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Biodegradable Packaging Market Size Worth USD $21.60 Billion By 2026

The global biodegradable packaging market size is expected to reach USD 21.60 billion by 2026 according to a new study, “Biodegradable Packaging Market Share, Size, Trends, Industry Analysis Report By Product Type (Plastic, Paper); By End-use Industry (Food & Beverages, Healthcare, Homecare/Personal Care, Others); By Regions, Segments & Forecast, 2018 — 2026,” by Polaris Market Research. The report divides the global biodegradable packaging market based on product type, end-use industry and region.

Product type is divided into plastics and paper, with plastics holding the largest market share followed by paper, which is expected to grow at the fastest rate. Plastics are further segmented into cellulose, starch, PHA and PLA, among others, with the report forecasting starch and PLA holding a larger overall market share due to their high strength and recyclability properties. Paper is segmented into kraft, flexible, corrugated and box board.

The end-use industry is divided into food & beverages, healthcare and personal care/homecare, among others. Food & beverages hold a higher share in the biodegradable packaging market, with increased government food packaging regulations resulting in higher usage of degradable or biodegradable packaging for the industry.

Strict government regulations and growing environmental awareness among consumers has led to the usage of healthier, safer and more convenient eco-friendly materials, increasing the demand for biodegradable packaging. Europe is expected to hold the largest market share in the global biodegradable packaging market over the forecast period of 2018-2026, followed by North America and Asia Pacific.

To compete, companies operating in the biodegradable packaging market are adopting business strategies such as new technology and product development, geographical expansion, and mergers and acquisitions, among others. For example, Amcor announced its plan to become the first global packaging company to make its packaging recyclable or reusable by 2025, beginning by teaming up with Plantic Technologies to develop a flexible and biodegradable plastic packaging for confectionery.

According to the report, leading players operating in the biodegradable packaging market globally are Kruger Inc., Clearwater Paper Corporation, International Corp., Mondi Group, Amcor, Rocktenn, Novamont S.P.A., Smurfit Kappa Group, Reynolds Group Holding Limited, Stora Enso and BASF SE, among others.