The Infinium Global Research analyzes the Biodegradable Packaging Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global biodegradable packaging market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of biodegradable packaging. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the biodegradable packaging market during the period.
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Increasing Consumer Awareness Regarding Environmental Protection is Anticipated to Further Boost the Growth of the Market
The growing demand for recyclable materials from several end-use industries are the major factor driving the growth of the biodegradable packaging market. Biodegradable materials are primarily plant-based. They are decomposed by bacteria and fungi and the decomposed material is used as fertilizers for plants. Many end-use industries such as food and beverage, pharmaceutical, and agriculture have increased their demand for biodegradable packaging for their products mainly due to the efforts of companies to position and market their brand as eco-friendly.
Moreover, increasing consumer awareness regarding environmental protection is anticipated to further boost the growth of the market. As the pollution levels increase people are starting to notice its effect on their life. Pollution has degraded the quality of food, water, and air, which eventually has adverse effects on human health. Due to this many people are proactively shifting their preference towards eco-friendly products. This, in turn, boosts the demand for Biodegradable Packaging around the world. However, the cost associated with the production of biodegradable packaging is higher as compared to conventional plastic packaging. This is majorly hampering market growth. Nevertheless, efforts from several market players and research institutes to develop cost-effective production of biodegradable packaging are anticipated to pose numerous business opportunities in the future.
However, the current concerns over the outbreak of coronavirus are expected to have a negative impact on the sale of biodegradable packaging in the short term. The COVID 19 outbreak has led to lockdowns in several countries across the world. Due to such lockdowns, the food and beverage industry as well as the restaurant industry is expected to incur losses in their sales. The demand for packaged food during COVID-19 has increased manifold. However, due to the current situations, f&b manufacturers aren’t focusing on incorporating biodegradable packaging. This has affected the on the sales of the biodegradable packaging for food and beverage companies and restaurants or fast food industries.
Moreover, the production facilities of food and beverage companies are also shut down due to the spread of coronavirus. The production of food and beverage products has stopped, reducing the demand for all sorts of raw material required for production including the packaging. On the other hand, the demand for medicines and pharmaceuticals haven’t changed during this period of outbreak, which offers favorable business opportunities for the biodegradable packaging market.
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North America Region is Expected to Hold the Largest Share in the Global Biodegradable Packaging Market
Among the geographies, North America region is expected to hold the largest share in the global biodegradable packaging market. Factors including growing food and beverage industry and higher awareness among the people regarding biodegradable products are majorly driving the market in North America. The US food and beverage industry generated about USD 11 billion in 2019 and is expected to reach up to USD 14 billion in 2024.
The growth of this industry is anticipated to have a positive impact on the related industries as well. Packaging being one of the related industries, it is expected to benefit from the growth of the food and beverage industry in North America. Furthermore, the population in the region is aware of the biodegradable products and their effect on the environment. People in North America are more exposed to products such as biodegradable packaging due to the availability of products. This, in turn, has boosted the demand for biodegradable packaging in North America.
Biodegradable Packaging Market: Segmentation
The report on the global biodegradable packaging market covers segments such as material type, and application. On the basis of material type, the sub-markets include plastic, and paper. On the basis of application, the sub-markets include food, beverage, pharmaceutical, personalcare/homecare, and other applications.
Biodegradable Packaging Market: Competitive Landscape
The report provides profiles of the companies in the market such as The International Paper Company, Kruger Inc., Tetra Pak International SA, Clearwater Paper Corporation, Smurfit Kappa Group plc, Mondi Group, Natureworks LLC, Amcor Plc, BASF SE, and Novamont S.p.A.
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