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Biodegradable Bags Market Industry Analysis, Opportunity Assessment CAGR of 7.84% from 2017 to 2026
Global Biodegradable Bags Market was US$1470 Mn in 2017 and is expected to reach US$2900 Mn by end of 2026. at a CAGR of 7.84% from 2017 to 2026.
Global Biodegradable Bags Market is segmented by type, by application and by region. In terms of type Biodegradable Bags Market is classified into Oxo-biodegradable Bags and Hydro-biodegradable Bags. Food and beverages, pharmaceuticals, packaging, agriculture and composting, textiles are the application segments of Global Biodegradable Bags Market. Biodegradable bags are extensively used owing to their characteristics such as light weight and easy disposability. Biodegradable bags has been extensively used for packaging in various sectors across the globe. Over the years, the demand for biodegradable bag market is witnessing a higher growth due to the implementation of the stringent regulations on the use of non-degradable plastic by various governments across the world and increase in health awareness among the consumers. The food & beverage industry contributes heavily to the biodegradable packaging industry. Thus, the growth of the food and beverages related packaging will promote the biodegradable bag market growth in coming years. Geographically Biodegradable Bags Market is segregated into North America, Latin America, Asia-Pacific, Europe and Middle East & Africa. The U.S. accounted for the largest market share in bio-degradable bags mainly due to increasing concerns regarding the environment in people, which is anticipated to fuel the global market in future.
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Global Biodegradable Bag Market
With the growth in environmental concerns, there is a continuous rise in consumer awareness towards the use of eco-friendly products. Thus, the customer preference towards eco-friendly clean substitutes from traditional synthetic products is anticipated to fuel the demand for Oxo-biodegradable bags. Also, continuous growth in food & beverage and pharmaceutical industries helps in boosting the demand for Oxo-biodegradable bags across the globe. Manufacturers of Oxo-biodegradable bags have also introduced with Oxo-biodegradable bags for a variety of market Regions in customized sizes and colours. However, the sudden fluctuation in the cost of raw-materials involved in the Textiles of Oxo-biodegradable bags is the restraining factor for the growth of global Oxo-biodegradable bags market. Growing demand for Oxo-biodegradable bags in packaging owing to advantageous product are expected to boost growth.
Hydro-biodegradable plastics are not genuinely renewable because the process of making them from crops is itself a significant user of fossil-fuel energy and a producer therefore of greenhouse gases.
Compared to other regions, the Global Biodegradable Bags Market in the North America region is expected to show an exponential growth over the forecast period. Rise in urbanization leading increased environmental concerns in the developing economies like India & China is a major reason for switching towards Biodegradable packaging in the Asia-Pacific region. Middle East and Africa shows a favourable Growth in demand of Global Biodegradable Bags Market. Biodegradable bags market is expected to grow at a healthy CAGR globally over the forecast period.
The Biodegradable bags market is dominated by various players such as, Biopac India Corporation Ltd., Smurfit Kappa Group, Mondi Group, BASF SE, WestRock Company, Georgia-Pacific, Metabolix, Inc., Cereplast Inc., Novolex, Shabra Group, International Plastics Inc., Ampac Holdings LLC, Bulldog Bag Ltd., Abbey Polyethene, Sahachit Watana Plastic Industry Co Ltd., Sarah Bio Plast.
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The scope of Global Biodegradable Bags Market
Global Biodegradable Bags Market by Type:
• Oxo-biodegradable
• Hydro-biodegradable
Global Biodegradable Bags Market by Application:
• Food and beverages
• Pharmaceuticals
• Packaging
• Agriculture and composting
• Textiles
Global Biodegradable Bags Market by Region:
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
Key Player analysed in Global Biodegradable Bags Market:
• Biopac India Corporation Ltd
• Smurfit Kappa Group
• Mondi Group
• BASF SE
• WestRock Company
• Georgia-Pacific
• Metabolix, Inc.
• Cereplast Inc.
• Novolex
• Shabra Group
• International Plastics Inc.
• Ampac Holdings LLC
• Bulldog Bag Ltd.
• Sahachit Watana Plastic Industry Co Ltd.
• Abbey Polyethene
• Sarah Bio Plast
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