Compostable Plastic Packaging Material Market Future Demands, Emerging and Industry Report
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 2023 and 2031.
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.
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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 size is projected to witness significant growth in the coming years.
Some of the key questions answered in this report:
- Which are the five top players of the Compostable Plastic Packaging Material Market?
- How will the Compostable Plastic Packaging Material Market change in the upcoming years?
- Which product and application will take a share of the Compostable Plastic Packaging Material Market?
- What are the drivers and restraints of the Compostable Plastic Packaging Material Market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the Compostable Plastic Packaging Material Market throughout the forecast period?
- What is the current market size, what will the market size be in 2030 and what will the growth rate be?
- What are the challenges to grow in the market?
- What are the market opportunities and challenges faced by the key vendors?
- Who are the major competitors and what is their strategy?
- What are the barriers to entry for new players in the market?
Reports and Insights Study identifies some of the key participating players in the compostable plastic packaging material market share 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.
To view Top Players, Segmentation and other Statistics of Compostable Plastic Packaging Material Industry, Get Free Customization Report @: https://reportsandinsights.com/free-customization/1785
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