A new market report has forecasted strong growth for the biodegradable paper and plastic packaging market. The report predicts that the market will grow at a compound annual growth rate of 7.6% from 2021 to 2028, reaching a value of $21.8 billion by the end of 2028.
The increasing demand for eco-friendly and sustainable packaging solutions, coupled with rising consumer awareness of the negative impact of traditional packaging materials on the environment, is driving the growth of the biodegradable packaging market. Biodegradable packaging is made from natural materials that decompose in the environment, reducing waste and pollution.
The report highlights the food and beverage industry as the largest market for biodegradable packaging due to the high demand for sustainable packaging solutions in this sector. Additionally, the cosmetics and personal care industries are also expected to see significant growth in the use of biodegradable packaging materials.
The report also identifies some of the key players in the biodegradable packaging market, including BASF SE, International Paper Company, Smurfit Kappa Group, Mondi Group, and Stora Enso Oyj. These companies are investing in research and development to create innovative biodegradable packaging solutions that meet the needs of customers while also being cost-effective.
The report notes that government regulations and initiatives promoting sustainable packaging are also driving the market’s growth. For example, the European Union’s Single-Use Plastics Directive is pushing companies to adopt biodegradable packaging solutions to reduce plastic waste.
In conclusion, the biodegradable paper and plastic packaging market is expected to see strong growth in the coming years as more companies adopt sustainable packaging solutions and consumers demand eco-friendly products. Businesses that invest in biodegradable packaging solutions will be well-positioned to meet this demand and capitalize on the market’s growth potential.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.