Botanical packaging involves the use of plant-based materials like bamboo, sugarcane, wheat straw and leaves for manufacturing packaging products. Such packaging solutions are eco-friendly alternatives to plastic and have gained popularity due to increasing awareness about environmental protection. Packaging made from botanical sources is fully biodegradable and carbon-neutral. It helps reduce contamination of oceans and landfills.
The global Botanical Packaging Market is estimated to be valued at US$ 120.0 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for sustainable packaging from various end-use industries like food and beverages, pharmaceuticals and personal care is a major factor driving the growth of the botanical packaging market. Changing consumer preferences towards green packaging made from renewable plant-based materials is prompting companies to adopt more eco-friendly alternatives to plastic packaging. In addition, stringent government regulations regarding the use of single-use plastic are encouraging industries to opt for compostable and biodegradable packaging solutions made from botanical sources like bamboo, wheat straw and sugarcane, thereby fuelling the market expansion.
SWOT Analysis
Strength: Global Botanical Packaging Market Size is environment friendly and sustainable as it is made from renewable plant based sources. It helps companies to gain competitive advantage by enhancing their green and sustainable brand image.
Weakness: Shelf life of botanical packaging is relatively lesser than petroleum based plastics. High reliance on agricultural produce makes supply vulnerable to climatic conditions.
Opportunity: Growing environmental concerns and regulations against single use plastics provide major growth opportunities. Demand for green packaging from FMCG and food & beverage industries is on the rise.
Threats: Fluctuation in raw material prices due to changes in climate could increase production costs. Strong competition from hybrid materials that provide benefits of both plastics and plant based materials.
Key Takeaways
The global botanical packaging market is expected to witness high growth over the forecast period. The Asia Pacific region currently dominates the market due to presence of major agricultural economies like India and China. Growing health consciousness and stringent government regulations against plastics in several countries like India, China, Japan, Australia etc. is driving demand for sustainable packaging solutions in the region.
Key players operating in the botanical packaging market are Amcor Limited, Ball Corporation, Smurfit Kappa Group, Ardagh Group, Gerresheimer AG, DS Smith Plc, Constantia Flexibles Group, WestRock Company, Uflex Ltd., Mondi Group. Major players are focusing on capacity expansion, innovation and strategic partnerships to gain competitive advantage. For instance, Amcor launched new plant based fiber packaging ‘Envirofil’, blending paper and plastic components for food packaging.
The global botanical packaging market size was valued at US$ 120.0 Mn in 2023. Factors such as rapid urbanization, rising disposable incomes, changing lifestyles and growing demand for convenience foods are driving market growth in developing regions. Major FMCG and food and beverage companies are actively partnering with botanical packaging manufacturers to replace plastics with eco-friendly options in their product packaging. The market is projected to reach US$ 200.0 Mn by 2030, expanding at a CAGR of around 11% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it