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Biodegradable Packaging Market play important role in Packaging Industry
Biodegradable packaging plays an important role in the packaging industry due to the ever increasing consumer awareness and importance of using eco-friendly, biodegradable packaging materials instead of conventional non biodegradable ones. Biodegradable packaging products are primarily developed from biodegradable plastics such as PLA, Starch based Plastics, PHA, PCL, and PBS or different types of paper and paperboard.
Primary biodegradable packaging materials such as PLA, starch-based plastics, and PHA dominate the biodegradable plastic packaging market and will be growing at a healthy CAGR in the next five years. Within the biodegradable paper packaging materials market, boxboard, corrugated board, and flexible paper will drive majority of the future growth. The growing demand for biodegradable plastic packaging materials over conventional non biodegradable plastic packaging materials like PET proves to be one of the most important factors driving the growth of the market worldwide.
The biodegradable packaging market is driven by rapid growth of food packaging and beverage packaging industries globally especially in emerging economies such as BRIC countries as well as the developed economies of Europe and North America. The developed countries of Europe and North America are expected to contribute almost one third of the future growth in the biodegradable packaging market. Asia-Pacific region, growing at a significantly high CAGR looks to drive the market production by the end of the decade due to fast growing Chinese and Indian packaging industries.
The raw material demand for biodegradable packaging products will also grow hand in hand owing to the increased consumer awareness and hence the usage of biodegradable packaging. Biodegradable plastics are fast replacing the conventional non biodegradable plastics used as raw materials for biodegradable plastic packaging products. Within biodegradable plastics, polylactic acid, starch-based plastics, and polyhydroxyalkanoates are finding greater acceptance on account of their superior properties.
Consumers are demanding for better features and convenience in packaging products. Besides new biodegradable packaging material development, increasing awareness of environmental issues, and the adoption of new regulatory requirements are going to be the key growth drivers for the future biodegradable packaging business.
Biodegradable Packaging Market by Packaging Type (Plastic and Paper), Applications (Food Packaging, Beverage Packaging, Pharmaceuticals Packaging, Personal & Home Care Packaging, and Others) & by Geography (North America, Europe, Asia-Pacific, and ROW) - Global Trends & Forecast to 2019
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