Biodegradable Plastic Packaging Market is Projected to Surpass USD 9.13 Billion by 2030 at a CAGR of 9.6% from 2022 to 2030; Increasing Demand for Biodegradable Plastic Packaging from End Use industry and strict Government Regulations
SkyQuest, a well-known and reputable market research company, has recently released a comprehensive report on the Biodegradable Plastic Packaging market. This report provides crucial insights into the latest trends and significant advancements in the industry, offering a valuable resource for businesses and industry professionals worldwide. In addition, the report includes case studies of prominent companies in the industry, providing a detailed analysis of their successes and failures. This provides valuable insights into effective strategies for achieving growth in this highly competitive market.
Westford, USA,, March 22, 2023 (GLOBE NEWSWIRE) — One of the biggest and most developed markets for biodegradable plastic packaging is in North America. Consumers in North America are becoming more aware of and concerned about how typical plastic packaging affects the environment, which is increasing the demand for more environmentally friendly substitutes like biodegradable plastics. Businesses that provide biodegradable plastic packaging are benefiting from the fact that many customers are ready to pay more for environmentally friendly items. In North America, numerous local and state governments have put in place rules and rewards to promote the use of biodegradable plastics. For instance, some localities have outlawed specific single-use plastic products, while others provide tax breaks to companies who use biodegradable packaging. Manufacturers of biodegradable plastic packaging are benefiting from the positive business climate these legislative actions are fostering. However, the market for biodegradable plastic packaging is expanding quickly in the Asia-Pacific area. In the Asia-Pacific area, there is an increase in consumer knowledge of and concern about the environmental effects of conventional plastic packaging, which is fueling demand for more environmentally friendly substitutes such biodegradable plastics. Businesses that provide sustainable packaging solutions are finding new opportunities as more customers become aware of the advantages of biodegradable plastics. The use of biodegradable plastic packaging is being sparked by the fact that numerous countries in the Asia-Pacific region are putting policies and goals in place aimed at decreasing plastic waste. For instance, China has put a ban on some single-use plastics, and Japan has established goals to utilize more biodegradable plastics.
According to the latest research by SkyQuest, the global agriculture equipment industry is expected to grow significantly in the coming years, with an estimated value of USD 9.13 billion by 2030. The report suggests that a CAGR of 9.6% will drive this growth. The adoption of biodegradable plastic alternatives is being driven by the growing environmental concerns about plastic usage (since plastics contain hazardous contaminants that affect plants, animals, and people). Invasive animals that destroy habitats can travel on floating plastic trash that can withstand thousands of years in water. Thus, the market is expanding as a result of the aforementioned factor.
An important factor driving the market for biodegradable plastic packaging is environmental concerns. Traditional plastic packaging’s creation and disposal have greatly aided in the pollution and deterioration of the environment. Polymers can harm wildlife and ecosystems and take hundreds of years to disintegrate. On the other side, biodegradable plastic packaging is made to break down naturally without harming the environment. Biodegradable plastics can be degraded naturally by anaerobic digestion or composting since they are made from renewable resources, such as plant-based polymers. They can thereby lessen the amount of plastic waste in the environment and contribute to reducing the harmful effects of plastic on the environment. Also, Consumers are requesting more environmentally friendly packaging options as they become more conscious of the effects that plastic waste has on the environment. The need for biodegradable plastic packaging has increased as a result of this. Governments all over the world are also enacting laws and policies to cut down on plastic waste and encourage the adoption of eco-friendly substitutes, which has helped the market for biodegradable plastic packaging develop even more.
Moreover, the need for biodegradable plastic packaging is increasing, which is a major factor in the market’s expansion for end-use industries. Using biodegradable plastic packaging for their products, many businesses, including food and beverage, healthcare, and personal care, are doing so more frequently. This is a result of consumers’ rising demand for packaging options that are environmentally friendly and sustainable. Moreover, biodegradable plastic packaging is utilized for goods like fresh fruit, snacks, and beverages in the food and beverage sector, for instance. This is due to the fact that biodegradable plastic packaging, which is compostable or biodegradable at the end of its life cycle, can aid in extending the shelf life of these products. This can lessen the environmental impact of packing and assist to prevent food waste. Similar to this, medical equipment and supplies are packaged in biodegradable plastic in the healthcare sector. This is due to the fact that biodegradable plastics are safe for disposal while also helping to lower the danger of illness and cross-contamination. Cosmetics and other personal care items are packaged in biodegradable plastic in the personal care sector. This is due to the fact that environmentally friendly and sustainable biodegradable plastic packaging can aid in shielding these products from moisture and light. The development of new and cutting-edge goods and technologies in the biodegradable plastic packaging market is being driven by the rising demand for biodegradable plastic packaging from these and other end-use sectors.
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Browse in-depth TOC on the “Biodegradable Plastic Packaging Market”
- Pages – 274
- Tables – 65
- Figures – 73
Packaging made of biodegradable plastic is intended to degrade naturally and transform into safe natural substances when exposed to the environment. Many renewable resources, including plant-based substances like corn starch, sugarcane, and potato starch, can be used to create biodegradable polymers. Biodegradable plastic pellets made from these ingredients can be used to make a variety of packaging items, including bags, containers, and wraps.
Prominent Players in Biodegradable Plastic Packaging Market
- Amcor Limited
- BASF SE
- Biome Bioplastics Ltd.
- Cardia Bioplastics Ltd.
- Danimer Scientific Inc.
- FKUR Kunststoff GmbH
- Genpak LLC
- Huhtamaki Oyj
- Innovia Films Ltd.
- International Paper Co.
- Mitsubishi Chemical Holdings Corp.
- Mondi PLC
- NatureWorks LLC
- Novamont S.p.A.
- Plantic Technologies Ltd.
- Smurfit Kappa Group PLC
- Tipa Corp.
The Polylactic Acid (PLA) Segment to Drive High Sales as it is a Popular Material for Biodegradable Plastic Packaging due to Several Reasons such as Readily Availability, Biodegradability, Versatility, Strength and Durability and Non-Toxic Nature
Polylactic Acid (PLA) Segment held the largest share for material type segment for biodegradable plastic packaging market. PLA is an affordable alternative for biodegradable plastic packaging since it is widely accessible and can be produced on a large scale. Moreover, PLA is a biodegradable plastic that can decompose naturally via techniques like composting. As a result, it serves as a greener substitute for conventional plastic packaging. Moreover, a variety of packaging products, such as bags, containers, and wraps, can be made using PLA. It is a popular choice for a variety of applications due to its versatility. Moreover, PLA is a sturdy and resilient material that can survive a variety of environmental factors, such as humidity and temperature changes. In addition, PLA is a non-toxic substance that is suitable for usage in the food and beverage industry and is safe for contact with food. As a result, the material type segment for biodegradable plastic packaging is dominated by the polylactic acid (PLA) segment. As more customers and organizations look for environmentally friendly packaging options, the market for PLA-based biodegradable plastic packaging is anticipated to increase.
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Food And Beverages Segment to Grow Swiftly as Biodegradable Plastic Packaging is Frequently Utilized, Especially for Things like Fresh Produce, Baked Goods, and Beverages.
The Biodegradable Plastic Packaging market has grown substantially recently, with the water-based coatings segment retaining its leading position in 2021. In the food and beverage business, biodegradable plastic packaging is frequently utilized, especially for things like fresh produce, baked goods, and beverages. While decreasing waste and the negative effects of conventional packaging materials on the environment, biodegradable packaging can help keep these products fresh. In this industry, biodegradable packaging materials like PLA and polymers made of starch are frequently employed.
Also, to protect the safety and quality of the products, the food and beverage industry is subject to stringent rules regulating packaging materials. The food and beverage industry should use biodegradable plastic packaging since it provides a secure and environmentally friendly substitute for conventional plastic packaging. Customers are also calling for more eco-friendly and sustainable packaging options, notably in the food and beverage industry. Consumers frequently opt for biodegradable plastic packaging because it can lessen the environmental impact of food and beverage packaging. Moreover, biodegradable plastic packaging can aid in extending the shelf life of foods and drinks by shielding them from harmful outside influences like moisture, oxygen, and light. This can ensure that foodstuffs stay fresh and safe for consumption while also reducing food waste. As a result, the end-user market for biodegradable plastic packaging is dominated by the food and beverage industry. However, the demand for biodegradable plastic packaging is also increasing in other sectors including healthcare, personal care, and agriculture, which is anticipated to fuel market expansion in the coming years.
SkyQuest’s research report presents a thorough overview of the industry, highlighting emerging trends and market patterns while assessing the crucial dynamics of the global market. The report’s findings are based on extensive research and analysis from various industry sources. As a result, the report presents a wealth of information that will be valuable to stakeholders and decision-makers in the Biodegradable Plastic Packaging market. The research report also thoroughly analyzes the regional markets, highlighting key drivers and challenges specific to each region.
Key Developments in Biodegradable Plastic Packaging Market
- In 2022, NatureWorks, a US-based bioplastics manufacturer, announced the expansion of its production capacity for Ingeo, its biopolymer made from renewable resources, at its facility in Blair, Nebraska.
- In 2022, BASF, a German chemical company, announced the expansion of its production capacity for compostable bioplastic Ecoflex at its facility in Germany.
- In 2021, Total Corbion PLA, a joint venture between French oil company Total and Dutch bioplastics manufacturer Corbion, announced the expansion of its production capacity for PLA bioplastics at its facility in Thailand.
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Key Questions Answered in Biodegradable Plastic Packaging Market Report
- What is the outlook for the global market in the coming years, and what factors are likely to shape its growth trajectory?
- What are the key technological advancements driving growth and innovation in the market, and how are they being adopted by industry players?
- What key consumer trends influence the market, and how are industry players adapting to meet changing consumer demands?
- What are the major opportunities for new market entrants, and what strategies can they use to succeed in an increasingly competitive market?
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