Global Biodegradable Packaging Market to Garner around USD 160 Billion by 2031
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Kenneth Research has published a detailed market report on the “Global Biodegradable Packaging Market” for the forecast period, i.e., 2022-2031 which includes the following factors:
• Market growth over the forecast period
• Detailed regional synopsis
• Market segmentation
• Growth drivers
• Challenges
• Key market players and their detailed profiling
Global Biodegradable Packaging Market Size:
The global biodegradable packaging market is projected to gather around USD 160 billion in revenue by 2031 and to grow with a CAGR of ~6% during the forecast period. The market has flourished as a result of the expanding popularity of online food delivery. By 2026 it is predicted that almost 2,700 million would people probably opt for online meal delivery services, with a user penetration rate of nearly 26% in 2022. Films made of biodegradable materials are moisture resistant and simple to compost. They serve as oxygen sheds for food packing and are applied to lock containers and wrap perishables. Additionally, manufactured from biomaterials are biodegradable bags. They are regarded as safe for packing food ingredients as they are robust, break-resistant, and durable. Biodegradable boxes with lids are made using corn-based bio-oriented polystyrene. In 2018, packaged food retail sales in India were more than USD 77 billion. The value of sales for the industry has steadily increased, during 2018 and four years prior. The rise in sales of packaged foods further drives the demand for biodegradable packaging.
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Global Biodegradable Packaging Market: Key Takeaways
• Asia Pacific region gains the major portion of the revenue
• The beverage packing segment to influence the revenue graph
• PHB plastic subsegment remains prominent in the product type segment
Increasing Waste Production and Expanding Online Food Delivery Businesses to Drive Market
The growth of the market is anticipated to be boosted by an increase in wastewater production as a result of urbanization and the fast-expanding population. The World Bank predicts that by 2050, the amount of waste produced annually would have increased by 70% from levels in previous years. In addition to this, the total population increases to 8.0 billion people in mid-November 2022, around the world. The demand for online delivery rises along with the population, and biodegradable packaging is encouraged. By 2027, it is predicted to be 2,620 million customers in the online food delivery industry, growing at an 8% annual rate (CAGR 2022-2027). In 2022, user penetration in this segment is expected to reach 24%.
Global Biodegradable Packaging Market: Regional Overview
The global biodegradable packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa Region.
Expanding Urbanization and Raising Awareness of Ecologically Friendly Packaging to Drive the Growth in the Asia Pacific Region
On the basis of growing awareness regarding environmentally friendly packaging for food delivery orders, the market in the Asia Pacific region is predicted to experience considerable expansion over the forecast period. For instance, in China, in 2020, more than 88% of food delivery customers indicated that they would be ready to pay more for packaging that is more environmentally friendly. In the coming years, it is also anticipated that expanding urbanization, hectic lifestyles, increasing ready-to-eat meal consumption, and high disposable income, all contribute to an increase in demand for biodegradable packaging. According to the World Bank statistics, 63% of China’s total population resided in urban areas in 2021. The demand for ready-to-eat meals rises along with the urban population, driving the market expansion in the region. In terms of worldwide comparison, China contributes the majority of the ready-to-eat segment’s sales which is USD 123 billion in 2022.
