The global biodegradable packaging market is segmented into applications such as food packaging, pharmaceutical packaging, beverage packaging etc. Among these segments, food packaging segment is expected to occupy the top position in biodegradable packaging market during the forecast period. Further, food packaging leads the market with 70.2 % of share in overall global biodegradable packaging market.
Global biodegradable packaging market is expected to flourish at a CAGR of 14.2% over the forecast period. Moreover, the global biodegradable packaging market is anticipated to showcase noteworthy revenue of USD 17.9 Billion by the end of 2021. Moreover, the market of biodegradable packaging is driven by various factors such as increasing regulations of government to reduce the non-biodegradable wastage.
In 2016, North America region is dominating the global biodegradable packaging market and has captured highest share among all regions. Biodegradable packaging market in North America region stood at a valuation of USD 3.4 Billion in 2016. Further, North-America region is expected to continue its dominance over the forecast period on the account of the adoption of advanced ecofriendly technology in packaging sector.
Europe stood second in terms of share and is expected to witness robust growth with the market share of 80% in the forecast period. Availability and increasing adoption of new method of biodegradable paper and plastic packaging is projected to witness the growth of the biodegradable packaging market in the Europe region.
Expansion of Biodegradable Packaging Market
Rising demand for new and advanced technology for the green packaging across the globe is fuelling the growth of biodegradable packaging market. Moreover, rising adoption of biodegradable packaging in agriculture sector, pharmaceutical sector etc. has improved the quality and quantity of production of grains, vegetables, fruits, drugs and soft drinks. Moreover, Rising inclination of people towards use of environment friendly products is one of the major growth drivers of the bio-degradable packaging industry.
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Government Regulations and Legislations
Government is encouraging the environmental friendly packaging system such as food packaging, pharmaceutical packaging, beverage packaging and others for safety measures of a particular product and taking active participation for investment purpose is driving the demand for biodegradable packaging market.
In contrast, huge differences between the price of bio-degradable and traditional/conventional packaging materials is a major obstacle in front of the global bio-degradable packaging industry.
The report titled “Biodegradable Packaging Market: Global Demand Analysis & Opportunity Outlook 2021 ” delivers detailed overview of the global biodegradable packaging market in terms of market segmentation by product, by application 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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