Biodegradable Packaging Materials Market to surpass USD 169 Billion by 2032

Biodegradable Packaging Material Market

The global biodegradable packaging materials market is estimated at USD 88 Billion in 2022 and is forecast to surpass USD 169 Billion by 2032, growing at a CAGR of 6.8% from 2022 to 2032.

The global biodegradable packaging materials market accounts for ~9% of global packaging market in 2022 and is expected to expand due to augmented consumer spending on sustainable biodegradable packaging materials because of enhanced environment-consciousness. The global biodegradable packaging materials market is projected to have an absolute $ opportunity of USD 81 Billion during the assessment period of 2022-2032.

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Consumer Pressure and “Attenborough Effect”

Millennials are becoming increasingly aware of the negative environmental footprints of plastic usage and are thus, leaning towards environmental conscious packaging materials. They value sustainability and are even ready to pay a higher price for it.

Attenborough effect is contributing to market growth. The term is named after David Attenborough, who educates people about plastic usage issues and sustainability. According to Global Web Index, more than 52% of consumers in the U.S and U.K have reduced single-use plastics and 42% considers sustainable packaging while making a purchase, due to the Attenborough effect. All these factors are likely to increase sales of biodegradable packaging materials market by 1.2X.

Investment in Cutting-Edge Manufacturing Technologies

Manufacturers are investing in state-of-the-art technologies to cater to ever increasing demand for affordable and highly-efficient biodegradable packaging materials. In addition to this, next-generation technological solutions are aiding producers to provide industry-specific packaging solutions.

Moreover, the global war against plastic is creating lucrative opportunities for manufacturers to enter the biodegradable packaging materials market and entice customers with their offerings.

Producers are investing in extrusion coating and resin reclamation technology to boost flexibility and speed of manufacturing processes and provide the right packaging solutions, which is likely to contribute to approximately 3/4th of market revenue during the forecast period of 2022-2032.

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Competitive Landscape: Top Companies of Biodegradable Packaging Materials Market

The global biodegradable packaging materials market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of eye-catching biodegradable packaging materials comprising of better functionalities and variants.

Fact.MR has provided detailed information about price points of top manufacturers of biodegradable packaging materials positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  • Smurfit Kappa in 2021 launched a new range of eBottle packaging solutions for the growing online beverage market. This range is more sustainable made from recyclable raw material and is customizable according to bottle shapes and sizes. The company also offers a range of automated solutions that helps in the optimization of packaging processes.
  • Amcor Limited in 2021, announced that its team has created more sustainable packaging solutions for butter and margarine, which is made entirely from paper. The paper wrapper is 38% lighter than aluminium and paper packaging and reduces carbon footprint by 81%, thus, helping consumers meet sustainability goals.

Key Companies Profiled

  • Amcor plc
  • Smurfit Kappa
  • Sealed Air
  • International Paper
  • Mondi Group PLC
  • WestRock Company
  • Tetra Pak International S.A
  • DS Smith
  • Kruger Inc.
  • Toray Plastics (America), Inc.

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Global Biodegradable packaging materials Market by Category

  • By Material Type :

    • Paper and Paperboards Biodegradable Packaging Materials
      • Coated Unbleached Kraft Paperboard
      • Bleached Paperboard
      • Molded Fiber Pulp Paperboard
      • Recycled Paper Paperboard
    • Plastic Biodegradable Packaging Materials
      • Poly Lactic Acid (PLA)
      • Polyhydroxybutyrate (PHB)
      • Starch Based Plastic
      • Fossil Based Polymer (PCL, PBAT, PBS etc.)
      • Polyhydroxyalkanoates (PHA)
    • Jute Biodegradable Packaging Materials
    • Wood Biodegradable Packaging Materials
  • By Application :

    • Trays
    • Bags
    • Boxes
    • Clamshells
    • Films
    • Pouches
  • By End-Use Industries :

    • Food & Beverage Industry
    • Cosmetics and Personal Care Products Industry
    • Pharmaceuticals Industry
    • Consumer Goods Industry
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • MEA

Check Out More Related Studies Published By Fact.MR Research: https://www.prnewswire.com/news-releases/engagement-in-adventure-sports-like-skydiving-to-position-wearable-cameras-market-at-us-16-5-billion-by-2028–301630917.html

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