The Cornstarch Packaging Market is expected to see tremendous growth in the coming years. In 2023, the market size is projected to be valued at US$ 233.0 million, and it is anticipated to rise to US$ 1,145.0 million by 2033. The sales of cornstarch packaging are expected to expand at a remarkable CAGR of 17.3% during the forecast period.
With increasing awareness of the environmental impact of plastic, corn starch-based packaging has the potential to capture a significant market share in the coming years.
During the pandemic, customers shifted to single-use plastics to protect their health and hygiene. However, with increasing immunization rates, customers and businesses are now focusing on sustainability.
Unlike traditional packaging materials like plastic, cornstarch packaging is made from renewable resources and can be biodegraded or composted after use.
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The complexity and cost of switching from plastic to cornstarch packaging are significant variables that could affect market growth.
Growth Factors
Embracing corn-starch packaging brings forth a dual benefit, aligning advantages for both businesses and the environment, rendering it a highly valuable choice. Opting for corn-starch packaging not only demonstrates social responsibility for companies but also appeals to environmentally conscious customers who actively seek out eco-friendly businesses.
In an era where customers are increasingly informed about greenwashing and scrutinize the materials used in packaging, it becomes imperative for companies to adapt and integrate sustainable changes. Employing corn-starch packaging not only addresses these concerns but also positions companies as leaders in environmental stewardship.
Drivers:
- Sustainability and Environmental Concerns: The growing emphasis on sustainability and eco-friendliness has fueled the demand for cornstarch-based packaging, as it is biodegradable, renewable, and reduces the environmental impact of traditional plastics.
- Regulatory Support: Government regulations and policies promoting the use of biodegradable and compostable materials have encouraged businesses to adopt cornstarch packaging.
- Consumer Preference: Increasing consumer awareness of environmental issues and their preference for eco-friendly products have driven manufacturers to incorporate cornstarch packaging to meet consumer demands.
- Retailer Initiatives: Retailers and businesses are actively adopting sustainable packaging practices to appeal to environmentally conscious consumers, driving the demand for cornstarch packaging.
- Brand Image: Companies using cornstarch-based packaging can enhance their brand image as environmentally responsible, attracting eco-conscious customers and improving their market position.
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Regional Insights
Europe, with a market share of 30.6% in 2022, is a significant market for cornstarch packaging products. Due to rising consumer demand and government regulations to limit plastic waste.
The United Kingdom witnessed a growth rate of 14.6% during the analysis period. It is also a growing market due to government measures to ban single-use plastic products.
The United States, holding a market share of 14.1% in 2022, is another significant market for cornstarch-based packaging products. As many businesses seek sustainable packaging solutions to meet consumer demand for eco-friendly products and reduce their environmental impact.
The Asia Pacific region, with a growing middle class and increasing demand for packaged food and beverages, is another growing market for cornstarch-based packaging products. Additionally, China is set to record a CAGR of 19.7% between 2023 to 2033.
India is also witnessing a growing demand for cornstarch-based packaging products, with a CAGR of 17.2% during the analysis period. Driven by increased awareness of the benefits of recycling and bioplastics.
Key Players
- Amcor Ltd.
- Constantia Flexibles Group GmbH
- Berry Global Group, Inc.
- Huhtamäki Oyj
- Sonoco Products Company
- Bemis Company, Inc.
- Sealed Air Corporation
- AR Packaging Group AB
- Mondi Group
- DS Smith Plc
- CCL Industries Inc.
Key Segments Covered in the Cornstarch Packaging Market Report
By Product Type:
Pouches
Bags
Boxes
Tableware
By End Use:
Food
Personal Care and Cosmetics
Pharmaceuticals
Retail
Textile
By Sales Channel:
Online
Offline
By Region:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)
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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