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Compostable Packaging Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Compostable Packaging Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing consumer awareness about environmental impact, the regulatory push towards reducing plastic waste, the rise of bio-based and renewable feedstocks for packaging materials, the growth of sustainable and eco-friendly product trends, and corporate sustainability initiatives and goals.
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%. The growth in the forecast period can be attributed to stricter regulations on plastic use and waste management, rising demand for sustainable packaging solutions from industries, increasing advancements in compostable packaging materials, growing food and beverage industry, and increasing investment and innovation in circular economy solutions. Major trends in the forecast period include expansion of composting infrastructure and facilities, integration of IoT and smart packaging in compostable products, advances in compostable materials technology, adoption of compostable packaging in e-commerce and food delivery sectors and shift towards multi-layer compostable films for better functionality and barrier properties.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Compostable Packaging Market 2024 Key Insights:
• 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%.
• The Rising Food And Beverage Industry Fuels Growth In The Compostable Packaging Market
• Development Of Innovative Technologies And Eco-Friendly Designs In The Compostable Packaging Market
• North America was the largest region in the compostable packaging market in 2023
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