Biodegradable packaging is made from plants that are gathered from the wild. When placed in a composting area, it contains no toxic chemicals or plastic coatings, making it totally decomposable with the help of microbes. As a result, the global food biodegradable market is driven by rise in demand for sustainable and recyclable packaging. Other important drivers boosting the market growth are advancements in biodegradable materials, increased consumer awareness of environmental issues, and stricter regulations. As a result, biodegradable plastics are positioned to replace non-biodegradable polymers as packaging raw materials.
COVID-19 Impact analysis
- With the outbreak of COVID-19, many businesses have begun to abandon their commitment to the long-term goal of eradicating plastic.
- According to some research, the virus can be transmitted through cardboard and plastic, leading to an increase in the use of single-use materials in supermarkets to wrap products, such as cling film for fruits and vegetables.
- Rise in single use plastic in COVID-19 has an adverse effect on the food biodegradable market; not only the supply chain was disturbed but demand also took a hit.
Top Impacting Factors
- The market demand for the product has increased as consumers in some regions have become more conscious of the negative consequences of plastic packaging.
- Manufacturers are also converting to environment-friendly food packaging in response to government rules prohibiting the use of single-use plastics. The availability of low-cost alternatives, on the other hand, impedes the market expansion.
- Companies in the biodegradable packaging market are using business tactics like new technology & product development, geographical growth, and mergers & acquisitions, and others, to stay competitive. Amcor, for example, announced its intention to become the first global packaging business to make all of its packaging recyclable or reusable by 2025, starting with collaboration with Plantic Technologies to develop a flexible and biodegradable plastic packaging for confectionery.
One of the most important applications is expected to be beverage packaging
The market for biodegradable packaging in the beverage sector is expected to experience growthwith the never-ending need for bottled water and non-alcoholic beverages. Consumers' proclivity for particularly demanding high-quality drinking water, the fear of illness as a result of drinking polluted tap water, and the ease of transport and convenience are the factors contributing toward the demand for bottled water.
According to the Environmental Audit Committee, an estimated 700,000 bottles are littered every day in the UK. These figures demonstrate the critical need for biodegradable beverage packaging. Crown Holdings Inc., based in the U.S., and has constructed a new factory in Jakarta, Indonesia, to meet the rise in need for environment-friendly packaging in the beverage industry across Europe. Given the country's strong economic growth and large population, such environment-friendly initiatives hold a lot of promise for biodegradable beverage packaging. However, when compared to carton-based solutions, the lightweight and ease of production of plastic bottles has been a key stumbling block for bio-degradable packaging in the beverage packaging business.
Technological innovation and rapid development
The sector has grown rapidly as a result of technical innovation and increased integration. As a result, the industry's global expansion has been strengthened. The developed economies of Europe and North America are predicted to experience the fastest growth, owing to increased consumer knowledge and, as a result, higher volumes created and consumed. Consumers in the biodegradable packaging market are looking for products with more features, which are cost-effective, and are convenient. There is an increased demand for biodegradable plastic packaging in the world.
In addition, rise in consumer demand for convenience, development of novel packaging materials, awareness of environmental issues, and the adoption of new regulatory requirements drive the growth of the market.
Key Benefits of the Report
- This study presents the analytical depiction of the Food Biodegradable Packaging industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Food Biodegradable Packaging Market share.
- The current market is quantitatively analyzed to highlight the Food Biodegradable Packaging Market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Food Biodegradable Packaging Market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Who are the leading market players active in the Food Biodegradable Packaging Market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is Food Biodegradable Packaging Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the Food Biodegradable Packaging Market?
Food Biodegradable Packaging Market Report Highlights
Key Market Players
Ball Corporation, Amcor, Crown Holdings Inc, Sealed Air Corporation, Mondi Group, Tetra Pak, Smurfit Kappa, BASF, Westrock, Huhtamaki Oyj
Sonoco Products Company, Evergreen Packaging, Elopak, Winpak Ltd, Berry Global, Printpak, Paperfoam, Sustainable Packaging Industries, GWP, Swedbrand Groups