The global compostable plastic packaging material market was worth US$ 1.89 billion in 2023 and is expected to reach US$ 3.1 billion by 2033 at a CAGR of 5.2% between 2023 and 2033.
The United States is emerging as a promising market for compostable packaging material due to the increasing demand for sustainable solutions. Recent analysis by FMI projects that the U.S. will account for approximately 86% of total sales in North America until 2033. This growth is largely attributed to the escalating awareness of sustainability, which is gaining momentum among both consumers and businesses. The country is expected to maintain a robust compound annual growth rate (CAGR) of 5.1% over the analysis period.
In the United States, compostable food service ware products are often certified with the BPI logo, signifying that they meet the ASTM D6400/D6868 standards, ensuring they are labeled as compostable. This aligns with the growing inclination toward sustainability and a shift in consumer behavior and preferences. Consumers are increasingly seeking eco-friendly products, driven by social responsibility and a growing awareness of the environmental impact of packaging materials. As a result, the demand for compostable plastic packaging materials in the United States is on the rise.
With growing awareness regarding environmental hazards related to plastics, the consumers are preferring eco-friendly packaging solutions. This is one of the major factors accelerating the compostable plastic packaging material market and the scenario is expected to remain the same even in the forecast period.
It is a known fact that plastic is the packaging materials’ foundation. However, as synthetic polymers are not capable of decomposing on natural count, they have been deteriorating the environment since the last few years. As such, compostable plastic packaging material is looked upon as a good alternative to plastic. The properties are analogous to conventional plastic – like shelf stability, durability, barrier properties, and likewise.
Request Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-5895
Cafeterias preferring to go green are into adoption of bio-based plastic. The catering services, quick service restaurants are increasingly adopting compostable plastic packaging material. This is actually response to the alarming figures released by the UN; i.e. by the year 2040, plastic would add 23-37 Million metric tons of waste into ocean every single year if left unchecked.
Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Compostable Plastic Packaging Material market’. It has its team of analysts and consultants doing the rounds through macros and micros.
“With food chains witnessing an exorbitant rise in home deliveries, the global compostable plastic packaging material market is bound to grow on a good note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Compostable Plastic Packaging Material Market
- North America holds the largest market share with the US being subject to rising awareness regarding sustainability.
- The Asia-Pacific is expected to grow at the fastest rate in the compostable plastic packaging material market. This could be attributed to countries like India ruling the roost. Expansion of FMCG sector coupled with consumers shifting toward e-Commerce is expected to keep the cash registers ringing in the forecast period.
Competitive Material
- Cardia Bioplastics, in September 2019, did launch a certified home compostable biopolymer resin.
- Danimer Scientific LLC, in August 2021, completed acquisition of Novomer, Inc. (a developer of conversion technology). It makes provision for low net carbon inputs into manufacturing PHA-based resins.
- BASF SE, in September 2021, entered into collaboration with WPO Polymers for distributing biopolymer ecovio for the certified compostable bags.
- The year 2021 saw Amcor Ltd. announcing that its team had gone ahead with creating sustainable packaging solutions for margarine and butter comprising paper. This paper wrapper comes across as being 38% lighter as compared to paper and aluminum packaging and does lessen carbon footprint by ~80%.
- Smurfit Kappa, in the year 2021, did come up with eBottle packaging solutions to expand beverages market online. The range is found to be all the more sustainable. It constitutes recyclable raw material and could be customized as per bottle sizes and shapes.
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-5895
The Key Players Are:
- 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
Primarily Driving the Market for Compostable Plastic Packaging Material
- Environmental Concerns: Growing awareness and concern about the environmental impact of traditional plastic packaging, which can take centuries to decompose, has led to an increased demand for sustainable alternatives. Compostable plastics offer a solution by breaking down into natural materials within a relatively short time, reducing plastic pollution and its detrimental effects on ecosystems.
- Regulatory Initiatives: Governments and regulatory bodies in various regions have introduced stricter regulations and bans on single-use plastics. This has encouraged the use of compostable plastic packaging as a more eco-friendly option that aligns with these regulations.
- Consumer Preferences: Consumers are increasingly looking for products that are environmentally friendly and come in sustainable packaging. Compostable plastic packaging appeals to environmentally conscious consumers, which drives its adoption by brands and manufacturers.
- Corporate Sustainability Initiatives: Many companies are committed to sustainability and are actively seeking alternatives to conventional plastic packaging. Compostable plastics fit into their corporate responsibility and sustainability goals, and they are willing to invest in these materials.
- Increased Availability: As technology advances and the demand for compostable plastic packaging grows, the availability and variety of these materials have also increased. This makes it easier for businesses to find suitable alternatives for their packaging needs.
- Market Innovation: Research and development efforts in the field of compostable plastics have led to the creation of materials with improved performance characteristics. This includes better durability, heat resistance, and barrier properties, making them more suitable for a wider range of applications.
- Changing Consumer Lifestyles: The shift towards more sustainable and eco-conscious consumer lifestyles has prompted businesses to adapt and invest in compostable packaging materials as part of their overall marketing and product offerings.
What does the Report package?
- The research study is based on material (PBAT, PBS, PLA, PHA, starch blends, and likewise), by application (bags, pouches, boxes, bottles, cups, trays, plates & bowls, and likewise), and by end-use industry (food service, food & beverages, cosmetics & personal care, homecare, healthcare, others).
- With an increasing demand for eco-friendly and sustainable packaging solutions on the part of food chains, the global compostable plastic packaging material market is expected to grow on a stupendous note in the forecast period.
Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-5895
Key Segmentations-
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
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
