According to the report titled “Compostable Plastic Packaging Material Market Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028,” the global market for compostable plastic packaging material is projected to grow at a moderate CAGR of 5.1% during the forecast period of 2022-2028.
Based on the data utilized in the analysis, the market is expected to exceed a value of US$2.4 billion by the end of 2028. Compostable plastics, which break down quickly and leave no trace, are currently in high demand in the market.
Companies are developing new products for the global market as part of their efforts to expand operations and have a positive environmental impact. The increasing environmental consciousness of people has resulted in a high demand for eco-friendly products. Biodegradable plastic packaging options are now widely available in the market to cater to this demand.
Materials such as PBAT, PBS, PLA, and PHA are composed of highly decomposable components and are gaining prominence in the market. Among these, PHA is expected to witness the strongest market growth due to its excellent barrier properties.
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High barrier materials are used in the packaging of food, beverages, and pharmaceutical products to extend shelf life and maintain product quality. The study’s findings on the global market for compostable plastic packaging materials indicate that PHA plastic is projected to experience exceptional growth at a CAGR of 15.9% over the ten-year forecast period.
A notable trend in the global market for compostable plastic packaging materials is the increasing demand for biodegradable plastic trash bags. Despite their relatively higher costs, compostable waste bags are expected to capture a significant market share in both established and emerging countries in the near future.
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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