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Compostable Packaging Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | BASF SE, Mitsubishi Chemical Corporation, WestRock Company, International Paper Company
Compostable Packaging Global Market Report 2024
As per the report, the compostable packaging market size has grown strongly in recent years. It will grow from $85.65 billion in 2023 to $92.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The compostable packaging market size is expected to see strong growth in the next few years. It will grow to $127.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
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The Rising Food And Beverage Industry Fuels Growth In The Compostable Packaging Market
The increasing food and beverage industry is expected to propel the growth of the compostable packaging market going forward. The food and beverage industry encompasses the production, processing, distribution, and sale of edible goods and drinks for consumption. The food and beverage industry is growing due to the increasing global population, changing consumer preferences towards healthier and more convenient options, and innovation in product development and distribution channels. Compostable packaging is required in the food and beverage industry to reduce plastic pollution, meet consumer demand for environmentally friendly products, and comply with regulations promoting sustainable practices. For instance, in September 2022, according to a report published by Statistics Sweden, a Sweden-based government agency, the revenue from food and beverage sales reached $37.44 billion (SEK 334 billion), reflecting a 2.9% increase driven by a 2.5% rise in sales volume. Additionally, prices for food and beverages saw a slight 0.4% increase, contributing to this growth. Therefore, the increasing food and beverage industry is driving the growth of the compostable packaging market.
Development Of Innovative Technologies And Eco-Friendly Designs In The Compostable Packaging Market
Major companies operating in the compostable packaging market are focusing on developing technologically advanced products, such as plastic-free packaging, to enhance the performance and sustainability of their packaging solutions. Plastic-free packaging refers to packaging solutions that do not contain any plastic materials, utilizing alternative sustainable materials to reduce environmental impact. For instance, in June 2021, BioPack Solutions, a UK-based packaging company, launched a range of plastic-free picnic packs. The unique feature of this packaging lies in its use of sugarcane pulp, a by-product of sugar production that is home-compostable, rapidly renewable, and biodegradable, enabling customers to enjoy completely waste-free gatherings. The new design also includes the product image printed on the box, eliminating the need for plastic windows.
The compostable packaging market covered in this report is segmented -
1) By Material: Polylactic Acid (PLA), Wheat Straw Fiber, Talc-Filled Polylactic Acid (TPLA) And Crystallized Polylactic Acid (CPLA), Cellulose, Bamboo, Polyhydroxyalkanoate (PHA), Other Materials
2) By Application: Bags, Pouches, Trays, Tapes, Mailer Bags, Films, Clamshells
3) By End Use: Food And Beverages, Pharmaceuticals, Personal Care And Cosmetics, Other End Uses
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Major companies operating in the compostable packaging market are BASF SE, Mitsubishi Chemical Corporation, WestRock Company, International Paper Company, Amcor Plc, Smurfit Kappa, Stora Enso, DS Smith, Mondi Plc, Rengo Co. Ltd, Huhtamaki Oyj, Klabin SA, Clearwater Paper Corporation, Holmen Iggesund, Carvajal Empaques S.A., Vegware Ltd., NatureWorks LLC, Plantic Technologies Ltd., Novamont SpA, SmartSolve LLC, TIPA Corp., Biome Technologies Plc, Total Corbion PLA BV, Reyma Oficial, Ultra-Green Packaging Inc.
Contents of the report:
1. Executive Summary
2. Compostable Packaging Market Report Structure
3. Compostable Packaging Market Trends And Strategies
4. Compostable Packaging Market - Macro Economic Scenario
5. Compostable Packaging Market Size And Growth
…..
27. Compostable Packaging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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