Global Biodegradable packaging industry is expected to grow at significant CAGR of 14.8% during the year 2017-2027 – Research Nester
The global biodegradable packaging market is segmented into material type and applications type. The market on the basis of material type is segmented into plastic and paper bio degradable material. Paper based biodegradable packaging segment is anticipated to witness a boost in the market size primarily on the account of availability of recyclable paper and easy degradability into the nature. On the basis of application type, the market is segmented into Food Packaging, Pharmaceutical, Beverage Packaging, Personal & Home Care Packaging and others. Food packaging industry shares 71.3% of the total market on the account of the factors such as advent of variety of food types in the food industry which is driving the usage of papers in large quantity. Beverage packaging is also expected to witness augmented growth in the upcoming years.
The Global Biodegradable Packaging Market is anticipated to expand at a CAGR of 14.8% during the period 2017-2027 and is expected to reach US$ 18.3 Bn during the forecasted period. The strict government regulations and reduction in usage of non-biodegradable wastage are some of the major key objectives of the global biodegradable packaging.
On the regional basis, North America is expected to dominate the global biodegradable market on the account of factors include high spending of people, environment and health conscious people in North America. Asia-Pacific region is also expected to show significant growth on the account stringent government policies in the manufacturing industry. China is another country which is expected to show significant growth on the back of the factors like globalization and industrialization.
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Implementation of government policies to use ecofriendly technology
Increasing implementation of government policies to use ecofriendly technologies in order to promote sustainable development is propelling growth in the market. The ruling governments across the globe are implementing the use of biodegradable plastics by imposing strict restrictions on the use of other forms of plastics. Additionally, there has been an increasing urge of the industrial units to accomplish their Corporate Social Responsibility (CSR) which has resulted as a major factor fuelling the growth in global biodegradable packaging market. However, there are also certain restraining factors that are inhibiting the growth in the market. Factors such as high prices of the biodegradable plastics and difficult manufacturing are some of the factors which are inhibiting the flourishing growth in the market.
The report titled “Global Biodegradable Packaging Market Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Biodegradable Packaging Market in terms of market segmentation by material type, application type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global biodegradable packaging market which includes company profiling of International Paper, Biopac, Natureworks LLC , Stora Enso, Clearwater Paper Corporation, Novamont S.P.A, Georgia-Pacific LLC, Rocktenn, Mondi Group, Smurfit Kappa Group, Kruger Inc. BASF SE.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biodegradable packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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