The latest market report published by Credence Research, Inc. “Global Biodegradable Paper and Plastic Packaging Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global Biodegradable Paper and Plastic Packaging Market generated revenue of around USD 10.1 billion in 2021 and is anticipated to grow a CAGR of over 13.5% during the forecast period from 2022 to 2028 to reach around USD 21.6 billion in 2028.
Significant environmental and food safety concerns are motivating the development of biodegradable packaging options as a partial replacement for plastics derived from petrochemicals, which is enhancing the market outlook. People’s demands for change and their growing scrutiny of corporations have heightened the need for sustainable packaging. Packaging that is environmentally friendly and sustainable is becoming more popular. The global population’s growing desire to pay more for environmentally friendly products and “greener” packaging, as well as the growing environmental concerns, support the rise of the biodegradable paper and plastic packaging sector.
The global biodegradable paper and plastic packaging market is bifurcated into Type, Material, End User, and Geography. Based on type, the market is categorized into starch based plastic, cellulose based plastics, polylactic acid (PLA), and polyhydroxyalkanoates (PHA). Based on material, the market is categorized into paper and plastic. On the basis of end user, the global market is segmented into food and beverage, catering service wares, personal and home care, healthcare, and others. Based on geography, the market is segmented as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The market for biodegradable paper and plastic packaging in the Asia Pacific region is anticipated to grow at a faster CAGR over the forecast period. A surge in the number of food and beverage enterprises is occurring along with the region’s expanding population, particularly in China and India. The expansion of the food industry in APAC has been accelerated by the rising trend of online food ordering, the increased demand for food products, and the practicality of packaged food delivery.
There are several drivers for the biodegradable paper and plastic packaging market. Some of the key drivers are:
- Growing concerns about environmental sustainability: The increasing awareness about the negative impact of plastic waste on the environment has led to a shift towards biodegradable packaging materials.
- Government regulations and incentives: Many governments around the world have implemented regulations and incentives to promote the use of biodegradable packaging materials. This includes taxes on non-biodegradable packaging materials and subsidies for companies that use biodegradable materials.
- Increased demand for eco-friendly products: Consumers are becoming more environmentally conscious and are demanding products that are packaged in materials that are sustainable and have a low impact on the environment.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global biodegradable paper and plastic packaging market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth analysis of the global biodegradable paper and plastic packaging market segmentation based on type, material, and end user.
- Major countries in each region with their import/export statistics
- The global biodegradable paper and plastic packaging market report also includes analysing of the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.
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