New York, NY -- (SBWIRE) -- 10/10/2018 -- The global biodegradable packaging market was valued at USD 5.10 billion in 2017, and is projected to reach USD 21.60 billion by 2026, growing at a CAGR of 17.4% during the forecast period.

Biodegradable as a term refers to the presence of things that are obtained from renewable sources, or are directly found from the nature and decompose completely with the help of micro organisms in a composting area. There is an urgent need at present to create materials that can be recycled making biodegradable packaging one of the new trends for green living. Biodegradable packaging involves use of bio-based materials for packaging. Nowadays, it is seen that there is an increasing demand for healthier and safer food packaging that has acted as a major driver for the overall growth of the biodegradable packaging market. Along with this, it is the growing consumer awareness towards eco-friendly products in the recent times that have driven the market demand for biodegradable packaging.

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The improvement in consumer knowledge & awareness about the environment as well as stricter governmental regulations towards waste reduction and usage of eco-friendly materials will further provide numerous opportunities to the biodegradable packaging market in upcoming years. The usage of biodegradable packaging is increasing globally across all the regions that are both developed like Europe or North America and developing like Asia Pacific. However, it is higher focus on the biodegradable materials and lower attention towards the biodegradability as a process that is acting as a major restraint for the market growth.

A few key strategies adopted by companies present in the global biodegradable packaging market are new product and technology development, geographical expansion and mergers & acquisitions among others. For example, Amcor teamed up with Plantic Technologies for developing a flexible and biodegradable plastic packaging for confectionery. The company also announced about its plan to become one of the first packaging company globally to develop all its packaging as recyclable or reusable by 2025.

The global biodegradable packaging market is divided on the basis of product type, end-use industry and region. Based on product type, the market is bifurcated into plastics and paper. The plastics are further divided into cellulose, starch, PHA, and PLA among others where the starch and PLA held the major market share among all other types. The properties such as high strength and recyclability of the starch polymers have resulted in the starch and PLA holding significant market share in the biodegradable packaging market. The paper is also segmented into kraft, flexible, corrugated, and box board. The increase in usage of box board for packaging has led the paper to be the fastest growing segment among the product type in the biodegradable packaging market. Considering the end-use industries, the market is classified into food & beverages, healthcare, and personal care/homecare among others. The food & beverages segment is expected to hold the largest market share in the biodegradable packaging market. The increase in government regulations in terms of food packaging has led to a shift towards the usage of degradable or biodegradable packaging for food & beverages industry.

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The leading players operating in the global biodegradable packaging market are Kruger Inc., Clearwater Paper Corporation, International Corp., Mondi Group, Amcor, Rocktenn, Novamont S.P.A., Smurfit Kappa Group, Reynolds Group Holding Limited, Stora Enso, and BASF SE among others.

Key Segments

Product Type

- Paper

o Kraft
o Flexible
o Corrugated
o Box board

- Plastics

o Cellulose
o Starch
o PHA
o PLA
o Others

End-use Industry

- Food & beverages
- Healthcare
- Personal care/homecare
- Others

Region

- North America
o U.S.
o Canada
- Europe
o Germany
o UK
o France
- Asia-Pacific
o China
o India
o Japan
- Latin America
o Brazil
o Mexico
- Middle East and Africa

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