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Biodegradable Packaging Market (Material Type - Plastic, and Paper; Application - Food, Beverage, Pharmaceutical, Personalcare/Homecare, and Other Applications): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : May, 2020

  • Rep Id : CGP101

  • Category : Consumer Goods and Packaging

  • Status : Published

A recent report published by Infinium Global Research on biodegradable packaging market provides an in-depth analysis of segments and sub-segments in the global as well as regional biodegradable packaging market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biodegradable packaging market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global biodegradable packaging market. According to the report, the global biodegradable packaging market is projected to grow at a CAGR of 5.7% over the forecast period of 2020-2026.

 

Market Insight

The packaging industry has undergone a number of changes as innovative materials and packaging processes have been developed for the past couple of decades. Moreover, the changing requirements from different end-use industries have also influenced the packaging companies to develop novel solutions to fulfill such requirements. Thus, the players in the packaging industry have come up with biodegradable packaging, keeping in mind the growing demand for eco-friendly packaging solutions. The biodegradable packaging is made up of materials that are not harmful to the environment and can be decomposed using micro-organisms such as bacteria and fungi. The raw materials used in such packaging are mostly plant or animal-based, which are easily available. The ability of such packaging materials to be decomposed and recycled make them eco-friendly than most of the other packaging materials such as plastic, metal, and glass.

 

The growing demand for recyclable materials from several end-use industries are the major factor driving the growth of the biodegradable packaging market. Biodegradable materials are primarily plant-based. They are decomposed by bacteria and fungi and the decomposed material is used as fertilizers for plants. Many end-use industries such as food and beverage, pharmaceutical, and agriculture have increased their demand for biodegradable packaging for their products mainly due to the efforts of companies to position and market their brand as eco-friendly. Moreover, increasing consumer awareness regarding environmental protection is anticipated to further boost the growth of the market. As the pollution levels increase people are starting to notice its effect on their life. Pollution has degraded the quality of food, water, and air, which eventually has adverse effects on human health. Due to this many people are proactively shifting their preference towards eco-friendly products. This, in turn, boosts the demand for Biodegradable Packaging around the world. However, the cost associated with the production of biodegradable packaging is higher as compared to conventional plastic packaging. This is majorly hampering market growth. Nevertheless, efforts from several market players and research institutes to develop cost-effective production of biodegradable packaging are anticipated to pose numerous business opportunities in the future. However, the current concerns over the outbreak of coronavirus are expected to have a negative impact on the sale of biodegradable packaging in the short term. The COVID 19 outbreak has led to lockdowns in several countries across the world. Due to such lockdowns, the food and beverage industry as well as the restaurant industry is expected to incur losses in their sales. The demand for packaged food during COVID-19 has increased manifold. However, due to the current situations, f&b manufacturers aren’t focusing on incorporating biodegradable packaging. This has affected the on the sales of the biodegradable packaging for food and beverage companies and restaurants or fast food industries. Moreover, the production facilities of food and beverage companies are also shut down due to the spread of coronavirus. The production of food and beverage products has stopped, reducing the demand for all sorts of raw material required for production including the packaging. On the other hand, the demand for medicines and pharmaceuticals haven’t changed during this period of outbreak, which offers favorable business opportunities for the biodegradable packaging market.

 

Among the geographies, North America region is expected to hold the largest share in the global biodegradable packaging market. Factors including growing food and beverage industry and higher awareness among the people regarding biodegradable products are majorly driving the market in North America. The US food and beverage industry generated about USD 11 billion in 2019 and is expected to reach up to USD 14 billion in 2024. The growth of this industry is anticipated to have a positive impact on the related industries as well. Packaging being one of the related industries, it is expected to benefit from the growth of the food and beverage industry in North America. Furthermore, the population in the region is aware of the biodegradable products and their effect on the environment. People in North America are more exposed to products such as biodegradable packaging due to the availability of products. This, in turn, has boosted the demand for biodegradable packaging in North America.

 

Segment Covered

The report on the global biodegradable packaging market covers segments such as material type, and application. On the basis of material type, the sub-markets include plastic, and paper. On the basis of application, the sub-markets include food, beverage, pharmaceutical, personalcare/homecare, and other applications.

 

Companies Profiled:

The report provides profiles of the companies in the market such as The International Paper Company, Kruger Inc., Tetra Pak International SA, Clearwater Paper Corporation, Smurfit Kappa Group plc, Mondi Group, Natureworks LLC, Amcor Plc, BASF SE, and Novamont S.p.A.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of biodegradable packaging market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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