According to a new market report published by Stratistics MRC the “Global Biodegradable Packaging Market” is accounted for $4.7 billion in 2015 and is growing at a CAGR of 17.2% to reach $14.3 billion by 2022. Growing consumer preference towards biodegradable materials together with the rising ecological concern is anticipated to bolster the overall growth of the biodegradable packaging market. Majority of the packaging companies are now changing their focus towards biodegradable packaging in order to accomplish superior consumer satisfaction. Absence of interest of governments of many developed regions to offer incentives to encourage the use of biodegradable packaging and price disparity in conventional versus biodegradable packaging materials are key factors limiting the market growth.
Global Biodegradable Packaging market is segmented by Material into Plastics, Paper and Others. The biodegradable packaging market is anticipated to observe highest growth from biodegradable plastic packaging market as it is a quite new market with a huge potential to capture existing market share of non degradable conventional plastic packaging. Corrugated board and box-board are estimated to be the biggest biodegradable paper packaging product segments in subsequent seven years. These raw materials are being quickly replaced by their biodegradable substitutes such as PLA, starch-based Plastics, PHA, and so on owing to its ease in design, excellent barriers properties, and cost-effectiveness.
Global Biodegradable Packaging market is segmented by Application into Personal & Home Care, Beverage Packaging, Food Packaging and Pharmaceuticals. Rising biodegradable plastics demand as foremost packaging materials in verticals such as food & beverages, consumer goods and pharmaceuticals is alleged to boost market growth over forecast period. The highest growth in the biodegradable packaging market is anticipated to come from food packaging and beverage packaging application segments, which will persist to expand in the coming years. While food packaging takes the uppermost position in the biodegradable packaging market, with more than 65% share by value of biodegradable plastic packaging and around 40% share by value of biodegradable paper packaging, utmost growth in the future is projected from the beverage packaging application segment.
Browse the full report at "Global Biodegradable Packaging Market Outlook"
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. Europe and North America are estimated to command the overall market of biodegradable packaging. North America is expected to be the largest consumer due to the presence of mature markets that consist of extremely ecological conscious consumers. Europe is anticipated to be leading market for biodegradable plastics, in view of the stringent government regulations against usage of non-recyclable plastic in the region. The market in Europe is expected to be followed by the Asia Pacific market, owing to presence of a huge consumer base and awareness about bioplastic materials in the region. Growing pharmaceuticals packaging industry in Asia Pacific region is anticipated to impel market growth. Technological development in distribution channels together with advanced industrialized processes is estimated to foster biodegradable packaging market growth in the region.
Some of the Key players in the market include Biopac, Georgia-Pacific LLC, Clearwater Paper Corporation, Mondi Group, BASF SE, Novamont S.P.A, Rocktenn, International Paper, Natureworks LLC, Mondi Group, Ranpak Corp, Stora Enso, Smurfit Kappa Group, GreenBlue, Amcor and Tetra Pak.
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