Biodegradable Packaging Market Analysis and Forecast Study for 2014 - 2020
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Increased consumer preference towards biodegradable materials coupled with the growing environmental concern is expected to boost the overall growth of the biodegradable packaging market. Most of the major packaging companies are now shifting their focus towards biodegradable packaging in order to achieve greater consumer satisfaction. In addition, to differentiate their products from that of the competitors many manufacturers are now shifting towards biodegradable packaging. The biodegradable packaging market is expected to witness the fastest growth than that compared to the plastics packaging market. The biodegradable packaging market is a relatively new market however; it is expected to capture the existing market share of the non-biodegradable plastic packaging market. The food packaging and beverage packaging market is expected to play a crucial role in driving the overall global biodegradable packaging market. However, lack of government support especially in the developed countries is expected to curb the growth of the market. The presence of hugeprice difference between the biodegradable packaging and other conventional packaging is further expected to hamper the growth of the market.
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Europe and North America are expected to dominate the overall market of biodegradable packaging. North America is expected to be the largest consumer of the biodegradable packaging market.The developed regions are expected to dominate the overall biodegradable packaging market owing to the presence of mature markets that consist of highly environmental conscious consumers. In addition, the presence of high-spending population is also expected to increase the overall demand for biodegradable packaging in the developed regions. The presence of large populations in Asia Pacific is expected to boost the biodegradable packaging market. Owing to the increase in the contract manufacturing process coupled with increased governmental interest to promote biodegradable products by providing incentives in some countries such as China and India is further expected to contribute to the growth of the market.
The biodegradable packaging market is highly fragmented in nature. Some of the key participants of the biodegradable packagin market include International Paper, Natureworks LLC, Biopac, BASF SE, Stora Enso, Smurfit Kappa Group, Rocktenn, Clearwater Paper Corporation, Georgia-Pacific LLC and Novamont S.P.A among others. The companies mainly strive towards developing newtechnologies to manufacture biodegradable packaging material from various easily available natural resources. There are also huge investments in the research and development in order to develop innovative product which in turn would help the companies to gain competitive advantage in the market.
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