The global biodegradable packaging market size was US$ 3.1 billion in 2021. The global biodegradable packaging market is forecast to grow to US$ 29.1 billion by 2030, registering a compound annual growth rate (CAGR) of 9.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
- The increasing awareness about the hazardous health effects of pollution is forecast to fuel the growth of the biodegradable packaging market. The demand for eco-friendly plastic has been increasing. In addition, increasing efforts from governments to reduce the use of non-biodegradable conventional plastics is forecast to benefit the global market.
- The increasing demand for ready-to-eat food, beverage, pharmaceuticals, and cosmetics is forecast to benefit the global biodegradable packaging market. In addition, the beneficial applications of biodegradable packaging in electronics, medical, and automotive will fuel the growth of the market.
- The introduction of innovative solutions and growing investments in R&D activities are all forecasts to contribute to the growth of the global biodegradable packaging market.
- The high cost of the product may hamper the growth of the global biodegradable packaging market during the forecast period.
- The increasing number of the working population is forecast to offer ample growth opportunities for the market players during the pandemic. In addition, the growth of the hospitality sector and the growing trend of cloud kitchens will benefit the global biodegradable packaging market.
Regional Analysis
On the basis of region, North America and Europe will emerge as the potentially lucrative regional markets, owing to the growing number of technological advancements and increasing awareness about eco-friendly products. In addition, Asia Pacific will register promising growth due to the rising demand for recyclable materials and increasing government initiatives. In addition, the expansion of the FMCG, automotive, pharmaceuticals, and other industries will further bolster the growth of the Asia-pacific biodegradable packaging market during the forecast period from 2022 to 2030.
COVID-19 Impact Analysis
The COVID-19 pandemic had a positive impact on the pharmaceuticals and food and beverage industries. As a result, it fueled the growth of the global biodegradable packaging market. During the pandemic, people started adopting ready-to-eat packed products in order to avoid human contact. Moreover, the pharmaceuticals industry also witnessed significant growth during the pandemic. As a result, it surged the demand for efficient, biodegradable packaging during the pandemic period.
However, the high cost of the packaging was a significant challenge witnessed by the market during the pandemic.
Competitors in the Market
- NatureWorks
- Total Corbion
- Novamont
- Biome Bioplastics
- Mitsubishi Chemical Holding Corporation
- Toray Industries
- Plantic Technologies
- Danimer Scientific
- Fkur Kunstsoff
- Other Prominent Players
Market Segmentation
The global biodegradable packaging market segmentation focuses on Type, End-Use, and Region.
On the basis of Type
- PLA
- Starch Blends
- PHA
- Biodegradable Polyesters
On the basis of End-use
- Packaging
- Consumer Goods
- Textile
- Agriculture & Horticulture
- Others
On the basis of Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America