
- Bio-HDPE (Low Density Polyethylene)
- Bio-based PLA (Polylactic Acid)
- Others
On the basis of application
- Bags
- Mulch Films
- Wrapping Films
- Liners
- Others (Sheets, etc.)
On the basis of thickness
- Up to 1 mil
- 1-3 mil
- Above 3 mil
On the basis of end-user industry
- Food & Beverages
- Healthcare
- Personal Care & Cosmetics
- Agriculture
- Waste Management
- Others
On the basis of Region
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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