The biodegradable packaging materials market has been anticipated to expand at a noticeable pace in the foreseeable years. The rapid growth in the market has been attributed to the increasing application of biodegradable packaging materials in numerous industries owing to rising demand. Along with this, rising awareness among consumers related to the adverse effects of synthetic polymers along with some other materials for packing on the environment has also been generating market avenues.
Biodegradable packaging materials have lower carbon footprints that are further estimated to contribute to market growth in the near future. These packaging solutions are used at an increased rate at different levels of the packaging solutions, for example, primary, secondary, and tertiary packaging solutions. In addition to this, these packaging solutions are different from conventional non-biodegradable packaging on the basis of raw materials, production technology, applications, and composting. These factors are further estimated to contribute as revenue generators in the biodegradable packaging materials market.
The biodegradable packaging materials market has been growing at a rapid pace due to the increasing popularity of recyclable and environmental-friendly alternatives. The market solutions bear the characteristic of degradation or decomposition into natural materials if microorganisms act upon them. Further, these biodegradable polymers are either fossil-based or bio-based and generally harvested from nature made with the use of green manufacturing procedures.
The products from the biodegradable packaging materials market are used across the packaging industry and it has been gaining strength with increasing demand for recyclable materials in the end-use industries. These industries include pharmaceuticals, food & beverages, and personal and home care. Among these, the food packaging industry is using biodegradable packaging materials for the promotion of green living in numerous global areas. Various global and regional regulations for the reduction of ecological hazards of the overflowing landfills are likely to provide momentum in order to adopt these biodegradable packaging materials. Along with this, the substantial and sustained thrust in order to adopt sustainability in modern living has resulted in an increased demand for these solutions in recent years.
At the present time, development of the cost-effective biodegradable packaging materials is likely to gain traction across the packaging industry. Further, product innovations in the industry have also been anticipated to contribute to revenue generation opportunities in the biodegradable packaging materials market.
On the basis of nature, the biodegradable packaging materials market is highly fragmented. The key players operating in the market have been taking initiatives in order to bring novel growth opportunities along with growing concentration to adopt various strategies. Some of these market expansion strategies include expansion of company footprints around the world, product upgrades, portfolio diversion, mergers and acquisitions, novel product launching, and expansion of the service or product distribution network. Along with these initiatives, these industry players have also been investing increasingly in different R & D activities to bring technological advancements in the industry services.
The key players in the biodegradable packaging materials market are:
The biodegradable packaging materials market has been classified into Europe, North America, South America, the Middle East & Africa, and Asia Pacific. North America and Europe have been projected to serve as lucrative regions in the market. The rapid growth in these regions has been attributed to the technological advancements that are taking place in the process of manufacturing in recent years.
Asia Pacific region has also been expected to grow at a rapid pace in the market with the rising demand for recyclable materials across the food & beverage industry.