Increasing demand for sustainable and eco-friendly plastic materials have fuelled the need for compostable plastic packaging materials. A recent report by Future Market Insights anticipates a moderate 5.1% CAGR growth of the global market for compostable plastic packaging materials, during the projected period, 2018-2028. In addition, the global market for compostable plastic packaging material is likely to touch an evaluation of more than US$ 2,000Mn by 2028-end. Developing effective compostable plastic packaging materials for the end-users will be an important trend fuelling growth of the market for compostable plastic packaging materials. The report further delivers essential landscapes for growth of global market for compostable plastic packaging materials in the forthcoming years.
Analysts involved in this report development have conveyed valuable information on how the market for compostable plastic packaging materials will expand through 2028. Apart from this, analysts have replied to the key concerns of industry participants and market viewers.
According to your analysis, who do you think is likely to continue contributing significantly towards the growth of the global market?
On the basis of analysis by our report developers, healthcare industry and food & beverage industry are contributing significantly towards the growth of global market are expected to continue the same in the forthcoming years.
Can you mention some major factors that are obstructing the growth of the global market?
Well, limited availability and high cost of the products are likely to hamper the growth of global market for compostable plastic packaging materials. Mainly, the developed regions such as the U.S. and China amongst others are experiencing the limited availability issues.
How are the regulatory bodies and government benefitting the global market?
Governments have made the usage of compostable plastic packaging materials mandatory across the globe, as they realize the drawbacks of using recycled plastics. Food & Drug Association (FDA) and National Food Processor Association (NFPA) amongst others are forming regulations related to use of recycled plastics, especially in the food industry. These regulations have also restricted the use of fossil based plastics.
What are the manufacturers doing for expansion of the global market?
Well, it is observed that there is increasing inclination towards environment friendly products, which is influencing the manufacturers to increase the production of eco-friendly compostable plastic packaging materials. Manufacturers are banking on opportunities for expanding their business and are capitalizing on the products that are likely to witness considerable demand in the forthcoming years.
What trend do you think is currently going on in the global market for compostable plastic packaging material?
A popular trend that our analysts have found out is increasing need for garbage bags made up of compostable plastic. In spite of comparatively high costs, developing and developed countries are likely to increase the usage of compostable garbage bags.
Can you mention some key players in the global market for compostable plastic packaging material?
Yes. Certainly I can. The key players that our analysts have profiled include Biotec GmbH & Co. KG, NatureWorks LLC, Northern Technologies International Corp., S.K. Chemicals Co. Ltd., and Blonde Technology Co. amongst others. By developing beneficial compostable plastic packaging material, the key players are concentrating on attaining a competitive edge in the global market for compostable plastic packaging material.
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