Biodegradable Packaging Market Size, Trends, Top Companies, Growth Rate, In-Depth Analysis 2024-2032

IMARC Group, a leading market research company, has recently releases report titled "Biodegradable Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global biodegradable packaging market size reached US$ 101.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 166.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.45% during 2024-2032.

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Factors Affecting the Growth of the Biodegradable Packaging Industry:

• Rising Environmental Concerns:

The escalating demand for biodegradable packaging due to rising environmental concerns is supporting the growth of the market. In line with this, the increasing awareness among individuals about the detrimental effects of plastic waste on ecosystems, oceans, and wildlife is impelling the market growth. Moreover, people and organizations are actively seeking sustainable alternatives to maintain environmental sustainability. Biodegradable packaging materials break down into natural elements without causing harm to the environment. Apart from this, individuals are becoming more eco-conscious and are increasingly purchasing sustainable products.

• Favorable Government Initiatives:

Governing agencies of various countries are implementing stringent regulations to reduce plastic waste and are encouraging sustainable packaging practices, which is propelling the growth of the market. In addition, these regulations encompass restrictions on single-use plastics, recycling targets, and requirements for eco-friendly packaging. Apart from this, companies are increasingly adopting biodegradable alternatives due to bans on plastic bags and straws in various countries. Furthermore, compliance with these regulations is not only legally mandated but also enhances the reputation of a company. Additionally, financial incentives, such as tax breaks and subsidies, are offered to organizations that adopt biodegradable packaging solutions.

• Advancements In Biodegradable Materials:

Advancements in biodegradable materials benefit in improving the durability, flexibility, and cost-effectiveness of packaging. In line with this, innovations in bio-based polymers and composite materials assist in enhancing their strength and shelf life, making them suitable for a wider range of products. Furthermore, the rising development of biodegradable materials with specific properties, such as water resistance, heat tolerance, and barrier capabilities, is contributing to the growth of the market. Besides this, nanotechnology is implemented in biodegradable materials to improve their mechanical properties.

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Leading Companies Operating in the Global Biodegradable Packaging Industry:

• Amcor PLC
• Berkley International Packaging Limited
• Biopak PTY LTD
• Elevate Packaging Inc.
• Greenpack Limited
• International Paper Company
• Kruger Inc.
• Mondi Group
• Ranpak Holding Corporation
• Smurfit Kappa Group PLC
• Tetra Pak International SA
• Toray Plastics (America) Inc. (Toray Industries Inc)

Biodegradable Packaging Market Report Segmentation:

By Material Type:

• Plastic
o Starch-based Plastics
o Cellulose-based Plastics
o Polylactic Acid (PLA)
o Poly-3-Hydroxybutyrate (PHB)
o Polyhydroxyalkanoates (PHA)
o Others
• Paper
o Kraft Paper
o Flexible Paper
o Corrugated Fiberboard
o Boxboard

Paper represented the largest segment due to the escalating demand for eco-friendly packaging solutions.

By Application:

• Food Packaging
• Beverage Packaging
• Pharmaceutical Packaging
• Personal/Homecare Packaging
• Others

Food packaging accounted for the largest market share on account of the rising safety concerns.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Europe enjoys the leading position in the biodegradable packaging market, which can be attributed to stringent regulations against single-use plastics and other non-biodegradable materials.

Global Biodegradable Packaging Market Trends:

Biodegradable packaging materials have a lower carbon footprint as compared to traditional plastics. Their production involves fewer greenhouse gas (GHG) emissions, making them a more eco-responsible choice. This reduced environmental impact appeals to both individuals and companies aiming to meet sustainability goals.
Various companies are investing in biodegradable packaging to align with their sustainability goals, demonstrate their commitment to environmental responsibility, and increase brand image and reputation. Besides this, biodegradable packaging reduces the volume of non-recyclable waste in landfills, making it an attractive option for waste management strategies.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.