Compostable Packaging Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Compostable Packaging Market by region.
The global compostable packaging market size was US$ 84.1 billion in 2021.The global compostable packaging market is forecast to grow to US$ 151.04 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
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Factors influencing the Market
Compostable packaging is an efficient way to offer eco-friendly and sustainable packaging. The growing awareness about biodegradable and compostable packaging will fuel the growth of the market.
Growing demand for attractive product appearance will offer ample growth opportunities for the global compostable packaging market. In addition, the steeply growing food & beverage industry is forecast to increase growth prospects for the compostable packaging industry in the coming years.
The rising adoption of compostable packaging in large enterprises, such as Coca-Cola, Unilever Group, and Danone, will contribute to the growth of the market.
Stringent rules by governments to ban plastic waste are forecast to benefit the compostable packaging market throughout the forecast period. On the contrary, the high cost of materials may limit the market expansion.
The growing pharmaceutical industry and increasing demand for novel drugs will escalate the market growth. Furthermore, growing disposable income and consumer spending on healthcare will propel the compostable packaging market forward.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has surged the awareness related to a healthy environment. During the pandemic, the demand for compostable packaging surged significantly. Various companies began adopting eco-friendly ways in order to cater to public demands. The Coca-Cola Company began adopting compostable packaging and displayed their strategies to adopt environmentally-friendly packages to outperform.
The demand for packed food and beverages increased abruptly. Thus, it has been beneficial for the pandemic. Moreover, the pharmaceuticals segment also witnessed unexpected growth. As a result, it has contributed to the growth of the global compostable packaging market.
Regional Analysis
North America is forecast to dominate the global compostable packaging market in terms of revenue. The growth of the market is attributed to the rapidly growing end-use industries, such as pharmaceuticals, food, beverage, etc. In addition, Asia-Pacific compostable packaging market is forecast to grow at a considerable growth rate due to growing awareness related to eco-friendly packaging.
Competitors in the MarketBASF SE Biome Bioplastics Limited Bio-On Braskem (Brazil) In novia Films Limited Mitsubishi Chemical Corporation Nature Works Nova Mont Plan tic Technologiestipa – corp ltd. Toray Industries Total Corbion PLA Other Prominent Players
Market Segmentation
The global compostable packaging market segmentation focuses on Material, Application, End-Use Industry, and Region.
The compostable packaging market has been segmented based on material –Starch-Based PackingCompostable PlasticsCompostable Paper
The compostable packaging market has been segmented based on application –BoxesBagsOthers
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The compostable packaging market has been segmented based on the end-use industry –Food & BeveragesHouseholdAgriculturePharmaceuticalsOthers
The compostable packaging market has been segmented based on the region –North America The U.S. Canada Mexico Europe Western Europe The UK Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Rest of South America
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