The global compostable plastic packaging material market is expected to grow at a moderate CAGR of 5.1% during the forecast period of 2022-2028. The market is being driven by the increasing demand for eco-friendly products, rising awareness about the environmental impact of plastic pollution, and government regulations promoting the use of compostable plastics.
The market for compostable plastic packaging material is segmented by material type, application, and region. By material type, the market is segmented into polylactic acid (PLA), polyhydroxyalkanoates (PHA), starch blends, and others. PLA is the most widely used material in compostable plastic packaging due to its good mechanical properties and biodegradability. PHA is expected to be the fastest-growing material type during the forecast period due to its excellent barrier properties and versatility.
By application, the market is segmented into food packaging, beverage packaging, pharmaceutical packaging, and others. Food packaging is the largest application segment of the market due to the high demand for compostable food packaging from consumers and retailers. Beverage packaging is expected to be the fastest-growing application segment during the forecast period due to the increasing demand for sustainable beverage packaging.
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By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for compostable plastic packaging material due to the high awareness about the environmental impact of plastic pollution and the presence of a large number of key players in the region. Europe is expected to be the fastest-growing market during the forecast period due to the increasing government regulations promoting the use of compostable plastics.
Key Benefits for Compostable Plastic Packaging Material Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- It outlines the current trends and future scenario of the market from 2023 to 2033 to understand the prevailing opportunities and potential investment pockets.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
Key Players:
- BASF SE
- Kaneka Corporation
- FKuR Kunststoff GmbH
- Cardia Bioplastics
- Novamont S.p.A.
- Danimer Scientific LLC
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Compostable Plastic Packaging Material Market by Category
By Material :
- PBAT
- PBS
- PLA
- PHA
- Starch Blends
- Others
By Application :
- Bags
- Pouches
- Boxes
- Bottles
- Cups
- Trays
- Plates & Bowls
- Others
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By End-user industry :
- Food Service
- Food & Beverage
- Cosmetics & Personal Care
- Homecare
- Healthcare
- Others
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