Global biodegradable packaging market growth is driven by increasing focus of manufacturers on eco-friendly products

The global biodegradable packaging market revenue is expected to expand at a lucrative CAGR over the forecast period. Rising environmental awareness among people and stringent governmental regulations have shifted focus towards waste reduction and eco-friendly materials. Growth in the food processing industry, rise in disposable incomes, changing consumer preferences and rising initiatives of the government for manufacturing of bio-degradable materials are some of the major factors expected to drive growth of the global market over the forecast period.

The global biodegradable packaging market report has been segmented on the basis of material, application and region.

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On the basis of material, the global market is segmented into plastic and paper. Biodegradable nature of plastics is expected to be key factor driving the biodegradable plastic market over the forecasted horizon. Increase in awareness about ecofriendly products and strict regulations regarding usage of conventional plastics is anticipated to drive the biodegradable plastics packaging.

On the basis of application, it is segmented into food & beverage, pharmaceutical, personal, and homecare. Demand for biodegradable packaging is experiencing high demand from the food & beverage sector due to increasing demand for packaged and branded products.

Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific market, with emerging economies such as China, Malaysia, India, and Thailand, is expected to drive the target market. Rise in consumer awareness toward the biodegradable plastic and paper packaging products, growing pharmaceuticals packaging industry in this region, which in turns is propelling growth of the global market.

Many food and beverages companies such as Chai Point are introducing sustainable packaging material. In 2016, Chai Point introduced 100% biodegradable packaging such as food boxes, plates, cutlery. The packaging that is made of bagasse, is the fibrous matter that remains after sugarcane stalks are crushed to extract their juice.

Key players operating in the global Biodegradable packaging market are Amcor Limited, Mondi plc., Tetra Pak, Kruger Inc., BASF, International Paper Company, Smurfit Kappa, Stora Enso, Clearwater Paper Corporation, Kruger Inc., Georgia-Pacific LLC and among others.

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