Press release
Oxo-Biodegradable Plastic Packaging Market Grows Owning To Innovations In Technology Forecast 2016 - 2024
Raising consumer awareness towards eco-friendly products, growing environmental concerns, and changing consumer preference towards cleaner and eco-friendly substitutes from synthetic products is anticipated to drive demand for oxo-biodegradable plastics. Furthermore, growing food & beverage industry, and pharmaceutical industries are boosting the demand for oxo-biodegradable plastics.
However, higher costs involved with oxo-biodegradable plastics is the limiting factor for the growth of the global oxo-biodegradable plastic packaging market.
The key trend observed in the market ring processes along with strong R&D, and implementing growth strategies such as collaborations and agreements.
Global Oxo Biodegradable Plastic Packaging Market: Regional Outlook
Based on the geographies, the global oxo-biodegradable plastic packaging market is segmented into five key regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. global oxo-biodegradable plastic packaging market, this is owing to increasing environment consciousness and spending population. Owing to the implementation of strict guidelines and regulations regarding environment safety, and tax imposition on the use of petroleum-based plastics in Ireland and Germany, Europe is anticipated to exhibit lucrative growth during the forecast period. Owing to changing lifestyle pattern coupled with increasing demand for packaged food products in AsiaPacific is expected to drive the demand for oxo-biodegradable plastics. Latin America is expected to show favorable growth on account of an advanced manufacturing process and technological advancements in the value chain. Owing to growing oil and gas industries in MEA is anticipated to grow at modest growth rate over the forecast period.
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