Global Biodegradable Packaging Market Overview
Biodegradable substance can be broken down and decays naturally i.e., after decomposition it becomes a part of nature. The use of biodegradable substance in packaging is key developing trend in this era of globalization. The extensive range of materials that fall under biodegradable packaging tolerate the significant characteristic of decay or degradation into natural constituents when it is acted upon by microorganisms in quite short time frame once placed in natural environment. They are recyclable polymers that can be bifurcated into bio-based or fossil-based and in most cases can be harvested from nature made using green industrial processes.
Market Size and Forecast
The global biodegradable packaging market is expected to grow at a CAGR of 14.8% during the period 2017-2027. The biodegradable packaging market is primarily driven by an array of factors such as strict regulations of government to reduce the non-biodegradable wastage. Additionally, the global biodegradable packaging market is expected to grow at exponential rate of US$ 18.3 Billion by the end of 2027.
The global biodegradable packaging market is segmented into material type and applications type. The market on the basis of material is segmented into plastic and paper bio degradable material. Paper based biodegradable packaging market is expected to drive market on the account of availability of recyclable paper and easy degradability into the nature. On the basis of application type, the market is segmented into Food Packaging, Pharmaceutical, Beverage Packaging, Personal & Home Care Packaging and others. Presently, food packaging dominates the market with 71.3 % of share, although beverage packaging is anticipated to grow at significant CAGR in coming years.
Regionally, North America has largest share of the global bio degradable packaging industry on the account of presence of health and environmental conscious consumers.
The existence of large population in Asia Pacific region is anticipated to escalate growth in the biodegradable packaging market. On account of increase in the outsourcing of the manufacturing companies which is coupled with strict governmental policies to promote biodegradable products by providing subsidies in some of the developing countries such as China and India is further expected to expand the market in the upcoming years on account of globalization and urbanization.
Our in-depth analysis segmented the global biodegradable packaging market in the following segments:
By Material Type
Global biodegradable packaging market is further classified on the basis of region as follows:
Growth Drivers and Challenges
With an escalation in inclination of people towards the use of environment friendly products is one of the major growth drivers of the bio-degradable packaging industry. Additionally, key initiatives of the government for manufacturing of bio degradable materials are also anticipated to boost the bio degradable packaging market. Moreover, huge investments in the research and development in order to develop advanced product which could create opportunity for the companies to gain competitive advantage in the market is boosting growth in the adoption of biodegradable packaging.
However, restraining factors associated with the biodegradable packaging include huge differences between the prices of bio degradable and traditional packaging materials which act as a major hindrance in front of the global bio degradable packaging industry.
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