Biodegradable Paper & Plastic Packaging Market

Biodegradable Paper & Plastic Packaging Market Size (2023-2028):

Biodegradable Paper and plastic packaging Market size were valued at around USD 11.24 billion in 2022 and are estimated to grow at a CAGR of above 15% to reach USD 19.81 billion by the end of 2028.

The packaging attributes, appearance, and other properties differ according to the materials, which are employed for biodegradable packaging. The packaging business is a sizeable industrial segment, but the biodegradable packaging segment is a small sector in it. In recent times, global biodegradable packaging has made advancements and has become more developed. In the foreseen years, biodegradable packaging will become a major part of the packaging business.

The biodegradable packaging process uses a natural and easily degradable protection method for covering. There are several benefits of this process compared to conventional non-biodegradable packaging. There is no need for an external element to support the degradation of biodegradable packaging as it decomposes quickly and in a short time. Often biodegradable materials are a kind of landfill compared to non-biodegradable materials. 

BIODEGRADABLE PAPER & PLASTIC PACKAGING MARKET REPORT COVERAGE:

Market Segmentation: 

Biodegradable Paper & Plastic Packaging Market On the Basis of Application:

• Beverage packaging

• Personal and home care packaging

• Electronic appliance packaging

• Food packaging

• Pharmaceuticals packaging

• Others.

The food & beverage business was the biggest consumer of the biodegradable paper and plastics packaging market in 2018 due to a high rise in customer demand. Competition amongst business participants for product differentiation is estimated to boost biodegradable paper and plastic packaging market expansion in the application sector over the foreseen period.

Biodegradable Paper & Plastic Packaging Market On the basis of Type:

• Paper
• Plastic

Biodegradable paper packaging products contain the majority of the market share worldwide. While the food packaging application sector contributes highly to the biodegradable plastic packaging market, beverage packaging will drive future expansion in the biodegradable plastic packaging business.

The Biodegradable Paper & Plastic Packaging Market By Region:

• North America

• Europe 

• Asia Pacific 

• Latin America

• The Middle East and Africa 

North America and Europe lead the global biodegradable paper and plastic packaging market. In the North American region, the USA is the biggest consumer of biodegradable packaging materials. In the Asia Pacific region, countries such as China, Malaysia, India, and Thailand enhance market growth due to the increase in customer awareness toward biodegradable plastic and paper packaging products. The pharmaceutical packaging business is rising in the Asia-Pacific region which in turn is propelling the market expansion. In the Latin American region, Brazil is the biggest market holder due to rising disposable income and economic growth.

Recent Developments:

• Novamont extends its support to the compost pilot program in Connecticut's Fairfield – Sustainable Fairfield Task Force (SFTF) and Recycling Department and Commission, on July 20, 2109, introduced in Fairfield (Connecticut) a new composting program in order to cut down on food waste that is a vital source of the greenhouse gas methane, encouraging residents to make the most of their food waste through either home composting or curbside pickups.

• Paper Excellence Canada (PEC) has finalized the collaboration with Catalyst Paper Corporation. This involves its three facilities situated in Crofton, Port Alberni, and Powell River, its Surrey distribution center, and its headquarters in Richmond, B.C. 

Major Key Players:

Major companies playing their trade in the Biodegradable Paper & Plastic Packaging Market include

• Smurfit Kappa Group

• Rocktenn

• BASF

• Mondi Group

• Stora Enso

• Reynolds Group Holding Limited

• Clearwater Paper Corporation

• Novamont S.P.A.

• Amcor

• Kruger Inc.

• International Corp