The global biodegradable packaging market is projected to experience substantial growth during the forecast period, with a CAGR of 6.1% from 2022 to 2032. The market is expected to reach a valuation of US$ 448.2 billion by 2022. Biodegradable packaging accounts for approximately 45% of the global packaging market, which was worth US$ 980 billion in 2021.
The demand for biodegradable paper packaging is estimated to drive market growth, with the top five key players projected to hold a significant market share by the end of 2022. The increasing demand for sustainable and eco-friendly packaging across various industries is a major factor driving the growth of the biodegradable packaging market. The market is expected to create a growth opportunity of US$ 1.8 billion during the forecast period.
Government and non-government initiatives promoting sustainable packaging in North America and Europe are expected to further boost the biodegradable packaging market. FMCG companies and retailers have shifted their focus towards reducing packaging waste and increasing sustainability efforts. Major brands are exploring new packaging solutions using metal and glass to reduce plastic waste and are beginning to self-regulate.
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The industry trends of cost pressures, e-commerce, digitalization, and changing consumer preferences are also contributing to the demand for sustainable packaging solutions. FMCG companies and retailers are collaborating with suppliers, bio packaging companies, and recyclers to address the challenges in waste management and recyclability. This shift towards a partnership and collaborative approach is expected to create opportunities for bio packaging manufacturers, particularly those with strong innovation capabilities.
Key Takeaways:
- The global biodegradable packaging market is projected to grow at a CAGR of 6.1% during the forecast period.
- Biodegradable packaging holds a significant market share of the global packaging market.
- Biodegradable paper packaging is expected to drive market growth.
- Government and non-government initiatives promoting sustainable packaging are contributing to market growth.
- FMCG companies and retailers are increasing their sustainability efforts and exploring innovative packaging solutions.
- Collaboration with suppliers, bio packaging companies, and recyclers is crucial for addressing waste management challenges.
- Customers prefer products packaged with sustainable and recyclable materials
Country-wise insights
Why is the U.S. projected to Augment the Sales of Biodegradable Packaging?
In the U.S., the rising awareness among consumers and favourable regulations from the government is anticipated to drive the demand for biodegradable packaging during the forecast period. The U.S. is projected to hold around 80% of the North American biodegradable packaging market by the end of 2032.
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According to the United States Environmental Protection Agency (EPA), the United States generates almost 80 million metric tons of packaging waste each year. Recognizing this issue and under pressure from consumers, several of the companies pledged to reduce the environmental impact of their packaging. Thus, the above-mentioned factors are projected to augment the sales of biodegradable packaging in the U.S.
How is Germany anticipated to Drive the Demand for Biodegradable Packaging?
The German biodegradable packaging market is projected to register a CAGR of 4.3% during the forecast period due to the ban on single-use plastic products. The ban on single-use plastic products in Germany lead the end use industries towards the sustainable and eco-friendly packaging solution which drives the demand for biodegradable packaging. Various governments across European countries such as Spain, Germany, the U.K., and others in July 2021 came up with legislation regarding the ban of single-use plastic products to reduce excessive use of plastic products, this creates a growth opportunity for biodegradable packaging.
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.
- Winpak Ltd.
- Berry Global Group
- Swedbrand Groups
- Huhtamaki Oyj
- Evergreen packaging
- Amcor plc
- Smurfit Kappa Group
- Sealed Air Corporation
- International Paper Company
- Mondi Group
- WestRock Company
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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
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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