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Biodegradable Paper and Plastic Packaging Global Market Report 2024 Market Overview 2024-2033 - Share, Size, Insights, Forecast
Biodegradable Paper and Plastic Packaging Global Market Report
According to The Business Research Company's, The biodegradable paper and plastic packaging market size has grown rapidly in recent years. It will grow from $11.86 billion in 2023 to $13.05 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to consumer demand for diverse products, cost efficiency and scalability, focus on core competencies, environmental concerns.
The biodegradable paper and plastic packaging market size is expected to see rapid growth in the next few years. It will grow to $19.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to consumer preferences, corporate sustainability initiatives, increaseing investments, collaborations and partnerships. Major trends in the forecast period include increasing environmental awareness, regulatory push for sustainability, innovation in biodegradable materials, shifting consumer preferences, technological advancements in production, collaborations and partnerships.
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Market Drivers and Trends:
The rising preference for eco-friendly products is expected to propel the growth of the biodegradable paper and plastic packaging market going forward. Eco-friendly refers to products that are earth-friendly or not damaging to the environment. Customers increasingly prefer eco-friendly products for packaging due to environmental concerns, health and safety considerations, corporate social responsibility, and regulatory compliance. This eco-friendly packaging uses an eco-friendly product that uses alternative, recyclable or biodegradable materials. For instance, in July 2022, according to Meyers, a US-based, sustainable printing solutions provider, from a study of more than 10,000 people across 17 countries, 60% of consumers worldwide value sustainability as a purchasing factor, with the U.S. boasting a ratio of 61%, which is slightly higher than the global average. Further, in 2021, according to Simon-Kucher, German-based pricing and growth specialist, out of 10,281 respondents, 78% of global consumers feel that environmental sustainability is essential, and 34% are willing to pay more for sustainable products. Therefore, the rising preference for eco-friendly products drives the growth of biodegradable paper and plastic packaging.
The increasing number of product innovations is a key trend gaining popularity in the biodegradable paper and plastic packaging market. Major market players are concentrating their efforts on creating innovative technologies such as biodegradable packaging (plant-based plastics), digital printing, edible packaging, compostable packaging, recyclable packaging, and the use of nanotechnology in packaging. For instance, in February 2023, ProAmpac, a US-based flexible packaging company, launched ProActive Recyclable Paper-1000, a new curbside recyclable paper-based packaging. It is specially made to be heat-sealable and has great directional tear qualities in addition to a good moisture barrier. It delivers high performance suited for frozen food applications and secondary packaging applications. It has optimum stiffness for enhanced shelf appearance and a very good moisture barrier.
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Major Key Players of the Market:
Riverside Paper Co Inc.; SmartSolve Industries; Ultragreen; Tetra Pak Private Limited; Kruger Inc.; Amcor PLC; Mondi plc; International Paper; Smurfit Kappa Group; WestRock Company; BASF SE; Stora Enso Oyj; Rock-Tenn Company; DS Smith plc; BagInCo International; Reynolds Group; Plastic Suppliers Inc.; Huhtamaki Oyj; Innovia Films; Futamura Chemical Co. Ltd.; NatureWorks LLC; Novamont S.p.A.; Biopac UK Ltd.; Vegware Ltd.; Eco-Products Inc.; Genpak LLC; Pactiv LLC; Be Green Packaging LLC; Green Century Enterprises Inc.; BIO-ON S.p.A.; TIPA Corp.; Taghleef Industries
Biodegradable Paper and Plastic Packaging Market 2024 Key Insights:
• The biodegradable paper and plastic packaging market size will grow to $19.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• The Growing Preference For Eco-Friendly Products Drives The Biodegradable Paper And Plastic Packaging Market
• Product Innovations Drive Growth In The Biodegradable Paper And Plastic Packaging Market
• Asia-Pacific was the largest region in the biodegradable paper and plastic packaging market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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