The global biodegradable plastic packaging market is evaluated at US$6.352 billion for the year 2019 and is projected to grow at a CAGR of 12.40% to reach the market size of US$14.394 billion by the year 2026.
Market Overview.
Growing environmental concerns coupled with stringent regulatory standards have led plastic manufacturers to develop biodegradable plastic. Rising demand for sustainable packaging solutions across industries such as food and beverage and pharmaceuticals is fuelling the demand for biodegradable plastic packaging, thus bolstering the growth of the global biodegradable plastic packaging market. Supportive government policies further propel the growth of the biodegradable plastic packaging market. For instance, Europe implemented legislation to reduce the number of single-use carrier bags.
The advent of COVID-19 had a negative impact on the biodegradable plastic packaging market given the drop in the demand in the packaging industry as the supply chains were severely disrupted during the period and end-user industries came to a standstill for several months. As the industries resume operations in the first half of 2021, the market is expected to witness signs of recovery in near future and regain the lost pace during the forecast period.
The increasing number of applications from the end-user industries is expected to fuel the market during the forecast period.
Global Biodegradable Plastic Packaging Market Scope:
| Report Metric | Details |
| Market size value in 2019 | US$6.352 billion |
| Market size value in 2026 | US$14.394 billion |
| Growth Rate | CAGR of 12.40% from 2019 to 2026 |
| Base year | 2019 |
| Forecast period | 2021–2026 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Type of Plastic, Type of Material, Application, End-User, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Tetra Pak International SA, Plastic Suppliers Inc., Kruger Inc., Amcor PLC, Mondi PLC, International Paper Company, Smurfit Kappa Group PLC, DS Smith PLC, Klabin SA, Rengo Co. Ltd |
| Customization scope | Free report customization with purchase |
Segmentation
Frequently Asked Questions (FAQs)
Q1. What will be the biodegradable plastic packaging market size by 2026?
A1. The global biodegradable plastic packaging market is projected to reach a market size of US$14.394 billion by 2026.
Q2. What are the growth prospects for the biodegradable plastic packaging market?
A2. The biodegradable plastic packaging market is projected to grow at a CAGR of 12.40% over the forecast period.
Q3. What is the size of the global biodegradable plastic packaging market?
A3. Biodegradable Plastic Packaging Market was valued at US$6.352 billion in 2019.
Q4. What factors are anticipated to drive the biodegradable plastic packaging market growth?
A4. Rising demand for sustainable packaging solutions across industries such as food and beverage and pharmaceuticals is fuelling the demand for biodegradable plastic packaging.
Q5. How is the global biodegradable plastic packaging market segmented?
A5. The global biodegradable plastic packaging market has been segmented by type of plastic, type of material, application, end-user, and geography.
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