According to a market report, published by Sheer Analytics and Insights, The global biodegradable paper and plastic packaging market was valued at $1.9 billion in 2021 and it is expected to reach $8.9 billion at a CAGR of 13.8% between 2022 and 2032. Packaging is a technology that encloses and safeguards diverse product kinds for usage, storage, distribution, and sale. Asia Pacific, Europe, and North America have recently seen a rise in industry & consumer awareness of eco-friendly products, which has been accelerating the growth of the global biodegradable packaging market. The term "biodegradability" describes a material's capacity to decompose and revert to its natural state shortly after disposal. The packaging materials starch, polylactic acid, cellulose, polyhydroxyalkanoates, and others are made of biodegradable polymers. Additionally, paper biodegradable packaging, which primarily consists of Kraft, flexible, corrugated, and boxboard materials, is anticipated to experience the quickest rate of growth among product categories throughout the projection period.
Over the forecast period, it is anticipated that rising consumer awareness of biodegradable paper and plastic packaging products, particularly in emerging nations like China, India, Malaysia, and Thailand, will drive market expansion. Over the projected period, it is anticipated that rising demand for biodegradable materials from traditional end-user industries including the textile and consumer product packaging sectors will boost demand for biodegradable paper and plastic packaging. Moreover, the packaging industry makes substantial use of both paper and plastic. These conventional packing materials take a while to decompose after being discarded. They harm the environment because they generate air pollution. Through the usage of biodegradable materials, several nations are improving sustainability. This will probably increase the demand for biodegradable paper and plastic in the upcoming years. These primary factors are expected to drive market growth during the forecast period.
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Furthermore, due to these nations' expanding electronic, food, and beverage packaging industries, the need for biodegradable paper and plastics is anticipated to increase in emerging BRICS economies over the coming years. The food and beverage business is expected to be driven by the rising demand for packaged food products as a result of changing lifestyle trends. The industry for pharmaceutical packaging is expanding, which will help the market grow even more. In addition, the market for biodegradable paper and plastics is expected to grow in the next years as a result of technological development in sales and distribution channels as well as inventive manufacturing techniques. Hence, these rising factors are estimated to create more growth opportunities for the market.
On the other hand, several factors would hinder the market growth in the future. For instance, the main issues that are anticipated to slow the market's growth pace are cost-effectiveness and a lack of adequate technologies. Change in consumer mindset, which has been linked to more expensive costs than traditional items, is anticipated to be a significant problem for the end user industry. This element is projected to negatively impact the market for biodegradable paper and plastic packaging, preventing further expansion.
Some new developments in the global biodegradable paper and plastic packaging market:
According to the study, key players dominating the global biodegradable paper and plastic packaging market are Amcor (Australia), BASF (Germany), Bemis Manufacturing Company (U.S), Clearwater Paper Corporation (U.S), International Paper (U.S), Mondi (U.K), Rocktenn (U.S), Smart Solve Industries (U.S), Stora Enso (Finland), SupplyOne (U.S), Tetra Laval (Sweden), WestRock (U.S), among others.
The Global Biodegradable Paper and Plastic Packaging Market Has Been Segmented Into:
The Global Biodegradable Paper and Plastic Packaging Market – by Material Type:
The Global Biodegradable Paper and Plastic Packaging Market – by Application Type:
The Global Biodegradable Paper and Plastic Packaging Market – by Regions:
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