Compostable Plastic Packaging Material Market to be Worth US$ 2.8 Billion by 2030
Reports and Insights has published a new report titled, “Compostable Plastic Packaging Material Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Compostable Plastic Packaging Material Market, By Material (PBAT, PBS, PLA, PHA, Starch Blends, Others), By Application (Bags, Pouches, Boxes, Bottles, Cups, Trays, Plates & Bowls, Others), By End-user industry (Food Service, Food & Beverage, Cosmetics & Personal Care, Homecare, Healthcare, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The compostable plastic packaging material market is estimated to reach at a value of US$ 1.9 Bn by the end of 2022 and expected to reach at a value of US$ 2.8 Bn by 2030 with a significant CAGR of 5.3%.
The sphere for eco-friendly and sustainable packaging material is evolving at a rapid pace in recent years. People, these days, are increasingly becoming conscious about the environment and utilizing sustainable products. Attributing to such factors, the compostable plastic packaging materials came into existence, which can be perceived as a product comprising similar properties as the conventional plastic, including barrier features, shelf stability, durability, and many more., with one dissimilarity, i.e. these materials are completely compostable.
The compostable plastic packaging materials offer nutrients to the soil when it has entirely broken down. The increased awareness among the population regarding environmental degradation as a consequence of plastics is primarily driving the growth of the global compostable plastic packaging market. In the same manner, the growing consumer preference towards the adoption of environment-friendly packaging solutions is further projected to boost the demand of compostable plastic packaging materials across the markets.
Moreover, the increased stringent regulations of governments and regulatory bodies towards ban on plastics and utilizing sustainable products is further encouraging manufacturers to seek greener alternatives for packaging. By the same token, the leading manufacturers of the biodegradable packaging materials are adopting several marketing strategies that convey a pro-environment message to their customers, which is further estimated to aid in gaining them greater market share. For instance, recently, PepsiCo and Coca-Cola proclaimed to adopt 100% recyclable, biodegradable, and compostable packaging materials by the end of 2025. Attributing to such factors, the global compostable plastic packaging material market is projected to witness significant growth in the coming years.
Reports and Insights Study identifies some of the key participating players in the compostable plastic packaging material market globally are BASF SE, Kaneka Corporation, FKuR Kunststoff GmbH, Cardia Bioplastics, Novamont S.p.A., Danimer Scientific LLC, Grabio Greentech Corporation, Northern Technologies International Corporation, NatureWorks LLC, S.K. Chemicals Co., Ltd. Minima Technology Co. Ltd. Biotec Pvt. Ltd. Green Dot Holdings LLC, among others.
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