With the growing consumer demand for compostable materials, companies like APP Sinar Mas are developing eco-friendly packaging solutions to meet sustainability goals. Foopak Bio Natura, an eco-friendly paperboard inspired by nature, is specifically designed for food packaging and single-use cups. Compostable packaging represents a sustainable and environmentally friendly alternative to traditional packaging materials, offering a solution that minimizes waste and reduces environmental impact throughout the packaging lifecycle.
According to Data Bridge Market Research, the Compostable Packaging Market is valued at USD 46,360.00 million in 2021 and is expected to reach USD 75,013.52 million by 2029, registering a CAGR of 6.20 % during the forecast period of 2022 to 2029
“Growing environmental concerns surge market demand"
The growing environmental concerns regarding plastic waste have led to increased awareness about the need for sustainable packaging solutions. Consumers and businesses are becoming more conscious of the negative impact of non-biodegradable packaging on the environment. As a result, there is a rising demand for compostable packaging as an alternative. Compostable packaging offers the advantage of breaking down naturally, reducing the accumulation of plastic waste and providing a more environmentally friendly option for packaging needs.
What restraints the growth of the compostable packaging market?
“Higher costs can impede the market growth”
The production and processing of compostable materials often involve more complex and specialized techniques, leading to increased manufacturing costs. This higher cost can deter businesses, particularly those with limited budgets, from switching to compostable packaging. However, advancements in technology and economies of scale can help reduce costs and make compostable packaging more affordable.
Segmentation: Global Compostable Packaging Market
The compostable packaging market is segmented on the basis of products, material, packaging layer, distribution channel and end-user.
- On the basis of product, the compostable packaging market is segmented into bags, trays, cups, plates, films, lids, straws, cutlery, bowls, clamshells, pouches and sachets, others
- On the basis of material, the compostable packaging market is segmented into plastic, paper and paperboard, others
- On the basis of packaging layer, the compostable packaging market is segmented into primary packaging, secondary packaging, tertiary packaging
- On the basis of distribution channel, the compostable packaging market is segmented into b2b, supermarkets/hypermarkets, departmental stores, convenience stores, specialty stores, e-commerce, others
- On the basis of end-user, the compostable packaging market is segmented into food and beverages, medical, automotive, electrical and electronics, agriculture, textile goods, personal and home care, chemical, others.
Regional Insights: North America dominates the global compostable packaging market
North America holds a dominant position in the compostable packaging market, both in terms of revenue and market share. This is primarily driven by the increasing demand for sustainable and eco-friendly packaging solutions in the region. Consumers are becoming more conscious of the environmental impact of packaging waste, prompting a shift towards compostable options. This trend, coupled with supportive regulations and initiatives promoting sustainable packaging practices, has propelled the growth of the compostable packaging market in North America.
Asia-Pacific is poised to be the fastest-growing region in the compostable packaging market. The region's growth is driven by the substantial demand from various end-user industries, including food and beverage, personal care, and healthcare. Additionally, the region's governments are emphasizing efficient packaging management and implementing regulations promoting sustainable packaging practices. This combination of factors is fueling the adoption of compostable packaging solutions and driving the market's rapid development in Asia-Pacific.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-compostable-packaging-market
The Prominent Key Players Operating in the Global Compostable Packaging Market Include:
- TIPA Ltd (Israel)
- SmartSolve Industries (U.S.)
- Özsoy Plastik (Turkey)
- Ultra-Green Sustainable Packaging (U.S.)
- Hosgör Plastik (Turkey)
- Eurocell S.r.l (U.K.)
- Tetra Pak International SA (Switzerland)
- Kruger Inc. (Canada)
- Amcor PLC (Switzerland)
- Mondi (U.K.)
- International Paper Company (U.S.)
- Smurfit Kappa (U.S.)
- DS Smith (UK)
- Klabin SA (Brazil)
- Rengo Co. Ltd (Japan)
- WestRock Company (U.S.)
- Stora Enso (Sweden)
- Bemis manufacturing company (U.S.)
- Rocktenn (U.S.)
- BASF SE (Germany)
- Clearwater Paper Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global compostable packaging market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Compostable Packaging Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
