Biodegradable Packaging Material Market Share, Growth by Top Company Forecast to 2028 || Key Players - Smurfit Kappa UK Ltd., International Paper Company, WestRock Company, Mondi Limited

Fact.MR has recently updated its massive report catalog by adding a fresh study titled “Biodegradable Packaging Material Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2028”. This business intelligence study encapsulates vital details about the market current as well as future status during the mentioned forecast period of 2028. The report also targets important facets such as market drivers, challenges, latest trends, and opportunities associated with a growth of manufacturers in the global market for Biodegradable Packaging Material. Along with these insights, the report provides the readers with crucial insights on the strategies implemented by leading companies to remain in the lead of this competitive market.

Majority of millennial shoppers are becoming highly-aware of the environmental footprint of products they use and thereby, sustainable brands are grabbing attention from environment-conscious end-users. Manufacturers across various industrial sectors are adopting strategies to use biodegradable packaging materials to incorporate a pro-environment message as a part of their marketing policies.

The Ellen MacArthur Foundation – a British charity – declared its New Plastics Economy initiative, which united globally recognized brands, including Unilever, the Coca-Cola Company, Danone, Amcor Limited, and PepsiCo, to work towards adopting sustainable packaging materials by the year 2025. As a part of its Performance with Purpose 2025 agenda, PepsiCo announced that it will adopt 100% compostable, recyclable, or biodegradable packaging materials by 2025.

The Coca-Cola Company recently declared its packaging vision to make all its packaging 100% recyclable by the year 2025. It also “pledged” to incorporate 50% recycled materials across all its packaging worldwide by 2030. Unilever also declared that it will reduce its packaging waste by one third by the year 2020 and adopt fully compostable or biodegradable packaging materials by 2025.

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A palpable shift towards biodegradable packaging materials among retailers across the world is expected to provide a great boost to the development of the biodegradable packaging marketing in the coming future.

Biodegradable Packaging Material Market: Investment in Cutting-edge Manufacturing Technologies Growing

Leading manufacturers in the biodegradable packaging material market are adopting advanced technologies to cater to the increasing demand for highly-efficient and affordable biodegradable packaging solutions. Furthermore, next-generation technological solutions are aiding manufacturers in the biodegradable packaging material market to improve the suitability of their biodegradable packaging solutions for industry-specific applications.

Market players, such as Smurfit Kappa Group, Mondi Limited, and Amcor Limited, recently announced that they have adopted strategies to increase investments in state-of-the-art technologies, such as resin reclamation technology and extrusion coating technology, to boost speed and flexibility of manufacturing processes and deliver application-specific biodegradable packaging solutions.

Stringent Regulations against Single-Use Packaging Drive Demand for Biodegradable Packaging Materials

According to statistics declared by the World Bank, more than 2 billion tons of solid waste was generated across the globe in 2016, and with the increasing global population, annual waste generation may increase by 70% to reach 3.4 billion tons by 2050. Another report published by the World Economic Forum opined that in 2015, over 300 million tons of plastic waste was generated across the world, and only 14% of which was recycled.

Considering the perils of rising plastic waste generation, a majority of governments and institutes, such as the European Commission, have imposed a ban on the use of single-use plastic packaging materials. Players in the biodegradable packaging material market are aiming to leverage lucrative business opportunities as manufacturers are shifting towards eco-friendly packaging materials while complying with strict government regulations.

Shift from Traditional to Biodegradable: Opportunities and Challenges for Stakeholders Across Supply Chain

The surge in biodegradable packaging can be attributed, in part, to regulatory challenges pertaining to the use of traditional plastics. The institution-industry collaboration to mitigate global warming has led to adoption of sustainable materials. The growing emphasis towards ‘eco-friendly packaging’ is likely to create sustained opportunities for biodegradable packaging material manufacturers in the long-term. However, the onus is on manufacturers to scale up and offer a wide range of functional products that are compatible with the evolving needs of various industries.

The lucrativeness of biodegradable packaging materials market has led to the foray of a large number of domestic and local players. The ambiguity over what qualifies as ‘biodegradable packaging material’ has also made it necessary for governments to have the necessary regulatory frameworks in place.

The broader impact of a shift towards biodegradable packaging is all-encompassing – from material providers to recyclers, every player in the supply chain is involved. Further, many biodegradable materials cannot be recycled, which continues to create challenges in terms of investment. The challenges are not limited to recyclability alone – ineffective waste management continues to create shortage as well as oversupply of raw materials used in the manufacture of biodegradable packaging.

Another leading stakeholder in the biodegradable packaging material market, Amcor Limited and Bemis Company, Inc. announced to have entered a strategic agreement to combine in US$ 6.8 billion, to consolidate a stronger position in the consumer packaging market. Other established players in the biodegradable packaging material market, such as DS Smith plc. and Smurfit Kappa UK Ltd., have announced to have adopted strategies to leverage the recent developments in e-commerce to envisage profitable growth in the biodegradable packaging material market in the coming future.

The Fact.MR report on the biodegradable packaging material market presents valuable insights about the potential business opportunities for biodegradable packaging material manufacturers and recent developments in the biodegradable packaging material market. On conducting a thorough market research, accurate conclusions are drawn about the growth prospects of the biodegradable packaging material market. The qualitative and quantitative information about the biodegradable packaging material market featured in the report can help biodegradable packaging material manufacturers to make appropriate business decisions in the upcoming years.

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