According to the report “Compostable Plastic Packaging Material Market Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028,” the market for compostable plastic packaging material is predicted to expand globally between 2022 and 2028 at a moderate CAGR of 5.1%.
The market may have grown in size to reach a value of more than US$ 2.4 billion by the end of 2028, based on the data utilised in this analysis. Compostable plastics, which are currently in high demand on the market, decompose quickly and completely disappear.
Businesses are developing new products for the worldwide market in an effort to diversify their operations and improve the environment. As a result of people’s increased environmental consciousness, there is a significant demand for ecologically friendly items. There is a sizable number of biodegradable plastic packaging currently on the market for environmentally friendly polymers.
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PBAT, PBS, PLA, and PHA are just a few of the materials on the market comprised of highly decomposable components. PHA is expected to enjoy the strongest market development of the group due to its excellent barrier properties.
To extend shelf life and maintain product quality, high barrier materials are used for the packaging of food, beverage, and pharmaceutical products. The global market for compostable plastic packaging materials study’s findings indicate that the PHA plastic type is expected to grow at an extraordinary CAGR of 15.9% over the course of the forecast period of ten years.
A well-known trend in the global market for compostable plastic packaging materials is the rise in demand for biodegradable plastic trash bags. Despite their relatively higher costs, compostable waste bags are expected to gain a large market share in the near future in both established and emerging countries.
Key Benefits for Compostable Plastic Packaging Material Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- It outlines the current trends and future scenario of the market from 2023 to 2033 to understand the prevailing opportunities and potential investment pockets.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
Key Players:
- BASF SE
- Kaneka Corporation
- FKuR Kunststoff GmbH
- Cardia Bioplastics
- Novamont S.p.A.
- Danimer Scientific LLC
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Compostable Plastic Packaging Material Market by Category
By Material :
- PBAT
- PBS
- PLA
- PHA
- Starch Blends
- Others
By Application :
- Bags
- Pouches
- Boxes
- Bottles
- Cups
- Trays
- Plates & Bowls
- Others
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By End-user industry :
- Food Service
- Food & Beverage
- Cosmetics & Personal Care
- Homecare
- Healthcare
- Others
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