The global biodegradable packaging market is anticipated to reach US$ 448.2 Bn in 2022 and continue to grow at a CAGR of 6.1% from 2022 to 2032, according to data from Future Market Insights. By the end of 2022, it is predicted that the top 3 nations will control about 25–30% of the global market for biodegradable packaging. The biodegradable packaging industry will surpass US$ 440 Bn in 2021, per the FMI estimate.
The market for biodegradable packaging is expected to grow at a CAGR of 6.1% from 2022 to 2032. The top five major manufacturers are expected to control 20–25% of the worldwide biodegradable packaging market by 2022, increasing the demand for the biodegradable paper packaging segment by the material.
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Beyond Traditional Lightweighting Efforts, Fast-Moving Consumer Goods (FMCG) Producers And Retailers Are Rapidly Growing
In the past, to reduce their packaging costs, FMCG companies and retailers prioritised quick wins like cutting weight and material usage. Flexible packaging and pouches have mainly taken the place of more rigid packaging designs as a result of these changes.
Producers and retailers of packaged goods have made commitments to lessen packaging waste in recent years, nevertheless. Nearly all of the top 100 companies that manufacture fast-moving consumer goods have publicly committed to stepping up their sustainability efforts in the next years.
Cost pressures, e-commerce and digitization, as well as changing consumer preferences, are all major industry developments affecting the packaging solutions sector at the same time. These trends are combining with sustainability-focused programmes that emphasise innovation and the need for change
How does the Trend for Bagasse Packaging Create a Growth Opportunity for the Biodegradable Packaging Market?
Bagasse is a dry, pulpy, fibrous remnant of crushed sugarcane or sorghum. It is commonly used in the manufacturing of food packaging and serving elements. Bagasse is 100% biodegradable and has no negative effects on the environment. Uncoated bagasse can easily be composted at home, and it degrades within sixty days. Ongoing research on bagasse concludes that the material can withstand hot and cold food and can also be microwaved and frozen. Government regulations for single-use plastics could greatly fuel the bagasse packaging trend which directly impacts the market growth of biodegradable packaging.
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Competitive Landscape
The key players operating in the biodegradable packaging market are focusing on expanding their capacities and resources to meet the growing demand for sustainable packaging including biodegradable packaging by establishing the new plant. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources. Some of the key developments are as follows–
- In April 2022, Karat Packaging Inc. announced a joint venture agreement with Happiness Moon, Co. Ltd. (Happiness Moon) to build a new factory in Taiwan for manufacturing compostable foodservice products from bagasse.
- In March 2022, Mondi made an investment of US$ 285 Million in corrugated packaging to accelerate the sustainable growth plans of the company.
- In January 2022, Smurfit Kappa announced the investment of USD 33 Million in its Fortaleza plant, Brazil, to expand its capacity to meet the growing demand for innovative and sustainable packaging.
Biodegradable Packaging Market by Category
By Material, Biodegradable Packaging Market is segmented as:
- Paper & Paperboard
- Bio-plastic
- Polylactic Acid (PLA)
- Cellulose-based
- Starch-based
- Polybutylene succinate
- Others (Protein-based plastics etc.)
- Bagasse
By Packaging Format, Biodegradable Packaging Market is segmented as:
- Bottles & Jars
- Boxes & Cartons
- Cans
- Trays & Clamshells
- Cups & Bowls
- Pouches & Bags
- Films & Wraps
- Labels & Tapes
- Others (Stick pack, Sachets, etc.)
By End Use, Biodegradable Packaging Market is segmented as:
- Food & Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Homecare
- Other Consumer Goods
By Region, Biodegradable Packaging Market is segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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