According to research conducted by Future Market Insights (FMI), the global biodegradable packaging market is expected to experience substantial growth in the coming years. In 2022, the market is projected to reach a valuation of US$ 448.2 billion and is further anticipated to expand at a compound annual growth rate (CAGR) of 6.1% during the period of 2022-2032.
Biodegradable packaging sales are estimated to be driven by the top three countries, which are expected to hold approximately 25-30% of the market by the end of 2022.
The global biodegradable packaging market constitutes about 45% of the overall packaging market, which was valued at US$ 980 billion in 2021. FMI analysis indicates that the market reached over US$ 440 billion in 2021 and is expected to maintain a CAGR of 6.1% from 2022 to 2032. The demand for biodegradable paper packaging is predicted to increase, with the top five key players projected to hold 20-25% of the global market by the end of 2022.
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The growth of the biodegradable packaging market can be attributed to the rising demand for sustainable and eco-friendly packaging across various industries. FMI’s analysis suggests that the market will witness an opportunity for growth amounting to US$ 1.8 billion between 2022 and 2032. Initiatives taken by both governmental and non-governmental organizations in North America and Europe to promote sustainable packaging are expected to further drive the market during the forecast period.
- The global biodegradable packaging market is projected to reach a valuation of US$ 448.2 billion in 2022 and grow at a CAGR of 6.1% from 2022 to 2032.
- The top three countries are expected to hold 25-30% of the market by the end of 2022.
- Biodegradable paper packaging is anticipated to experience increased demand, with the top five key players holding 20-25% of the global market by the end of 2022.
- The market’s growth is driven by the demand for sustainable and eco-friendly packaging.
- Government and non-government initiatives in North America and Europe are creating growth opportunities for the biodegradable packaging market.
The key players operating in the biodegradable packaging market are focusing on expanding their capacities and resources to meet the growing demand for sustainable packaging including biodegradable packaging by establishing the new plant. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources. Some of the key developments are as follows–
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- In April 2022, Karat Packaging Inc. announced a joint venture agreement with Happiness Moon, Co. Ltd. (Happiness Moon) to build a new factory in Taiwan for manufacturing compostable foodservice products from bagasse.
- In March 2022, Mondi made an investment of US$ 285 Million in corrugated packaging to accelerate the sustainable growth plans of the company.
- In January 2022, Smurfit Kappa announced the investment of USD 33 Million in its Fortaleza plant, Brazil, to expand its capacity to meet the growing demand for innovative and sustainable packaging.
Key Player :
- Winpak Ltd.
- Berry Global Group
- Swedbrand Groups
- Huhtamaki Oyj
- Evergreen packaging
- Amcor plc
Biodegradable Packaging Market by Category
By Material, Biodegradable Packaging Market is segmented as:
- Paper & Paperboard
- Polylactic Acid (PLA)
- Polybutylene succinate
- Others (Protein-based plastics etc.)
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By Packaging Format, Biodegradable Packaging Market is segmented as:
- Bottles & Jars
- Boxes & Cartons
- Trays & Clamshells
- Cups & Bowls
- Pouches & Bags
- Films & Wraps
- Labels & Tapes
- Others (Stick pack, Sachets, etc.)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
Future Market Insights Inc.