Compostable & Biodegradable Refuse Bags Market Thrives: Envisioning a 7.5% CAGR by 2033 | FMI

 

The compostable & biodegradable refuse bags market is predicted at a valuation of US$ 318.1 million in 2023 and is expected to reach US$ 653.0 million by 2033. The market is likely to register a CAGR of 7.5% during the forecast period.

The growing popularity of organic products and governmental initiatives focused on environmental concerns is driving the widespread adoption of compostable and biodegradable refuse bags across different nations. The escalating demand for alternatives to traditional plastics, given their potential hazards, is a key factor fueling the market for compostable and biodegradable refuse bags. Manufacturers dedicated to crafting sustainable bags, aiming to create environments free from hazardous materials, are poised to contribute significantly to the market’s expansion.

India’s market for compostable and biodegradable refuse bags is on the brink of substantial expansion, with an estimated compound annual growth rate (CAGR) of 10.1% anticipated throughout the forecast period. This growth trajectory is expected to propel the market’s value to US$ 33.7 million within the global landscape. While India has been a longstanding consumer of plastic bags, shifting economic dynamics and heightened government initiatives are reshaping the market. Increasing awareness regarding the detrimental impacts of traditional plastics and the benefits of eco-friendly alternatives is opening up lucrative avenues for industry stakeholders. Aligned with pollution reduction efforts, the Indian government enforced a ban on single-use plastics in 2021, fostering the widespread adoption of compostable refuse bags. Furthermore, the market is witnessing increased involvement from both domestic and international players, having historically recorded a commendable CAGR of 8.6% from 2017 to 2022.

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In the North America region, the United States maintains its dominance in the compostable and biodegradable refuse bags market, with a projected CAGR of 7.2% and a valuation of US$ 140.5 million during the forecast period. This growth is attributed to rising consumer awareness, advanced manufacturing technologies, and the presence of leading market players. The USA’s significant plastic waste production and increasing pollution levels are driving demand for eco-friendly organic products, with the expanding food and beverage sector further fueling the market’s growth. Historically, the USA’s compostable and biodegradable refuse bags market demonstrated a CAGR of 7.6% between 2017 and 2022.

The increasing demand for eco-friendly plastic alternatives and pollution control favors the adoption of compostable & biodegradable refuse bags. The growing population, non-degradable garbage bags, and toxic environment are increasing the demand for compostable & biodegradable refuse bags. Moreover, rising demand for organic products, advanced technology, and growing awareness-related health further drive the market opportunities.

Various end-use industries, such as retail, industrial and institutional, are propelling the compostable & biodegradable refuse bags market size. The increasing amount of waste, improper garbage management, and diseases from uncollected garbage are surging the demand for compostable & biodegradable refuse bags. Furthermore, growing industries, hotels, restaurants, hospitals, and commercial sites are increasing the adoption of compostable & biodegradable refuse bags.

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.

Which Product Type Segment is leading in the Market?

The compostable category leads the product type segment in the global market by capturing a CAGR of 7.2% during the forecast period. The compostable segment is increasing due to its natural plant stretch. These bags are biodegradable, leak-proof, and fully recyclable. As a result, the demand for compostable bags is growing due to their superior advantages and quality.

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.

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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

Recent Developments in the Compostable & Biodegradable Refuse Bags Market are: 

In Jun 2020, India’s leading Oxo-biodegradable and compostable bags- Ecosac Utility Bags, introduced Kachra Sack Line bags. These bags are eco-friendly and efficient in controlling environment pollution.

Growing Environment Concerns Drive the Sales of Compostable & Biodegradable Refuse Bags

The surge in global pollution, largely attributed to the excessive use of plastic, has emerged as a critical concern for environmental well-being. Extensive research has validated the adverse impacts of plastic on soil quality, contributing to a range of health issues, including respiratory problems and asthma. Recognizing the urgency of addressing this environmental threat, numerous governments worldwide are implementing stringent measures to curb plastic usage. This, in turn, has led to a heightened demand for compostable and biodegradable refuse bags as viable alternatives. These eco-friendly bags not only offer a solution to the plastic crisis but also align with the imperative of creating a healthier environment. As governments take proactive steps to mitigate plastic-related pollution, the adoption of compostable and biodegradable refuse bags is becoming pivotal in fostering sustainable waste management practices globally.

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