The global biodegradable packaging market is segmented into application such as food packaging, pharmaceutical packaging, beverage packaging and others. Among these segments, food packaging segment grabbed the largest stake of overall biodegradable packaging market with 70.2% share. Apart from this, beverage packaging is projected to witness lucrative growth in near future. Likely, robust expansion of food and beverages industry over the globe on the back of changing consumer preference towards food products is believed to flourish the growth of global biodegradable packaging market. In addition to this, increasing sale of ready to eat food is also envisioned to trigger the market of global biodegradable packaging in near future.
Global biodegradable packaging market is anticipated to capture a noteworthy CAGR of 14.2% over the forecast period i.e. 2015-2021. Moreover, the global biodegradable packaging market is anticipated to account exponential sales of USD 17.9 Billion by the end of 2021. Additionally, the market is riding on the back of growing demand for sustainable packaging.
The paper segment by material type is projected to seize a remarkable CAGR during the forecast period. Apart from this, Europe and North America are the prominent regional markets of biodegradable packaging. Additionally, rising government regulations towards limiting non-biodegradable packaging due to environment concerns is expected to push the market of biodegradable packaging in both the regions. Apart from this, Asia-Pacific region is predicted to be the fastest growing biodegradable packaging market owing to increasing awareness about eco-friendly packaging.
Evolution of Packaging Industry
Mounting environmental concerns throughout the world have pushed the government to increase their spending on the development of eco-friendly products which is believed to augment the demand for biodegradable packaging. Furthermore, growing concerns for waste disposal all over the globe is also predicted to foster the growth of biodegradable packaging market.
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Advancement in Packaging
Recent advancement in biodegradable packaging industry such as introduction of new material which includes starch, cellulose and other materials which are derived from processes involving microbial fermentation. Moreover, enhanced impact resistance and tensile strength are some of the factors propelling the market of biodegradable packaging.
On the contrary, lack of government initiatives in underdeveloped nations regarding the adoption of biodegradable packaging is expected to be the major factor hampering the market of biodegradable packaging by 2021.
The report titled “Global Biodegradable Packaging Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global biodegradable packaging market in terms of market segmentation by material type, by applications and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global biodegradable packaging market which includes company profiling of International Paper, Biopac, Natureworks LLC, Stora Enso, Clearwater Paper Corporation, Novamont S.P.A, Georgia-Pacific LLC, Rocktenn, Mondi Group, Smurfit Kappa Group, Kruger Inc. and BASF SE. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biodegradable packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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