The forecast term is expected to see a CAGR of 5.4% on average for the global oxo-biodegradable bag market. In 2022, the market is expected to be worth US$0.81 billion. By the year 2032, it is expected that the market for oxo-biodegradable bags would reach a high of US$ 1.11 billion.
The forecast term is expected to see a CAGR of 5.4% on average for the global oxo-biodegradable bag market. In 2022, the market is expected to be worth US$0.81 billion. By the year 2032, it is expected that the market for oxo-biodegradable bags would reach a high of US$ 1.11 billion.
Plastic has been extensively used for packaging in various sectors across the globe. Over the years, the demand for biodegradable plastic is witnessing a higher growth due to the implementation of the stringent regulations on the use of non-degradable plastic by various government across the world and increase in health awareness among the consumers.
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Thus, the demand of bags made of oxo-biodegradable plastic has gained momentum in packaging. Oxo-biodegradable plastic bags are made from polymers such as polyethylene, polystyrene and polypropylene containing extra ingredients and are tested to degrade or biodegrade in the open environment. Oxo-biodegradable plastic bags are extensively used owing to its characteristics such as light in weight and easy to disposable.
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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Global Oxo Biodegradable Bags Market: Segmentation
The global oxo-biodegradable bags market is segmented on the basis of product type, material type and end-user industry.
On the basis of product type, the global oxo-biodegradable bags market is segmented into:
- Flat Bags
- T-Shirt Bags
- Shopping/Carry Bags
- Trash Bags
- Gusseted Bags
On the basis of material type, the global oxo-biodegradable bags market is segmented into:
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
On the basis of application type, the global oxo-biodegradable bags market is segmented into:
- Food and Beverage
- Pharmaceutical
- Packaging
- Agriculture and Composting
- Textile
- Others
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