The oxo-biodegradable bags market is projected to grow at an average CAGR of 5.4% over the course of the forecast period. The market is anticipated to be valued US$0.81 billion in 2022. The market for oxo-biodegradable bags is predicted to reach a peak of US$ 1.11 billion by 2032.
Growing awareness of the harmful effects of conventional plastic bags on the environment is one of the major factors propelling the market for oxo-biodegradable bags. These bags frequently end up in landfills, where they can emit hazardous chemicals and increase greenhouse gas emissions, and they can take hundreds of years to degrade. On the other hand, oxy-biodegradable bags decompose significantly more quickly, lowering the amount of plastic trash in the environment.
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Bags made of plastic that degrade more fast than regular plastic are called oxy-biodegradable bags. When exposed to specific environmental factors, the chemicals in these bags speed up the deterioration process. Oxo-biodegradable bag sales have been expanding quickly in recent years due to customer demand for greener products and government laws intended to cut down on plastic waste.
Government laws intended to cut down on plastic waste are another element influencing the market. Numerous nations have enacted bans or fees on single-use plastic bags, and some have made the use of oxo-biodegradable bags for specific purposes essential. For instance, the Indian government forbade the use of single-use plastic bags in 2020 and required the use of oxo-biodegradable bags for specific purposes, such as the packing of food.
The oxo-biodegradable bags market is also being driven by consumer demand for more sustainable products. As consumers become more aware of the impact of plastic waste on the environment, they are looking for alternatives to traditional plastic bags. Oxo-biodegradable bags offer a more environmentally friendly option, and many consumers are willing to pay a premium for these products.
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The market for oxo-biodegradable bags is segmented by material, application, and geography. In terms of material, the market is divided into polyethylene, polypropylene, and others. Polyethylene is the most commonly used material for oxo-biodegradable bags due to its high strength and durability. In terms of application, the market is segmented into retail, food and beverage, healthcare, and others. The retail segment is the largest market for oxo-biodegradable bags, as these bags are commonly used in grocery stores and supermarkets. Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
The Asia Pacific region is the largest market for oxo-biodegradable bags, driven by the high demand for these products in countries such as India, China, and Japan. The region is also expected to be the fastest growing market for oxo-biodegradable bags in the coming years, due to the increasing awareness of the environmental impact of plastic waste and the implementation of government regulations aimed at reducing plastic use.
In conclusion, the oxo-biodegradable bags market is expected to continue to grow in the coming years, driven by increasing consumer awareness of the impact of plastic waste on the environment, government regulations aimed at reducing plastic use, and the development of more sustainable materials and products. As the market continues to evolve, it is likely that we will see new innovations and applications for oxo-biodegradable bags that will further drive growth in this sector.
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Global Oxo Biodegradable Bags Market: Key Players
Some of the key players that operate in theglobal oxo biodegradable bags market across the globe are Biopac India Corporation Ltd., Smurfit Kappa Group, Mondi Group, BASF SE, WestRock Company, Georgia-Pacific., Metabolix, Inc., Cereplast Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Oxo Biodegradable Bags Market: Segmentation
The global oxo biodegradable bags market is segmented on the basis of product type, material type and end user industry.
On the basis of product type, the global oxo biodegradable bags market is segmented into:
- Flat Bags
- T-Shirt Bags
- Shopping/Carry Bags
- Trash Bags
- Gusseted Bags
On the basis of material type, the global oxo biodegradable bags market is segmented into:
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
On the basis of application type, the global oxo biodegradable bags market is segmented into:
- Food and Beverage
- Pharmaceutical
- Packaging
- Agriculture and Composting
- Textile
- Others
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