Luton, Bedfordshire, United Kingdom, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Biodegradable Paper and Plastic Packaging market.
"The global Biodegradable Paper and Plastic Packaging market is expected to grow from USD 10.77 billion in 2021, is expected to reach USD 38.51 billion by 2029, at a compound annual growth rate (CAGR) of 15.2% during 2022 - 2029."
Biodegradable Paper and Plastic Packaging Market is projected to witness immense growth opportunities in the upcoming years. Naturally-derived polymers consisting of multiple agricultural products including starch, cellulose, protein and vegetable oil are biodegradable packaging materials. Mostly renewables and are helpable to preserve a sustainable atmosphere are biodegradable polymers from those sources.
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For instance:
- Smurfit Kappa in 2021 launched a new range of eBottle packaging solutions for the growing online beverage market. This range is more sustainable made from recyclable raw material and is customizable according to bottle shapes and sizes. The company also offers a range of automated solutions that helps in the optimization of packaging processes.
- Amcor Limited in 2021, announced that its team has created more sustainable packaging solutions for butter and margarine, which is made entirely from paper. The paper wrapper is 38% lighter than aluminium and paper packaging and reduces carbon footprint by 81%, thus, helping consumers meet sustainability goals.
Biodegradable Paper and Plastic Packaging Market: Growth Dynamics
The development of biodegradable paper and plastics led plant producers to growing environmental concerns coupled with high regulatory standards. The growing demand for viable packaging alternatives across sectors such as food, drink and pharmaceuticals fuels demand for biodegradable paper and plastic packaging and thus support the development of the world Sustainable Plastic Packaging on biodegradable products.
Asia Pacific is expected to be the fastest-growing market for biodegradable plastic and paper packaging.
In Asia Pacific, factors such as the implementation of various environmental regulations, as well as increased government rules surrounding the prohibition on traditional plastic bags and global warming measures, are projected to fuel demand for biodegradable plastic and paper packaging for packaging applications.
The market is expected to be driven by consumer awareness of ecologically friendly products.
Biodegradable Paper and Plastic Packaging Market growth is predicted to be supported by a movement in consumer preference away from synthetic items and toward cleaner, eco-friendly alternatives over the forecast period. The availability of raw materials is another factor that is predicted to enhance demand for biodegradable paper and plastic packaging in the near future. Rising consumer awareness of biodegradable paper and plastic packaging materials is estimated to fuel market expansion throughout the forecast period, particularly in emerging markets such as China, India, Malaysia, and Thailand.
Biodegradable Paper and Plastic Packaging Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 10.77 billion in 2020 |
| Revenue forecast in 2029 | USD 38.51 billion by 2029 |
| Growth rate | CAGR of 15.2% from 2022 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Hoşgör Plastik, Eurocell S.r.l., DoECO, Shanghai Disoxidation Enterprise Development Co.,Ltd, Stora Enso, Chamness Biodegradables LLC, Robert Cullen Ltd., Tekpak Solutions, International Paper, Be Biodegradable paper and plastic packaging HQ, Hsing Chung Paper Ltd., Ecoware, American Container Concepts Corp., American Excelsior, Inc., BioApply, Federal Industries, Termoplast srl, The Biodegradable Bag Company Ltd. and SAVOPAC |
| Key Market Opportunities | Increasing demand for sustainable packaging across industries |
| Key Market Drivers | The growth of emerging economies and the increasing demand for biodegradable paper and plastics from end-use industries |
| Customization scope | Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Biodegradable Paper and Plastic Packaging Market: Competitive Landscape
The key players operating in the Biodegradable Paper and Plastic Packaging market are indulging in extensive R&D activities to innovate new advancements in packaging technologies. The food and beverages sector in developing countries requires approval from regulatory authorities regarding the packaging materials so that it is safe for the packaging of food products and beverages to safeguard the health quotient of the masses.
The key players in packaging resins market are - Hoşgör Plastik, Eurocell S.r.l., DoECO, Shanghai Disoxidation Enterprise Development Co.,Ltd, Stora Enso, Chamness Biodegradables LLC, Robert Cullen Ltd., Tekpak Solutions, International Paper, Be Biodegradable paper and plastic packaging HQ, Hsing Chung Paper Ltd., Ecoware, American Container Concepts Corp., American Excelsior, Inc., BioApply, Federal Industries, Termoplast srl, The Biodegradable Bag Company Ltd. and SAVOPAC among other domestic and global players.
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https://exactitudeconsultancy.com/reports/6687/biodegradable-paper-plastic-packaging-market/
Key Market Segments: Biodegradable Paper and Plastic Packaging Market
Biodegradable Plastic and Paper Packaging Market by Type, 2020-2029, (USD Million)
- Polylactic Acid (PLA)
- Starch
- Polyhydroxyalkanoates (PHA)
- Polycaprolactone (PCL)
- Polybutylene Succinate (PBS)
Biodegradable Plastic and Paper Packaging Market by Application, 2022-2029, (USD Million)
- Food Packaging
- Beverage Packaging
- Pharmaceuticals Packaging
- Personal & Home Care Packaging
Factors Hindering Market Growth
No doubt, the ban on plastics has inclined consumers towards the adoption of biodegradable packaging alternatives but high recycling and manufacturing costs of biodegradable packaging materials are poised to hinder the market growth. Market players in end-use industries are facing huge challenges due to the unavailability of cost-effective biodegradable paper and plastic packaging materials.
Market Dynamics
Driver
Surging demand for the sustainable packaging in food industry
The biodegradable paper and plastic packaging involve usage of materials such as bioplastics, organic fabrics, recyclable plastics and paper, and refurbished materials, which are biodegradable in nature have less environmental impacts. The increasing demand for packaged food is a major contributor to the accumulation of plastic wastes. Therefore, the demand for the biodegradable paper and plastic packaging is surging in the food industry for achieving sustainability.
Restraint
Low profit margins
The manufacturers operating in the biodegradable paper and plastic packaging industry operates at a very minimal margin. The plastic use involves low cost and the recycled plastic manufacturers faces a tough competition from the traditional packaging. Thus, the low profit margins discourage the manufacturers to indulge in the green package manufacturing activities. This may hamper the market growth in the forthcoming period.
Opportunities
Rising involvement in developmental strategies
The top market players are constantly engaged in various developmental strategies like partnerships and expansion of manufacturing units, which is expected to present lucrative growth opportunities to the market players during the forecast period.
Challenges
Low awareness in the underdeveloped markets
There is a lack of awareness among the people regarding the benefits of the biodegradable paper and plastic packaging. Moreover, the various industries in the underdeveloped regions prefers plastic packaging owing to its low cost and high durability, which is a major constraining factor.
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