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Compostable Plastic Packaging Material Market to Witness Tremendous Demand from Healthcare & Food & Beverage during 2022-2028

The report titled Compostable Plastic Packaging Material Market Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028 states that the global market for compostable plastic packaging material is expected to grow at a moderate CAGR of 5.1% during the forecast period of 2022-2028.

The data in this report also shows that the market will possibly reach a value of over US$ 2.4 Billion by the end of 2028. Compostable plastics degrade rapidly, leaving no traces of the material, which are witnessing stellar demand in the market currently.

In a bid to build a strong business in an eco-friendly manner, companies are coming up with new offerings in the global market. There is a huge demand for environment-friendly products as the people are more inclined towards these products due to their growing awareness. Compostable plastic packaging is a major part of the current eco-friendly plastics market.

The market comprises various materials like PBAT, PBS, PLA, and PHA, all of which are made up of components that are highly decomposable. Among these, PHA is expected to hold the strongest market growth, owing to its high barrier properties.

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Food, beverage and pharmaceutical products prefer high barrier material for packaging to extend the shelf life of the products and maintain the quality of the product. According to the outcomes of the report on the global compostable plastic packaging materials market, PHA plastic type is expected to witness a stellar CAGR of 15.9% during the 10 year forecast period.

A popular trend witnessed in the global compostable plastic packaging materials market is the rise in demand for garbage bags made of compostable plastic. Despite of relatively higher costs, compostable garbage bags are likely to grab a sizeable market in near future, in both developed as well as developing economies.

Increasing awareness for environmental concerns regarding plastic usage

As consumers become more mindful of biodegradable items and their lifestyles change, the Compostable Plastic Packaging Market is likely to grow. People have become more ecologically concerned, and they are more likely to purchase environmentally friendly products. Compostable plastic are becoming more popular as environmental worries about plastic usage grow (plastics contain hazardous toxins that harm plants, animals, and people). Invasive organisms can use floating plastic debris, which can last hundreds of years in water, as a mode of transit.

NatureWorks, a global leader in compostable plastic packaging, has recently released new coffee capsules made from compostable plastic packaging. In addition to introducing biodegradable plastic packaging material, manufacturers in the compostable plastic packaging material market are working to establish a comprehensive chain that leads to proper waste disposal.

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Global Compostable Plastic Packaging Material Market: Competitive Scenario

  • BASF SE,
  • Kaneka Corporation,
  • FKuR Kunststoff GmbH,
  • Cardia Bioplastics,
  • Novamont S.p.A.
  • Danimer Scientific LLC
  • Grabio Greentech Corporation
  • Northern Technologies International Corporation
  • NatureWorks LLC
  • K. Chemicals Co., Ltd.
  • Minima Technology Co. Ltd.
  • Biotec Pvt. Ltd.,
  • Green Dot Holdings LLC

 

Rules enacted by various governments and federal agencies with the goal of reducing plastic waste and encouraging the use of biodegradable plastics to boost compostable packaging

The packaging business around the world is poised to experience a major upheaval. Green packaging standards are becoming more stringent. As a result, many FMCG companies are being forced to employ biodegradable packaging in order to meet the criteria, which is fueling the market’s expansion.

To lessen reliance on traditional plastics, industry trends are changing toward biobased goods. As an alternative to conventional, oil-derived plastics, compostable bags such as polylactic acid (PLA) and starch bags are frequently utilised. The BS N13432 standard is used to certify bio bags derived from natural resources.

Compostables decompose quickly, unlike fossil fuel-based plastics, which can take up to 500 years to totally degrade. Furthermore, due to government laws, most firms in industries such as packaging, textiles, and agriculture are switching to compostable plastic. Such considerations have a significant impact on the growth of the compostable plastic industry.

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Compostable Plastic Packaging Material Market by Category

By Material:

  • PBAT
  • PBS
  • PLA
  • PHA
  • Starch Blends
  • Others

By Application:

  • Bags
  • Pouches
  • Boxes
  • Bottles
  • Cups
  • Trays
  • Plates & Bowls
  • Others

By End-user industry:

  • Food Service
  • Food & Beverage
  • Cosmetics & Personal Care
  • Homecare
  • Healthcare
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

High costs of compostable plastics, is likely to hinder the market growth

The market’s growth is hampered by the high cost of biodegradable plastic compared to its traditional competitors. Polylactic acid-based bioplastics, for example, are at least eight times more expensive than petroleum-based plastics. Compostable plastic bags are also not as sturdy as traditional plastic bags and are only watertight for a short time.

Biodegradable plastic is created from plant starch and requires precise conditions for decomposition, such as temperature, bacteria, humidity, and so on, which increases the cost of compostable plastics.

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Rigid Boxes Market : The global rigid boxes market is estimated to project growth at a CAGR of nearly 5% to 6% during the forecast period 2022-2032.

 

Spray Covers Market : The global spray covers market size is expected to reach US$ 2.5 Billion in 2022 and US$ 6.8 Billion in 2032. It is likely to exhibit an astonishing growth at a CAGR of 3.5% in the forecast period from 2022 to 2032.

 

Spigot End Cap Market : The spigot end cap market is anticipated to register a CAGR of 6.5% during the forecast period, up from US$ 35.27 Bn in 2022 to reach a valuation of US$ 66.21 Bn by 2032.

 

Download complimentary copy of FMI’s white paper on ‘Intelligent Packaging for Circular Economy’ in collaboration with Graham Packaging and Avery Dennison

 

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The post Compostable Plastic Packaging Material Market to Witness Tremendous Demand from Healthcare & Food & Beverage during 2022-2028 appeared first on Future Market Insights.

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