New York City, 08 February 2019: The global Biodegradable Packaging Market is expected to
reach USD 21.60 billion by 2026 according to a new study published by Polaris
Market Research.
The global
biodegradable packaging market has been divided based on product type, end-use
industry and region. Considering the product type, the market is bifurcated
into plastics and paper where the plastics held the largest market share
followed by paper which is expected to grow at the fastest rate. Plastics are
further segmented into cellulose, starch, PHA, and PLA among others whereas the
paper is segmented into Kraft, flexible, corrugated, and box board. Among the
various segments of the plastics, it is the starch and PLA that is expected to
hold the largest market share. It is because of properties such as high
strength and recyclability held by the starch polymers that have led to the
starch and PLA holding a larger share of the overall market in the forecast
period of 2018-2026.
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Considering
the end-use industry segment, the market for biodegradable packaging is divided
into food & beverages, healthcare, and personal care/homecare among others.
Among these industry segments, it is the food & beverages industry that
held a higher market share in the biodegradable packaging market. The growing
government regulations in terms of food packaging that is non-biodegradable and
hampers the environment has resulted in higher usage of degradable or
biodegradable packaging for food & beverages industry.
A few key
business strategies adopted by companies operating in the biodegradable
packaging market are new technology and product development, geographical
expansion, and mergers & acquisitions among others. For example, Amcor
announced about its plan to become the first global packaging company to
develop all its packaging as recyclable or reusable by 2025. Amcor has also
teamed up with Plantic Technologies for developing a flexible and biodegradable
plastic packaging for confectionery.
Competitive Landscape and Key Vendors:
A few major
driving factors for the biodegradable packaging market are the increasing
demand for healthier, safer, and convenient food, along with growing consumer
awareness towards eco-friendly products. Moreover, the improving environmental
awareness among people and stricter governmental regulations have led to the
usage of eco-friendly materials resulting in an increase in the demand for
biodegradable packaging. Among the regions, Europe is expected to hold the
largest market share in the global biodegradable packaging market over the
forecast period of 2018-2026, followed by North America and Asia Pacific.
The leading players
operating in the biodegradable packaging market globally are Kruger
Inc., Clearwater Paper Corporation, International Corp., Mondi Group, Amcor,
Rocktenn, Novamont S.P.A., Smurfit Kappa Group, Reynolds Group Holding Limited,
Stora Enso, and BASF SE among others.
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