The global compostable plastic packaging materials market is projected to experience moderate growth during the forecast period of 2022-2028, with a CAGR of 5.1%. According to the report titled “Compostable Plastic Packaging Material Market Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028,” the market is estimated to exceed a value of US$2.4 billion by the end of 2028. Compostable plastics, which can break down quickly without leaving any trace, are currently in high demand.
Businesses are actively developing new products for the global market to expand their operations and make a positive environmental impact. The increasing environmental consciousness among people has resulted in a strong demand for eco-friendly products. The market offers a wide range of packaging options made from biodegradable plastics to cater to this demand.
Materials such as PBAT, PBS, PLA, and PHA, which consist of highly decomposable components, are available in the market. Among them, PHA is expected to exhibit the strongest market growth due to its excellent barrier properties.
High barrier materials are used in the packaging of food, beverages, and pharmaceutical products to extend shelf life and preserve product quality. The study on the global market for compostable plastic packaging materials suggests that PHA plastics are anticipated to witness remarkable growth with an extraordinary CAGR of 15.9% over the ten-year forecast period.
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One prominent trend in the market is the increasing demand for biodegradable plastic trash bags. Despite their relatively higher costs, compostable waste bags are expected to gain a significant market share in both established and emerging countries in the near future.
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
Regional Outlook:
United States: Sustainable and Environment-Friendly Packaging Market for Compostable Packaging Material
The United States is considered one of the most sustainable and environment-friendly packaging markets for compostable packaging material. It is expected to hold around 86% of total sales in North America by 2028. The country’s inclination towards sustainability, changing consumer behavior, and preference for eco-friendly products due to social responsibility and environmental concerns drive the demand for compostable plastic packaging material. The use of certified compostable products that meet ASTM standards and the growing awareness of sustainability among consumers and businesses contribute to the market’s growth in the U.S.
India: Expansion in Supermarkets, FMCG, and E-commerce Boosts Compostable Plastic Packaging Material Sales
India is experiencing an expansion in supermarkets, the fast-moving consumer goods (FMCG) sector, and the e-commerce industry, which is increasing the sales of compostable plastic packaging material. It is estimated to reach a valuation of US$108.2 million by 2028. The growing awareness and benefits of using sustainable and environmentally friendly products that leave no harmful footprints after decomposing drive the significant growth of compostable plastic packaging material in India. The increase in food ordering, ready-to-eat food packaging, and changing food consumption habits due to changing lifestyles, a growing economy, and increased internet penetration contribute to the demand for compostable plastic packaging material in India’s developing economy
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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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