In today’s world, environmental consciousness is no longer an option but a necessity. With the growing concerns about plastic waste and its detrimental effects on our planet, it’s imperative to seek sustainable alternatives. One such alternative that has gained significant attention is the Compostable & Biodegradable Refuse Bags Market. These bags offer an eco-friendly solution to our waste management problems and contribute to a greener tomorrow.
Introduction
As we navigate the challenges posed by climate change and pollution, sustainable practices are becoming increasingly important. The Compostable & Biodegradable Refuse Bags Market represents a significant step towards reducing our carbon footprint. In this comprehensive guide, we’ll delve deep into this market, exploring its various aspects, benefits, and its role in shaping a more sustainable future.
Expectations point towards a robust expansion in the compostable & biodegradable refuse bags market, reaching a value of US$ 653.0 million by 2033 from the current US$ 318.1 million in 2023. This steady growth is projected to reflect a compelling CAGR of 7.5% throughout the forecast period.
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Manufacturers are focused on manufacturing sustainable bags to reduce environmental plastic pollution. According to a survey, around 150 million metric tons (MMT) of plastic are already floating in the oceans, and due to its hazardous chemical, millions of aquatic animal’s life die annually. Moreover, several reports found that micro-plastics can affect plants’ soil pH and rooting ability. Therefore, manufacturers have been using eco-friendly solutions to develop paper bags to control environmental pollution.
Key Takeaways:
- The compostable & biodegradable refuse bags market is expected to have a valuation of US$ 653.0 million by 2033.
- With a CAGR of 7.5%, the global market is increasing during the forecast period.
- The United States compostable & biodegradable refuse bags market is anticipated to grow at a CAGR of 7.2% through 2033.
- With a CAGR of 7.0%, the United Kingdom market significantly uplifts during the forecast period.
- The Indian market is expected to grow at a CAGR of 10.1% over the forecast period.
Who is Winning?
The prominent vendors are growing the market by contributing essential roles during the forecast period. Globally, the rising pollution through plastic is a huge problem. To solve this problem, manufacturers are using sustainable and innovative products that may reduce environmental pollution. Therefore, rising research and development activities to use eco-friendly bags are expected to increase the market growth.
Prominent Players in the Market are as follows:
- Mondi Group
- Sphere Group
- Vegware Global
- VICTOR Güthoff & Partner GmbH
- Cedo Ltd.
- BioBag International AS
- PLAST-UP
- Polybags Ltd
- Clondalkin Group Holdings B.V.
- Plastiroll Oy Ltd
- The Biodegradable Bag Company Ltd
- QUICKPACK Haushalt + Hygiene GmbH
- The Compost Bag Company
- SIMPAC
- TERDEX GmbH
Innovations and Advancements
The Compostable & Biodegradable Refuse Bags Market is witnessing continuous innovations and advancements. Some notable developments include:
- Enhanced Materials: Manufacturers are exploring new materials and blends to improve the strength, durability, and compostability of these bags.
- Water-Soluble Variants: Some compostable bags are designed to dissolve in water, providing a convenient and eco-friendly solution for waste disposal.
Recent Developments in the Compostable & Biodegradable Refuse Bags Market are:
- In 2020, Ecosac Utility bags, India’s leading brand of eco-friendly shopping bags and other utility bags, launched a new range of compostable and Oxo-Biodegradable garbage bags called Kachra Sack. The new eco-friendly bags are an ideal alternative to plastic bags and help to reduce pollution levels.
- In 2021, Indian Startup SpruceGel announced the launch of its new range of eco-friendly and compostable bags. The new bags range from carry bags and garbage bags to apparel bags.
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Compostable & Biodegradable Refuse Bags Market by Category
By Capacity:
- 7 to 20 Gallons
- 20 to 30 Gallons
- 30 to 40 Gallons
- 40 to 55 Gallons
- Above 55 Gallons
By Product Type:
- Biodegradable
- Compostable
By Material Type
- PLA
- PBS
- PBAT
- PHA
- Starch Blends
- Cellophane
- Paper
By Thickness:
- 0 to 0.7 mil
- 7 to 0.9 mil
- 9 to 1.5 mil
- Above 1.5 mil
By End Use:
- Retail & Consumer
- Industrial
- Institutional
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About Future Market Insights (FMI)
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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