A recent study conducted by Future Market Insights (FMI) predicts significant growth in the global biodegradable packaging market in the coming years. By 2022, the market is projected to reach a value of US$ 809.9 billion, with a compound annual growth rate (CAGR) of 6.1% expected from 2022 to 2032.
The research indicates that the top three countries will be major contributors to biodegradable packaging sales, accounting for approximately 25-30% of the market by the end of 2022.
Biodegradable packaging currently represents about 45% of the overall packaging market, which was valued at US$ 980 billion in 2021. In 2021, the biodegradable packaging market surpassed US$ 440 billion, and it is expected to maintain a CAGR of 6.1% from 2022 to 2032. The demand for biodegradable paper packaging is expected to rise, with the top five key players projected to hold a 20-25% market share by the end of 2022.
The growth of the biodegradable packaging market can be attributed to the increasing demand for sustainable and eco-friendly packaging across various industries. FMI’s analysis suggests that between 2022 and 2032, there will be an opportunity for growth amounting to US$ 1.8 billion. Governmental and non-governmental organizations in North America and Europe are also playing a role in promoting sustainable packaging, which is expected to further drive the market during the forecast period.
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Key Takeaways:
- The global biodegradable packaging market is projected to reach a valuation of US$ 448.2 billion in 2022 and grow at a CAGR of 6.1% from 2022 to 2032.
- The top three countries are expected to hold 25-30% of the market by the end of 2022.
- Biodegradable paper packaging is anticipated to experience increased demand, with the top five key players holding 20-25% of the global market by the end of 2022.
- The market’s growth is driven by the demand for sustainable and eco-friendly packaging.
- Government and non-government initiatives in North America and Europe are creating growth opportunities for the biodegradable packaging market.
Competitive Landscape
The key players operating in the biodegradable packaging market are focusing on expanding their capacities and resources to meet the growing demand for sustainable packaging including biodegradable packaging by establishing the new plant. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources. Some of the key developments are as follows–
- In April 2022, Karat Packaging Inc. announced a joint venture agreement with Happiness Moon, Co. Ltd. (Happiness Moon) to build a new factory in Taiwan for manufacturing compostable foodservice products from bagasse.
- In March 2022, Mondi made an investment of US$ 285 Million in corrugated packaging to accelerate the sustainable growth plans of the company.
- In January 2022, Smurfit Kappa announced the investment of USD 33 Million in its Fortaleza plant, Brazil, to expand its capacity to meet the growing demand for innovative and sustainable packaging.
Key Player :
- Winpak Ltd.
- Berry Global Group
- Swedbrand Groups
- Huhtamaki Oyj
- Evergreen packaging
- Amcor plc
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Country-wise Insights: U.S. and Germany Boost Biodegradable Packaging Sales
The United States and Germany are anticipated to drive the demand for biodegradable packaging due to specific factors unique to each country.
- U.S.: Rising Awareness and Favorable Regulations In the United States, the growing awareness among consumers about environmental sustainability and the implementation of favorable regulations by the government contribute to the projected increase in biodegradable packaging sales. With approximately 80 million metric tons of packaging waste generated annually, companies have faced increasing pressure from consumers to reduce their packaging’s environmental impact. As a result, many companies have pledged to adopt more eco-friendly packaging solutions, thereby augmenting the demand for biodegradable packaging. By the end of 2032, the U.S. is expected to hold around 80% of the North American biodegradable packaging market.
- Germany: Ban on Single-Use Plastics Germany is expected to drive the demand for biodegradable packaging due to the ban on single-use plastic products. The country has taken proactive measures to address environmental concerns by prohibiting the use of single-use plastics. This ban has prompted various industries to adopt sustainable and eco-friendly packaging alternatives, leading to an increased demand for biodegradable packaging solutions. The implementation of legislation regarding the ban on single-use plastics by several European countries, including Germany, Spain, and the U.K., further supports the growth opportunities for biodegradable packaging
Key Benefits for Biodegradable Packaging Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- It outlines the current trends and future scenario of the market from 2022 to 2032 to understand the prevailing opportunities and potential investment pockets.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
Biodegradable Packaging Market by Category
By Material, Biodegradable Packaging Market is segmented as:
- Paper & Paperboard
- Bio-plastic
- Polylactic Acid (PLA)
- Cellulose-based
- Starch-based
- Polybutylene succinate
- Others (Protein-based plastics etc.)
- Bagasse
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By Packaging Format, Biodegradable Packaging Market is segmented as:
- Bottles & Jars
- Boxes & Cartons
- Cans
- Trays & Clamshells
- Cups & Bowls
- Pouches & Bags
- Films & Wraps
- Labels & Tapes
- Others (Stick pack, Sachets, etc.)
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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