SEOUL-- March 10, 2022 -- According to the Fact.MR Latest Analysis, the Biodegradable Packaging Materials Market is expected to reach US$ 88 Bn by the end of 2022, anticipated to experience an impressive 6.8% CAGR from 2022-2032 to reach US$ 169 Bn by the end of the aforementioned forecast period.

Stringent Regulations Driving Biodegradable Packaging Material Market

According to World Bank, plastic waste generation is projected to increase by roughly 70% and by 2050, it is likely to reach more than 3.3 billion tonnes.

The perils of plastic waste generation have forced governments and institutes to impose a ban on single-use plastic packaging materials. Several regulations and legislations primarily focused on plastic packaging and single-use plastic have been introduced in over 60 countries, regions, and cities. Certification procedures and labelling regulations are in place to control false claims about sustainable packaging.

An American manufacturer of biodegradable packaging - WestRock Company recently acquired packaging businesses across the world, including Hanna Group Pty Ltd, Plymouth Packaging, Inc., and Schlüter Print Pharma Packaging GmbH, to establish a stronger presence in the biodegradable packaging market. The company also revealed its plans to acquire KapStone Paper and Packaging Corp., an American paper company, for a total enterprise value of around US$ 4.9 billion to leverage KapStone’s expertise in biodegradable packaging using kraft paper.

“Increasing growth of the e-commerce sector and popular trends of online grocery shopping is opening new avenues of growth for players in the biodegradable packaging market. Purchasing decisions of environment-conscious consumers are greatly influenced by sustainable packaging materials, which may create high demand for biodegradable packaging solutions in the coming future. Stakeholders in the biodegradable packaging market are shifting their focus on the dynamic trends in the e-commerce sector while adopting their future business strategies,” says a lead analyst at Fact.MR.

The Fact.MR report further states that, among all the leading end-user industries in the biodegradable packaging market, the food & beverage industry is expected to account for more than 30% of the total market share throughout the forecast period. Increasing demand for packaged food products, convenience foods, and ready-to-eat meals is reflected in supermarket shelves. Leading players in the biodegradable packaging market are introducing biodegradable packaging films, trays, and bags to further improve the fresh food experience for consumers while offering numerous environmental benefits.

Competitive Landscape

Fact.MR has provided detailed information about price points of top manufacturers of biodegradable packaging materials positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.