Biodegradable Packaging Market worth USD 117.8 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Biodegradable Packaging Market by Material Type (Plastic (Starch-Based Plastics, Polylactic Acid), and Paper (Kraft Paper, Flexible Paper, Corrugated Fiberboard, and Boxboard)), by Application (Food Packaging, Beverage Packaging, Pharmaceutical Packaging, Personal Care), by Region – Global Share and Forecast to 2027". The global biodegradable packaging market size is expected to grow from USD 81.7 billion in 2020 to USD 117.8 billion by 2027, at a CAGR of 6.3% during the forecast period. The growth in global packaging demand has resulted in new or updated regulations and guidelines that impact the development of packaging materials and their after-use environmental effects. Regulatory bodies are also encouraging the use of environment-friendly and sustainable materials for packaging. An increase in environmental dangers caused by the landfilling of plastic waste and the health risks posed by their disposal has resulted in the enactment of severe plastics legislation, increasing demand for biodegradable packaging.

Global Biodegradable Packaging Market Segmentation

The overall biodegradable packaging market has been segmented into material type, application, and region.

By Material Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Plastic
  • Starch-Based Plastics
  • Polylactic Acid (PLA)
  • Polyhydroxyalkanoates (PHA)
  • Other Plastics
• Paper
  • Kraft Paper
  • Flexible Paper
  • Corrugated Fiberboard
  • Boxboard

By Application Outlook (Sales/Revenue, USD Million, 2017-2027)

• Food Packaging
• Beverage Packaging
• Pharmaceutical Packaging
• Personal Care/Homecare Packaging
• Other Applications

By Region Outlook (Sales, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

By application, food packaging is estimated to hold the largest market share during the forecast period

Based on method, the global biodegradable packaging market is segmented into food packaging, beverage packaging, pharmaceutical packaging, personal care/homecare packaging, and other applications. The food packaging segment by application has generated the highest revenue of 35.5% of the global biodegradable packaging market in 2020. Increasing environmental conscientiousness among consumers strongly influences how food manufacturers sustain themselves in the market. Asia Pulp and Paper, a leading pulp and paper company, was surveyed to understand the consumer purchasing behavior for the importance of sustainability for paper, food, and delivery packaging. The survey provided insights that said consumers give importance to the on-package sustainability information, such as recycling and the carbon footprint.

The consumer’s preference and green regulations from the FDA across regions also promote biodegradable packaging in the food industry. However, biodegradable packaging is prominent among the smaller players in the food industry as they are pitching sustainable packaging as their value to sustain in the market. With large packed food companies, like PepsiCo and Cadbury (Mondelez) announcing their sustainability agenda, which includes the reduction of greenhouse gas emissions and packaging to be recoverable or recyclable, the penetration of biodegradable packaging can be expected to increase over the forecast period.

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Europe accounts for the largest market share in the biodegradable packaging market 2020

Based on the regions, the global biodegradable packaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe accounted for the highest market share of 31.3% in the global biodegradable packaging market and was anticipated to maintain its dominance throughout the forecast period. In the United Kingdom, consumers are becoming more aware of the effect of plastic and non-biodegradable packaging on the environment. The demand for green packaging, including biodegradable packaging, is on the rise in the country.

Moreover, Germany has been embracing green packaging for the past few years. It has approved a new packaging regulation, which is projected to take effect from 2019, is particularly aimed at fostering to curb plastic wastage. Furthermore, the government is encouraging recycling and promoting the production of materials from renewable sources, thereby bolstering green packaging technology. As a result, the industry can perceive the regulation as a positive signal and ascend the production of biodegradable packaging, which, in turn, is expected to propel the market growth in the country over the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the biodegradable packaging market. It also consists of the profiles of leading companies such as Kruger Inc., Amcor Limited, Mondi PLC, Tetra Pak International SA, Biopac Limited, Plastic Suppliers Inc., Bemis Company Inc., DS Smith PLC, International Paper Company, Klabin SA, Rengo Co. Ltd, and Smurfit Kappa Group PLC. These market players have focused on acquisitions and expansion to gain a larger market share in biodegradable packaging.

Browse complete report: https://www.marketstatsville.com/biodegradable-packaging-market

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