The global compostable plastic packaging material market was worth US$ 1.89 billion in 2023 and is expected to reach US$ 3.1 billion by 2033 at a CAGR of 5.2% between 2023 and 2033.
With growing awareness regarding environmental hazards related to plastics, the consumers are preferring eco-friendly packaging solutions. This is one of the major factors accelerating the compostable plastic packaging material market and the scenario is expected to remain the same even in the forecast period.
It is a known fact that plastic is the packaging materials’ foundation. However, as synthetic polymers are not capable of decomposing on natural count, they have been deteriorating the environment since the last few years. As such, compostable plastic packaging material is looked upon as a good alternative to plastic. The properties are analogous to conventional plastic – like shelf stability, durability, barrier properties, and likewise.
Cafeterias preferring to go green are into adoption of bio-based plastic. The catering services, quick service restaurants are increasingly adopting compostable plastic packaging material. This is actually response to the alarming figures released by the UN; i.e. by the year 2040, plastic would add 23-37 Million metric tons of waste into ocean every single year if left unchecked.
Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Compostable Plastic Packaging Material market’. It has its team of analysts and consultants doing the rounds through macros and micros.
“With food chains witnessing an exorbitant rise in home deliveries, the global compostable plastic packaging material market is bound to grow on a good note in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Compostable Plastic Packaging Material Market
- North America holds the largest market share with the US being subject to rising awareness regarding sustainability.
- The Asia-Pacific is expected to grow at the fastest rate in the compostable plastic packaging material market. This could be attributed to countries like India ruling the roost. Expansion of FMCG sector coupled with consumers shifting toward e-Commerce is expected to keep the cash registers ringing in the forecast period.
Competitive Material
- Cardia Bioplastics, in September 2019, did launch a certified home compostable biopolymer resin.
- Danimer Scientific LLC, in August 2021, completed acquisition of Novomer, Inc. (a developer of conversion technology). It makes provision for low net carbon inputs into manufacturing PHA-based resins.
- BASF SE, in September 2021, entered into collaboration with WPO Polymers for distributing biopolymer ecovio for the certified compostable bags.
- The year 2021 saw Amcor Ltd. announcing that its team had gone ahead with creating sustainable packaging solutions for margarine and butter comprising paper. This paper wrapper comes across as being 38% lighter as compared to paper and aluminum packaging and does lessen carbon footprint by ~80%.
- Smurfit Kappa, in the year 2021, did come up with eBottle packaging solutions to expand beverages market online. The range is found to be all the more sustainable. It constitutes recyclable raw material and could be customized as per bottle sizes and shapes.
The Key Players Are:
- BASF SE
- Kaneka Corporation
- FKuR Kunststoff GmbH
- Cardia Bioplastics
- Novamont S.p.A.
- Danimer Scientific LLC
- Grabio Greentech Corporation
- Northern Technologies International Corporation
- NatureWorks LLC
- S.K. Chemicals Co., Ltd.
- Minima Technology Co. Ltd.
- Biotec Pvt. Ltd.,
- Green Dot Holdings LLC
What does the Report package?
- The research study is based on material (PBAT, PBS, PLA, PHA, starch blends, and likewise), by application (bags, pouches, boxes, bottles, cups, trays, plates & bowls, and likewise), and by end-use industry (food service, food & beverages, cosmetics & personal care, homecare, healthcare, others).
- With an increasing demand for eco-friendly and sustainable packaging solutions on the part of food chains, the global compostable plastic packaging material market is expected to grow on a stupendous note in the forecast period.
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Key Segmentations-
By Material:
- PBAT
- PBS
- PLA
- PHA
- Starch Blends
- Others
By Application:
- Bags
- Pouches
- Boxes
- Bottles
- Cups
- Trays
- Plates & Bowls
- Others
By End User Industry:
- Food Service
- Food & Beverage
- Cosmetics & Personal Care
- Homecare
- Healthcare
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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