The global biodegradable packaging market size was US$ 85.7 billion in 2021. The global biodegradable packaging market is forecast to grow to US$ 131.8 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.1% during the period from 2022 to 2030.
Bio-degradable packaging solutions are highly efficient as they are environmentally friendly. Moreover, they are manufactured through renewable resources like starch and cellulose, which can be easily decomposed.
Factors Influencing the Market
Concerns related to carbon emissions are growing all across the globe. Government bodies are also working towards combating these issues. The growing popularity of bio-degradable packaging is forecast to escalate due to these factors.
Increasing regulation related to the plastic ban will also fuel the growth of the global biodegradable packaging market. Furthermore, the growing range of innovations in biodegradable packaging will also contribute to the market growth. For instance, the European Commission and the bio-based Industries Consortium (BIC) together unveiled their FRESH project funded by the Bio-Based Industries Joint Undertaking (BBI JU).
Prominent companies are also actively supporting the zero-carbon initiative. For instance, Carlsberg, one of the prominent beverage companies, is focusing on research into bio-degradable beverage bottle innovations. Such advancements will strengthen brand foothold in the industry, which will also benefit the biodegradable packaging market.
COVID-19 Impact Analysis
The COVID-19 pandemic primarily affected R&D activities, which has been challenging for the biodegradable packaging market. However, the pandemic has raised crucial awareness about lowering the carbon footprint, which will benefit the biodegradable packaging market post-pandemic. Furthermore, surging awareness about the harmful effects of the non-biodegradable material will fuel the growth of the biodegradable packaging market.
Regional Analysis
Globally, the Asia-Pacific biodegradable packaging market is forecast to emerge as the largest market. It is owing to the growing demand for bio-degradable materials and the increasing focus of leading companies in contributing to the sustainable initiative. Various companies in the food and beverage industry are looking forward to developing sustainable packaging solutions. Thus, it will benefit the overall market. Furthermore, the government of China has also introduced various regulations to escalate the use of biodegradable materials, which will benefit the market.
Moreover, India is also among the largest contributor to the biodegradable packaging market. It is attributed to the rising awareness of the hazardous effects of non-biodegradable materials. Furthermore, companies, such as Biogreen, have started offering complete sustainable solutions. Thus, it will boost the growth of the Asia-Pacific biodegradable packaging market during the study period.
Competitors in the Market
Market Segmentation
The global biodegradable packaging market segmentation focuses on Material, Application, and Region.
By Material Type Outlook
By Application Outlook
By Regional Outlook
