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Global Biodegradable Plastic Packaging Market - Segmented by Type (Starch Based Plastic, Polylactic Acid (PLA), Genetically Modified Bioplastics), End User (FMCG, Hospital, Automotive), and Region - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-13102933 | Publishing Date : 14-May-2018 | No. of pages : 101
The biodegradable plastic packaging market was valued at USD 3.37 billion in 2017 and is expected to reach a market value of USD 8.81 billion by 2023, registering a CAGR of 16.93% during the forecast period (2018 - 2023). The report is segmented on the basis of biodegradable plastics into starch-based plastic, cellulose-based plastics, polylactic acid (PLA), poly-3-hydroxybutyrate (PHB), polyhydroxyalkanoates (PHA), polyamide 11 (PA11), bio-derived polyethylene, and genetically modified bio-plastics. The report also consists of biodegradable plastics used by different end users and in different regions.
Growing Consumer Awareness A Major Market Driver
The world population exceeded 7.2 billion, out of which more than 2.5 billion are ‘millennials’ (of the age 15-35), and unlike the other generations they actually share a deep concern about the environmental issues. A majority of these consumers are skeptical about the corporate responsibility claims made and have brought an ethical consumer revolution demanding ethically produced goods. Advanced manufacturing processes, technological innovation, and increased integration has helped people to adopt biodegradable packaging rapidly. The government and federal agencies of all the major economies have made stringent regulations in order to reduce the wastage and promote use the biodegradable materials for packaging.
FMCG Expected to Hold Significant Market Share
With the rise in disposable income with the people, FMCG industry is growing rapidly. FMCG industry is moving towards smaller and portable packing to increase the consumer base as well as to reduce the maximum retail price of the product. This has led to the higher usage of packaging material in the industry. Due to stringent government regulations in many countries, this industry is also using biodegradable plastic packaging to comply with the rules.
Europe Expected to Dominate the Market
Europe is expected to dominate the overall biodegradable packaging market owing to the presence of mature market that consists of highly environmentally conscious consumers. In addition, due to the comparatively higher price of biodegradable plastic packaging, the presence of high-spending population is also expected to increase the overall demand for biodegradable packaging in this region. The increasing pressure on the governing organizations to decrease carbon emissions and landfills, as well as the issues relating to mounting plastic waste, have increased the consumption of biodegradable plastics in the region.
Key Developments in the Market
• February 2018: Supermarket chain Iceland and fast food giant McDonalds have said they will eliminate plastic packaging of all its own label products by the end of 2025. McDonalds also aims to get all items like bags, straws, wrappers, and cups from recycled or renewable materials.
• January 2018: Amcor has pledged to develop all its packaging to be recyclable or reusable by 2025. It has also planned to focus on significantly increasing its use of recycled materials and driving consistently more recycling of packaging around the world. This commitment is aimed at establishing the company as a leader in recyclable packaging.
The major players include - AMCOR LIMITED, MONDI GROUP, BERRY GLOBAL INC., PACTIV, SONOCO PRODUCTS COMPANY, BIOPAC SYSTEMS INC., SMURFIT KAPPA GROUP, BERKLEY INTERNATIONAL PACKAGING, EARTHFIRST BRAND FILMS, GREENBLUE, AND INTERNATIONAL PAPER, amongst others.
Reasons to Purchase this Report
• Current and future biodegradable packaging market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• Identifying the segment that is expected to dominate the market.
• Regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Growing Consumer Awareness A Major Market Driver
The world population exceeded 7.2 billion, out of which more than 2.5 billion are ‘millennials’ (of the age 15-35), and unlike the other generations they actually share a deep concern about the environmental issues. A majority of these consumers are skeptical about the corporate responsibility claims made and have brought an ethical consumer revolution demanding ethically produced goods. Advanced manufacturing processes, technological innovation, and increased integration has helped people to adopt biodegradable packaging rapidly. The government and federal agencies of all the major economies have made stringent regulations in order to reduce the wastage and promote use the biodegradable materials for packaging.
FMCG Expected to Hold Significant Market Share
With the rise in disposable income with the people, FMCG industry is growing rapidly. FMCG industry is moving towards smaller and portable packing to increase the consumer base as well as to reduce the maximum retail price of the product. This has led to the higher usage of packaging material in the industry. Due to stringent government regulations in many countries, this industry is also using biodegradable plastic packaging to comply with the rules.
Europe Expected to Dominate the Market
Europe is expected to dominate the overall biodegradable packaging market owing to the presence of mature market that consists of highly environmentally conscious consumers. In addition, due to the comparatively higher price of biodegradable plastic packaging, the presence of high-spending population is also expected to increase the overall demand for biodegradable packaging in this region. The increasing pressure on the governing organizations to decrease carbon emissions and landfills, as well as the issues relating to mounting plastic waste, have increased the consumption of biodegradable plastics in the region.
Key Developments in the Market
• February 2018: Supermarket chain Iceland and fast food giant McDonalds have said they will eliminate plastic packaging of all its own label products by the end of 2025. McDonalds also aims to get all items like bags, straws, wrappers, and cups from recycled or renewable materials.
• January 2018: Amcor has pledged to develop all its packaging to be recyclable or reusable by 2025. It has also planned to focus on significantly increasing its use of recycled materials and driving consistently more recycling of packaging around the world. This commitment is aimed at establishing the company as a leader in recyclable packaging.
The major players include - AMCOR LIMITED, MONDI GROUP, BERRY GLOBAL INC., PACTIV, SONOCO PRODUCTS COMPANY, BIOPAC SYSTEMS INC., SMURFIT KAPPA GROUP, BERKLEY INTERNATIONAL PACKAGING, EARTHFIRST BRAND FILMS, GREENBLUE, AND INTERNATIONAL PAPER, amongst others.
Reasons to Purchase this Report
• Current and future biodegradable packaging market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• Identifying the segment that is expected to dominate the market.
• Regions that are expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
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- By Technology
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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