The global oxo-biodegradable bags market is poised for significant growth, with Future Market Insights (FMI) projecting an average CAGR of 5.4% during the forecast period. In 2022, the market was valued at US$ 0.81 billion, and it is anticipated to reach a valuation of US$ 1.11 billion by the year 2032.
Oxo-biodegradable bags have gained rapid traction across various industries due to their environmentally friendly nature, contributing to the conservation of the environment. These bags, made from polymers such as polyethylene, polystyrene, and polypropylene, contain additional ingredients and are designed to degrade or biodegrade in the open environment.
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The market for oxo-biodegradable bags is witnessing a highly fragmented environment, with numerous players vying for top positions. Strategic collaborations among manufacturers are becoming increasingly prevalent, enabling players to strengthen their foothold in the global market.
Key players in the oxo-biodegradable bags market are investing significantly in research and development activities to enhance their product offerings and cater to the growing demand for eco-friendly packaging solutions. Government support for environment-friendly initiatives is expected to create substantial growth opportunities for market leaders.
Global Oxo Biodegradable Bags Market: Drivers & Restraints
With the growth in environmental concerns, there is a continuous rise in consumer awareness towards the use of eco-friendly products. Thus, the customer preference towards eco-friendly clean substitutes from traditional synthetic products is anticipated to fuel the demand for oxo-biodegradable bags. Also, continuous growth in food & beverage and pharmaceutical industries helps in boosting the demand for oxo-biodegradable bags across the globe.
Manufacturers of oxo-biodegradable bags have also introduced with oxo-biodegradable bags for a variety of market applications in customized sizes and colors. However, the sudden fluctuation in the cost of raw-materials involved in the manufacturing of oxo-biodegradable bags is the restraining factor for the growth of global oxo-biodegradable bags market.
Some of the key trend observed in the global oxo-biodegradable bags market is strong R&D in reducing time period of biodegradation process, and implementing growth strategies while influencing manufacturers as well as customers to use oxo-biodegradable bags.
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Global Oxo Biodegradable Bags Market: Regional Overview
Geographically, the global oxo-biodegradable bags market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Compared to other regions, the global oxo-biodegradable bags market in the Asia-Pacific region is expected to show an exponential growth over the forecast period.
Rise in urbanization leading increased environmental concerns in the developing economies like India & China is a major reason for switching towards oxo-biodegradable packaging in the Asia-Pacific region. North America and Europe region are the mature markets for oxo-biodegradable bags as a result of to the implementation of strict guidelines and regulations in accordance with environment safety.
Middle-East and Africa are expected to show favorable growth in demand oxo-biodegradable bags on account of an increased in the manufacturing sector. Overall, Oxo-biodegradable bags market is expected to grow at a healthy CAGR globally over the forecast period.
Global Oxo Biodegradable Bags Market: Key Players
Some of the key players that operate in the global oxo biodegradable bags market across the globe are
- Biopac India Corporation Ltd.,
- Smurfit Kappa Group,
- Mondi Group,
- BASF SE,
- WestRock Company,
- Georgia-Pacific.,
- Metabolix, Inc.,
- Cereplast Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Market Segmentation:
Based on product type,
- Flat Bags
- T-Shirt Bags
- Shopping/Carry Bags
- Trash Bags
- Gusseted Bags
Based on material type,
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
Based on application type,
- Food and Beverage
- Pharmaceutical
- Packaging
- Agriculture and Composting
- Textile
- Others
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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