Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The biodegradable food packaging films market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The rapid increase in non-biodegradable food packaging waste has caused adverse environmental concerns. This has led to the development of polymers made from renewable resources for food packaging. Natural polymers derived from agricultural products (such as starch, proteins, cellulose, and plant oils) are the primary resource for developing renewable and biodegradable polymer materials. The growth of the market can also be attributed to factors such as the increasing demand of food and beverages products as well as rising concern in environment and food safety amongst individuals on a global level. According to the European Bioplastics, Global production capacities of bioplastics in the year 2019 and 2020 were 1.95 million tons and 2.11 million tons respectively.
The market is segmented based on type into PLA, Starch Blends, Biodegradable Polyesters, PHA and others, out of which, PLA segment is anticipated to grab the largest share by the end of 2021 on account of instant availability of raw materials and rising demand of biopolymers in the food and beverages packaging industry. Raw materials used in the manufacturing of biodegradable food packaging such as PLA, PHA, starch, and PBS have volatile prices. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of application, the dairy products segment in the global biodegradable food packaging films is projected to grow with a significant CAGR over the forecast period. The growth of the segment is mainly driven by rise in urban population and demand for dairy product has been increased in past few decades. However, challenges such as contamination of packaged food and chemicals used in packaging material hamper the market growth.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing growth of food packaging and beverage packaging industries and increasing demand for dairy products in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment in research and development in the food and beverages packaging industry. Alternatively, the market in Europe is also anticipated to occupy a significant share in the biodegradable food packaging films market on account of the production capacity of bioplastics in the region. As per the European Bioplastics, the production capacity of bioplastics in Europe in 2020 was 0.55 million tons, which is 26% of the total bioplastic capacity.
The global biodegradable food packaging films market is further classified on the basis of region as follows:
Our in-depth analysis of the global biodegradable food packaging films market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising concern in environment and food safety and increasing production capacities of bioplastics are the key factors driving the market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Performance issues and lack of awareness about the disadvantages of non-biodegradable food packaging in lower economic regions are estimated to hamper the market growth.
The market in the Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about biodegradable food packaging.
The major players dominating the biodegradable food packaging films market are BASF SE, Clearwater Paper Corporation, Georgia-Pacific LLC, and Mondi Group among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company, which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and region.
With respect to application, Dairy products segment is anticipated to hold the largest market share owing to increased demand for dairy products.
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