Biodegradable Packaging Market Size

Biodegradable packaging is fastest growing segment fueling the growth of Biodegradable Packaging market

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The global Biodegradable Packaging market is estimated to be valued at US$ 12,134.2 Mn in 2023 and is expected to exhibit a CAGR of 20.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biodegradable packaging products are plant-based and break down naturally without harming the environment. These products provide durable and lightweight packaging solutions for food, beverages and other consumer goods while reducing waste. They help promote sustainability and reduce carbon footprint.

Market key trends:
Growing environmental concerns among consumers and stringent regulations on single-use plastic by governments across the globe are major factors driving the demand for biodegradable packaging solutions. Regulatory bodies are promoting the use of biodegradable and compostable packaging made from renewable and natural sources to curb plastic pollution. Various industries are increasingly adopting biodegradable packaging materials for their minimal environmental impact. Advancements in biopolymers and material sciences have improved functionality and shelf-life of biodegradable packaging solutions. The trend towards eco-friendly shopping is also fueling the growth of biodegradable flexible packaging and bags.
Segment Analysis
The Biodegradable Packaging Market Growth is segmented into plastic, paper, and others. Among these, the plastic segment dominated the market in 2021 and is expected to remain dominant during the forecast period. Plastics can be molded into various shapes and sizes to package different products. They are lightweight and help reduce carbon footprint by lowering freight costs. The demand for plastic biodegradable packaging is high from food & beverage and personal care industries.

Key Takeaways
The global biodegradable packaging market is expected to witness high growth, exhibiting CAGR of 20.8% over the forecast period, due to increasing environmental concerns regarding landfill waste and stringent government regulations towards usage of non-degradable plastics.

Regional analysis – North America dominated the market in 2021 and is expected to remain dominant during the forecast period. Stringent government regulations in the region favoring biodegradable packaging solutions and presence of major players are driving the market. Asia Pacific is expected to grow at the highest CAGR during the forecast period due to an increase in the purchasing power of middle-class population and growth of end-use industries in countries like China and India.

Key players – Key players operating in the biodegradable packaging market are BASF SE, Smurfit Kappa Group, Mondi Group, Rocktenn, Stora Enso, Clearwater Paper Corporation, Amcor, Novamont S.P.A., Kruger Inc., Reynolds Group Holding Limited, and International Corp. These players are focusing on new product development and partnerships to strengthen their hold in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it