is growing at a fast pace across different regions. This is mainly due to the increasing awareness among consumers about the benefits of using biodegradable packaging. The growth of this market is also supported by government initiatives such as the Green India Program and Make in India.
Credence Research has projected the biodegradable paper and plastics packaging market will cross USD 21.6 billion by 2028, propelled by growing demand from end-users in North America, Europe, Asia Pacific, and Latin America. These regions are witnessing significant growth due to rising environmental concerns and increasing awareness about sustainable packaging among consumers. In terms of type, compostable plastic packaging is expected to be the largest segment in the market by 2024. This is primarily owing to its favorable environmental profile and rapid adoption by end users.
In 2021, Asia's Pacific dominated the global biodegradable paper and plastic packaging market. A surge in 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.
Biodegradable Paper and Plastic Packaging Market Keyplayers
The major drivers for the growth of this market are increasing awareness about the benefits of biodegradable packaging, growing demand from various end-users such as food manufacturers, pharmaceutical companies, and petrochemical companies, and technological advancements in the production of biodegradable packaging.
Some of the key drivers that are fueling the growth of the biodegradable paper and plastics packaging market include:
Riverside Paper Co. Inc. (US), SmartSolve Industries (US), Özsoy Plastik (Turkey), Ultra Green Sustainable Packaging (US), Hoşgör Plastik (Turkey), Eurocell S.r.l (UK), Tetra Pak International SA (Switzerland), (US), and Kruger Inc. (Canada).
Biodegradable Paper and Plastic Packaging Market Research Available at Credence Research
The biodegradable paper and plastic packaging market is expected to grow at a CAGR of 13.5% from 2017 to 2028, according to a new report by Credence Research. The growth is driven by various factors such as increasing awareness about the environmental impacts of using non-degradable packaging, growing demand for plant-based food products, and increasing focus on reducing plastic waste.
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 include analyzing the global, regional, and country level, along with key market trends, significant players analysis, market growth strategies, and key application areas.