Press release
Biodegradable Packaging Market Is Gaining Huge Growth In Upcoming Years 2024 - 2031 | BASF SE, Smurfit Kappa Group, Mondi Group
Biodegradable Packaging Market
The biodegradable packaging market is estimated to be valued at USD 111.55 Bn in 2024 and is expected to reach USD 167.52 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6% from 2024 to 2031.
Market Dynamics:
The growth of the global biodegradable packaging market is primarily driven by stringent regulations imposed by governments around the world regarding the use of conventional plastic packaging and its environmental impact. Various countries have either banned or imposed levies on single-use plastics to promote sustainability. Furthermore, rising consumer awareness about eco-friendly products and packaging is also fueling the demand for biodegradable alternatives. Changing lifestyles and increasing disposable incomes are resulting in more packaged food and electronic items, thus driving packaging consumption overall. However, high costs associated with biodegradable packaging as compared to traditional plastics may restrain the market growth.
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Biodegradable Packaging Market Drivers, Restrains, Opportunities and Trends
Government Regulations for Promoting Sustainable and Environment-Friendly Packaging Solutions is Major Driver in Biodegradable Packaging Market
Many governments across the globe are implementing strict norms and regulations regarding packaging waste management and promoting the use of biodegradable and eco-friendly packaging products. This is a major driver for growth of biodegradable packaging market. Government initiatives aim to reduce dependency on plastics which are not biodegradable and create huge trash piles in landfills. Strict laws on usage of conventional plastics are enforcing industries to shift towards greener packaging alternatives which can decompose without harming the environment. Continued support from regulatory bodies through favorable policies will help expand the biodegradable packaging sector over the coming years.
Individuals and Businesses are Increasingly Adopting Circular Economy Concepts
In the post COVID era, sustainability and conservation of natural resources have become high priorities for both individuals and corporate entities. Traditional linear take-make-dispose economic model is progressively shifting to circular economy principles of reusing, reducing and recycling. Biodegradable and compostable packaging designed for circular systems fits well in this transition. More companies are setting ambitious waste reduction goals and integrating life-cycle assessment framework in packaging decisions. Individual pro-environmental actions like home composting and segregated waste disposal are also becoming popular worldwide. This prevailing market trend clearly favors wider proliferation of biodegradable alternatives in the long run replacing single-use plastics.
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Top Companies Featured in This Report:
★ BASF SE
★ Smurfit Kappa Group
★ Mondi Group
★ Rocktenn
★ Stora Enso
★ Clearwater Paper Corporation
★ Amcor
★ Novamont S.P.A.
★ Kruger Inc.
★ Reynolds Group Holding Limited
★ International Corp.
★ Solenis
★ DuPont
★ Ball Corp
★ Novamont
★ Tetra Pak International SA
★ Biopak PTY
★ Imex Packaging
★ Elevate Packaging Inc
Market Segmentation:
By Product Type:
★ By Type: Plastic and Paper
★ By End-Use Industry: Food , Beverage , Pharmaceutical , Personal/Homecare , and Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Biodegradable Packaging Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Biodegradable Packaging market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Biodegradable Packaging market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Biodegradable Packaging market.
Segment Analysis: Examining the market value and sales volume of Biodegradable Packaging by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Biodegradable Packaging market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Biodegradable Packaging sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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