Biodegradable Packaging Market Size is Projected to Reach US$ 21.60 Bn by 2026
Tuesday, August 13, 2019
Press release from the issuing company
Market Study Report recently introduced new title on “2018-2026 Global Biodegradable Packaging Market Report” from its database. The report provides study with in-depth overview, describing about the Product, Industry Scope and elaborates market outlook and status to 2026.
The global biodegradable packaging market is expected to reach USD 21.60 billion by 2026.The global biodegradable packaging market has been divided based on product type, end-use industry and region. Considering the product type, the market is bifurcated into plastics and paper where the plastics held the largest market share followed by paper which is expected to grow at the fastest rate. Plastics are further segmented into cellulose, starch, PHA, and PLA among others whereas the paper is segmented into Kraft, flexible, corrugated, and box board. Among the various segments of the plastics, it is the starch and PLA that is expected to hold the largest market share. It is because of properties such as high strength and recyclability held by the starch polymers that have led to the starch and PLA holding a larger share of the overall market in the forecast period of 2018-2026.
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The leading players operating in the biodegradable packaging market globally are Kruger Inc., Clearwater Paper Corporation, International Corp., Mondi Group, Amcor, Rocktenn, Novamont S.P.A., Smurfit Kappa Group, Reynolds Group Holding Limited, Stora Enso, and BASF SE among others.
A few major driving factors for the biodegradable packaging market are the increasing demand for healthier, safer, and convenient food, along with growing consumer awareness towards eco-friendly products. Moreover, the improving environmental awareness among people and stricter governmental regulations have led to the usage of eco-friendly materials resulting in an increase in the demand for biodegradable packaging. Among the regions, Europe is expected to hold the largest market share in the global biodegradable packaging market over the forecast period of 2018-2026, followed by North America and Asia Pacific.
Considering the end-use industry segment, the market for biodegradable packaging is divided into food & beverages, healthcare, and personal care/homecare among others. Among these industry segments, it is the food & beverages industry that held a higher market share in the biodegradable packaging market. The growing government regulations in terms of food packaging that is non-biodegradable and hampers the environment has resulted in higher usage of degradable or biodegradable packaging for food & beverages industry.
Complete report titled at: https://www.marketstudyreport.com/reports/biodegradable-packaging-market-by-product-type-plastic-paper-by-end-use-industry-food-beverages-healthcare-homecare-personal-care-others-by-regions-market-size-forecast-2018-2026
A few key business strategies adopted by companies operating in the biodegradable packaging market are new technology and product development, geographical expansion, and mergers & acquisitions among others. For example, Amcor announced about its plan to become the first global packaging company to develop all its packaging as recyclable or reusable by 2025. Amcor has also teamed up with Plantic Technologies for developing a flexible and biodegradable plastic packaging for confectionery.
Report has segmented the global Biodegradable Packaging market on the basis of Product Type, end-use and region:
Biodegradable Packaging Market Growth, by Product Type
Food & Beverages
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