According to Stratistics MRC, the Global Biodegradable Packaging Market is accounted for $4.7 billion in 2015 and is growing at a CAGR of 17.2% to reach $14.3 billion by 2022. Huge population and favorable demographics are the major factors driving the market growth. The rising demand for conventional non biodegradable plastic packaging materials like PET proves to be one of the most crucial factors driving the market growth. The biodegradable packaging market is driven by fast growth of food packaging and beverage packaging industries especially in promising economies such as BRIC countries as well as the developed economies of Europe and North America.
When compared to the plastics packaging market the biodegradable packaging market is poised to witness the highest growth. The food packaging and beverage packaging market is likely to play a vital role in driving the global biodegradable packaging market. Lack of government support particularly in the developed countries is expected to restrain the market growth.
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Some of the Key players in the market include Biopac, Georgia-Pacific LLC, Clearwater Paper Corporation, Mondi Group, BASF SE, Novamont S.P.A, Rocktenn, International Paper, Natureworks LLC, Mondi Group, Ranpak Corp, Stora Enso, Smurfit Kappa Group, GreenBlue, Amcor and Tetra Pak.
o Starch-based plastics
o Polyhydroxyalkanoates (PHA)
o Polylactic acid (PLA)
o Polyhydroxybutyrate (PHB)
o Flexible Paper
o Corrugated Board
Personal & Home Care
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