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. The market for compostable plastic packaging material is expected to grow at the fastest rate, with the top companies controlling 25% to 30% of it. According to a survey by FMI, the market for compostable plastic packaging material would grow by 1.4 times during the projection period, providing manufacturers with lucrative investment prospects.
The APEJ region is predicted to hold a significant market share of over 45% in 2022, according to the FMI team’s analysis of the biodegradable plastic packaging material market. In 2028, it is predicted that the U.S. will control around 86% of the market. In both Eastern and Western Europe, the cumulative percentage of biodegradable plastic packaging is anticipated to reach over 22% in 2022.
Compostable Plastic Packaging Material Market in Industry research report explores the key parameters for the industry namely market analysis, market definition, market segmentation, key developments in the market, competitive analysis, and research methodology. This industry report gives estimations of the Compound Annual Growth Rate (CAGR) for the forecasted period that will assist clients to take decision-based on the futuristic chart. The Compostable Plastic Packaging Material Market report defines CAGR value fluctuations during the forecast. For obtaining in depth Compostable Plastic Packaging Material Market in Food Industry report, request an analyst call or drop down an inquiry at any time.
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The report titled ‘Compostable Plastic Packaging Material Market: Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028’ states that the global market for compostable plastic packaging material is expected to grow at a moderate CAGR of 5.1% during the forecast period of 2022-2028.
The data in this report also shows that the market will possibly reach a value of over US$ 2,000 Mn by the end of 2028. Compostable plastics degrade rapidly, leaving no traces of the material, which are witnessing stellar demand in the market currently.
In a bid to build a strong business in an eco-friendly manner, companies are coming up with new offerings in the global market. There is a huge demand for environment-friendly products as the people are more inclined towards these products due to their growing awareness. Compostable plastic packaging is a major part of the current eco-friendly plastics market.
The market comprises various materials like PBAT, PBS, PLA, and PHA, all of which are made up of components that are highly decomposable. Among these, PHA is expected to hold the strongest market growth, owing to its high barrier properties.
Food, beverage and pharmaceutical products prefer high barrier material for packaging to extend the shelf life of the products and maintain the quality of the product. According to the outcomes of the report on the global compostable plastic packaging materials market, PHA plastic type is expected to witness a stellar CAGR of 15.9% during the 10 year forecast period.
A popular trend witnessed in the global compostable plastic packaging materials market is the rise in demand for garbage bags made of compostable plastic. Despite of relatively higher costs, compostable garbage bags are likely to grab a sizeable market in near future, in both developed as well as developing economies.
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Global Compostable Plastic Packaging Material Market: Competitive Scenario
- BASF SE,
- Kaneka Corporation,
- FKuR Kunststoff GmbH,
- Cardia Bioplastics,
- Novamont S.p.A.
- Danimer Scientific LLC
- Grabio Greentech Corporation
- Northern Technologies International Corporation
- NatureWorks LLC
- S.K. Chemicals Co., Ltd.
- Minima Technology Co. Ltd.
- Biotec Pvt. Ltd.,
- Green Dot Holdings LLC
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Compostable Plastic Packaging Material Market by Category
By Material :
- PBAT
- PBS
- PLA
- PHA
- Starch Blends
- Others
By Application :
- Bags
- Pouches
- Boxes
- Bottles
- Cups
- Trays
- Plates & Bowls
- Others
By End-user industry :
- Food Service
- Food & Beverage
- Cosmetics & Personal Care
- Homecare
- Healthcare
- Others
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By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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