Research Nester has recently announced its latest research on “Bio-Degradable Packaging Market : Global Demand Analysis & Opportunity Outlook 2023”, after studying the market situation and anticipating the future trends, the research provides a concrete platform for the existing and new players looking to enter into the market. The study provides information about market scenario of forecast period by analyzing the current situation.
Global non-biodegradable packaging market amounts to USD 5 Billion and with increasing regulations of government to reduce the non-biodegradable wastage. As a result, the biodegradable packaging market is anticipated to grow at a burgeoned CAGR of 17.6% to reach USD 11 billion by 2021.
Geographically, with 66% of market share Europe and North America are the largest market of bio-degradable packaging, primarily driven by the presence of large number of high income population in the region. Asia Pacific is also a major market of bio-degradable materials chiefly propelled by the expansion in the GDP figures and rapid expansion of population in the region.
Regionally, North America has lion’s share of the global bio-degradable packaging industry. Country wise, the U.S. is the largest market (in terms of consumption) of bio-degradable packaging in North America and is anticipated to flourish at a burgeoned pace in the future.
The European government has planned to reduce the consumption of conventional plastic bags in the region by 80% points in the next 5-6 years. On the back of this step, the bio-degradable plastic industry in Europe is anticipated to flourish at a healthy CAGR of 12.3% during the forecast period. U .K. and Germany are the two major markets of bio-degradable packaging in Europe at present. The market of bio-degradable materials in these countries is majorly driven by the strict enactment of environmental friendly government regulations and continuous innovations and research in the packaging industry.
To know more about this research, kindly visit https://www.researchnester.com/reports/global-biodegradable-packaging-market-analysis-opportunity-outlook-2021/125