The global biodegradable packaging market is estimated to be valued at US$ 14741.05 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biodegradable packaging products are manufactured using renewable and natural materials like paper, cardboard, bamboo, leaves, and agricultural crop residues. These materials break down and decompose completely into CO2, water, biomass, and inorganic compounds when left in industrial composting facilities or in natural environments like soil and marine ecosystems. Biodegradable packages offer environmental advantages over conventional plastic packaging as they do not contribute to land, water, and marine pollution. Their increased adoption can help reduce packaging waste and drive sustainable operations across industries.
Market key trends:
Rising concerns about environmental pollution due to plastic waste accumulation have prompted governmental support for biodegradable alternatives. Stringent regulations regarding single-use plastics are encouraging major companies to invest in biopackaging R&D and production. Advancements in materials science have improved the functionality and properties of biodegradable polymers, expanding their applications in food packaging, pharmaceuticals, consumer goods, and industrial sectors. Growing awareness about eco-friendly choices and demand for sustainable options from end-users are fueling market revenue growth.
Porter's Analysis
Threat of new entrants: Low startup costs and intellectual property barriers make entry difficult into the biodegradable packaging market.
Bargaining power of buyers: The global biodegradable packaging market has large number of buyers but fragmented which reduces their bargaining power.
Bargaining power of suppliers: The global biodegradable packaging market has large number of suppliers and low switching costs which increases supplier bargaining power.
Threat of new substitutes: Alternate substitutes like plastic packaging available but regulations favoring biodegradable solutions increase entry barriers for substitutes.
Competitive rivalry: Presence of many local and international players leads to high competition in the biodegradable packaging market.
Key Takeaways
The Global Biodegradable Packaging Market Demand is estimated to be valued at US$ 14741.05 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Regionally, Asia Pacific dominated the global biodegradable packaging market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the increasing demand from emerging economies like China and India and high population growth rate demanding packaged food and goods.
Key players operating in the biodegradable packaging market are BASF SE, Smurfit Kappa Group, Mondi Group, Rocktenn, Stora Enso, Clearwater Paper Corporation, Amcor, Novamont S.P.A., Kruger Inc., Reynolds Group Holding Limited, and International Corp. BASF, being a raw material supplier enjoys a competitive advantage in the market. Smurfit Kappa leads the corrugated board and paper bags segment.
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https://www.marketwebjournal.com/biodegradable-packaging-market-market-share-size-and-forecast/
